Virco Mfg. (NASDAQ:VIRC) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Virco Mfg. (NASDAQ:VIRC) from a hold rating to a sell rating in a report published on Friday, Zacks.com reports.

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. “

Shares of Virco Mfg. stock opened at $4.21 on Friday. The stock has a market capitalization of $63.72 million, a price-to-earnings ratio of -42.10 and a beta of 0.76. Virco Mfg. has a 52 week low of $3.70 and a 52 week high of $5.35. The company has a 50 day moving average of $4.34. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.48 and a quick ratio of 0.29.

Virco Mfg. (NASDAQ:VIRC) last posted its quarterly earnings data on Friday, June 14th. The company reported ($0.20) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by ($0.06). The firm had revenue of $26.89 million during the quarter, compared to analyst estimates of $23.20 million. Virco Mfg. had a negative net margin of 0.54% and a negative return on equity of 1.90%. As a group, sell-side analysts predict that Virco Mfg. will post 0.03 earnings per share for the current year.

An institutional investor recently raised its position in Virco Mfg. stock. Wedbush Securities Inc. grew its position in Virco Mfg. Co. (NASDAQ:VIRC) by 0.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,728,938 shares of the company’s stock after acquiring an additional 10,602 shares during the quarter. Virco Mfg. comprises approximately 0.8% of Wedbush Securities Inc.’s portfolio, making the stock its 18th biggest position. Wedbush Securities Inc. owned approximately 11.12% of Virco Mfg. worth $7,486,000 at the end of the most recent quarter. Institutional investors and hedge funds own 31.29% of the company’s stock.

Virco Mfg. Company Profile

Virco Mfg. Corporation engages in the design, production, and distribution of furniture for the commercial and education markets in the United States. It offers seating products, including 4-leg chairs, cantilever and tablet arm chairs, work surfaces and compact footprints, steel-frame rockers, stools, task and classroom chairs, stack and folding chairs, hard plastic seats, upholstered stack and ergonomic chairs, and plastic stack chairs.

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