Zacks Investment Research Downgrades Virco Mfg. (NASDAQ:VIRC) to Sell

Virco Mfg. (NASDAQ:VIRC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors 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 VIRC traded down $0.02 during trading hours on Friday, hitting $4.10. The company had a trading volume of 1,298 shares, compared to its average volume of 6,399. The firm has a market cap of $64.03 million, a price-to-earnings ratio of -41.00 and a beta of 0.76. The company’s 50 day moving average is $4.34. The company has a current ratio of 1.48, a quick ratio of 0.29 and a debt-to-equity ratio of 0.71. Virco Mfg. has a 52-week low of $3.70 and a 52-week high of $5.35.

Virco Mfg. (NASDAQ:VIRC) last released its quarterly earnings data on Friday, June 14th. The company reported ($0.20) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.14) by ($0.06). The company had revenue of $26.89 million during the quarter, compared to analysts’ expectations of $23.20 million. Virco Mfg. had a negative return on equity of 1.90% and a negative net margin of 0.54%. On average, equities research analysts forecast that Virco Mfg. will post 0.03 earnings per share for the current fiscal year.

An institutional investor recently raised its position in Virco Mfg. stock. Wedbush Securities Inc. increased its holdings in Virco Mfg. Co. (NASDAQ:VIRC) by 0.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,728,938 shares of the company’s stock after purchasing an additional 10,602 shares during the quarter. Virco Mfg. makes up approximately 0.8% of Wedbush Securities Inc.’s holdings, making the stock its 18th largest holding. Wedbush Securities Inc. owned about 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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