Virco Manufacturing Corporation (NASDAQ:VIRC) Lowered to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Virco Manufacturing Corporation (NASDAQ:VIRC) from a buy rating to a hold rating in a report issued on Friday, June 30th.

According to Zacks, “Virco Mfg. Corporation designs, produces, and distributes quality furniture for the contract and education markets worldwide. Examples of facilities served by Virco include public and private schools, colleges and universities, convention centers, federal and state institutions, churches and other businesses. They also sell to wholesalers, distributors, retailers and catalog retailers. In order to divide the workload into manageable amounts, Virco has divided the sales force into two groups: Education and Commercial. “

Several other research firms have also recently issued reports on VIRC. TheStreet raised shares of Virco Manufacturing Corporation from a c+ rating to a b rating in a report on Thursday, June 22nd. Wedbush reissued an outperform rating and set a $6.00 target price (up from $5.00) on shares of Virco Manufacturing Corporation in a report on Wednesday, June 21st.

Shares of Virco Manufacturing Corporation (NASDAQ VIRC) traded down 1.82% during midday trading on Friday, hitting $5.40. 1,666 shares of the stock were exchanged. The company has a market cap of $81.97 million, a PE ratio of 3.50 and a beta of 0.09. Virco Manufacturing Corporation has a 12 month low of $3.55 and a 12 month high of $5.95. The stock has a 50 day moving average price of $5.21 and a 200-day moving average price of $4.45.

Virco Manufacturing Corporation (NASDAQ:VIRC) last posted its quarterly earnings results on Monday, June 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by $0.02. The company had revenue of $23.24 million during the quarter. Virco Manufacturing Corporation had a net margin of 13.47% and a return on equity of 10.87%. On average, analysts predict that Virco Manufacturing Corporation will post $0.44 EPS for the current year.

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A hedge fund recently raised its stake in Virco Manufacturing Corporation stock. Minerva Advisors LLC raised its position in Virco Manufacturing Corporation (NASDAQ:VIRC) by 0.5% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 1,054,426 shares of the company’s stock after buying an additional 5,178 shares during the period. Virco Manufacturing Corporation makes up 2.2% of Minerva Advisors LLC’s holdings, making the stock its 15th largest position. Minerva Advisors LLC’s holdings in Virco Manufacturing Corporation were worth $4,165,000 as of its most recent SEC filing. Institutional investors own 27.44% of the company’s stock.

About Virco Manufacturing Corporation

Virco Mfg. Corporation (Virco) is engaged in the designing, producing and distributing of furniture for a range family of customers. The Company is a manufacturer and supplier of moveable educational furniture and equipment for the preschool through 12th grade market in the United States. It manufactures an assortment of products, including mobile tables, mobile storage equipment, desks, computer furniture, chairs, folding chairs and folding tables.

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