Stock Repurchase Program Announced by Virco Mfg. (NASDAQ:VIRC) Board of Directors

Virco Mfg. (NASDAQ:VIRC) announced that its Board of Directors has approved a share buyback plan on Tuesday, January 21st, RTT News reports. The company plans to repurchase $10.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Virco Mfg. Trading Up 0.5 %

Shares of VIRC opened at $11.15 on Friday. Virco Mfg. has a twelve month low of $8.75 and a twelve month high of $18.50. The firm has a market capitalization of $181.63 million, a P/E ratio of 7.19 and a beta of 0.77. 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 stock’s fifty day simple moving average is $12.36 and its 200 day simple moving average is $14.12.

Virco Mfg. (NASDAQ:VIRC) last released its quarterly earnings data on Monday, December 9th. The company reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.87 by ($0.35). Virco Mfg. had a return on equity of 24.63% and a net margin of 8.93%. During the same quarter in the previous year, the company earned $0.62 EPS. On average, equities research analysts forecast that Virco Mfg. will post 1.54 earnings per share for the current year.

Virco Mfg. Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Friday, December 20th were issued a dividend of $0.025 per share. The ex-dividend date of this dividend was Friday, December 20th. This represents a $0.10 annualized dividend and a yield of 0.90%. Virco Mfg.’s dividend payout ratio is presently 6.45%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on VIRC shares. StockNews.com cut Virco Mfg. from a “buy” rating to a “hold” rating in a report on Friday, January 17th. Wedbush reaffirmed an “outperform” rating and set a $17.00 price objective (down previously from $20.00) on shares of Virco Mfg. in a research note on Tuesday, December 10th.

Virco Mfg. Company Profile

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.