Virco Mfg. Co. (NASDAQ:VIRC) to Issue Quarterly Dividend of $0.03

Virco Mfg. Co. (NASDAQ:VIRC) declared a quarterly dividend on Friday, March 14th, Wall Street Journal reports. Shareholders of record on Wednesday, March 26th will be given a dividend of 0.025 per share on Friday, April 11th. This represents a $0.10 dividend on an annualized basis and a yield of 1.01%. The ex-dividend date of this dividend is Wednesday, March 26th.

Virco Mfg. Price Performance

Shares of VIRC traded up $0.19 during mid-day trading on Friday, hitting $9.94. 66,474 shares of the company traded hands, compared to its average volume of 190,721. The stock has a market capitalization of $161.91 million, a price-to-earnings ratio of 6.41 and a beta of 0.76. Virco Mfg. has a one year low of $9.08 and a one year high of $18.50. The company has a current ratio of 2.88, a quick ratio of 1.70 and a debt-to-equity ratio of 0.03. The business has a 50-day moving average of $10.60 and a 200 day moving average of $12.91.

Virco Mfg. (NASDAQ:VIRC) last issued its earnings results on Monday, December 9th. The company reported $0.52 EPS for the quarter, missing the consensus estimate of $0.87 by ($0.35). Virco Mfg. had a net margin of 8.93% and a return on equity of 24.63%. During the same quarter in the prior year, the company posted $0.62 earnings per share. As a group, equities analysts expect that Virco Mfg. will post 1.54 earnings per share for the current fiscal year.

Virco Mfg. declared that its Board of Directors has initiated a stock buyback plan on Tuesday, January 21st that allows the company to repurchase $10.00 million in shares. This repurchase authorization allows the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on VIRC. Wedbush restated an “outperform” rating and set a $17.00 price objective (down from $20.00) on shares of Virco Mfg. in a report on Tuesday, December 10th. StockNews.com upgraded Virco Mfg. from a “hold” rating to a “buy” rating in a report on Tuesday.

About Virco Mfg.

Virco Mfg. Corporation engages in the design, production, and distribution of furniture in the United States and Canada. The company offers seating products, including 4-leg chairs, cantilever chairs, mobile task chairs and lab stools, tablet armchairs, steel-frame and floor rockers, series stools, hard plastic seating, folding and upholstered stack chairs, and plastic stack and upholstered ergonomic chairs.