Virco Mfg. (NASDAQ:VIRC) Upgraded at StockNews.com

Virco Mfg. (NASDAQ:VIRC) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Saturday.

Separately, Wedbush reiterated an “outperform” rating and issued a $17.00 target price (down previously from $20.00) on shares of Virco Mfg. in a report on Tuesday, December 10th.

Virco Mfg. Stock Down 1.3 %

Virco Mfg. stock opened at $9.53 on Friday. 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 company has a market capitalization of $155.23 million, a P/E ratio of 6.15 and a beta of 0.76. The firm’s fifty day simple moving average is $10.59 and its 200-day simple moving average is $12.45. Virco Mfg. has a 1-year low of $9.08 and a 1-year high of $18.50.

Virco Mfg. announced that its board has initiated a stock repurchase program on Tuesday, January 21st that authorizes the company to repurchase $10.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. PharVision Advisers LLC acquired a new stake in Virco Mfg. during the fourth quarter worth about $338,000. Two Sigma Advisers LP bought a new stake in Virco Mfg. in the 4th quarter valued at $138,000. Two Sigma Investments LP acquired a new position in shares of Virco Mfg. in the 4th quarter valued at $417,000. Sherbrooke Park Advisers LLC bought a new position in shares of Virco Mfg. during the 4th quarter worth about $131,000. Finally, Millennium Management LLC boosted its position in shares of Virco Mfg. by 7.3% during the 4th quarter. Millennium Management LLC now owns 366,968 shares of the company’s stock valued at $3,761,000 after acquiring an additional 25,032 shares in the last quarter. Institutional investors own 30.97% of the company’s stock.

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.