Arrowstreet Capital Limited Partnership Lowers Stock Holdings in Virco Mfg. Co. (NASDAQ:VIRC)

Arrowstreet Capital Limited Partnership cut its holdings in Virco Mfg. Co. (NASDAQ:VIRC) by 3.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 60,494 shares of the company’s stock after selling 1,848 shares during the quarter. Arrowstreet Capital Limited Partnership owned 0.37% of Virco Mfg. worth $620,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in VIRC. Principal Financial Group Inc. increased its holdings in Virco Mfg. by 11.4% in the 4th quarter. Principal Financial Group Inc. now owns 15,656 shares of the company’s stock worth $160,000 after acquiring an additional 1,604 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Virco Mfg. by 510.3% during the third quarter. JPMorgan Chase & Co. now owns 30,221 shares of the company’s stock worth $417,000 after purchasing an additional 25,269 shares in the last quarter. Minerva Advisors LLC raised its position in shares of Virco Mfg. by 5.5% during the 4th quarter. Minerva Advisors LLC now owns 1,162,589 shares of the company’s stock worth $11,870,000 after purchasing an additional 60,900 shares during the last quarter. Geode Capital Management LLC lifted its stake in Virco Mfg. by 2.9% in the 3rd quarter. Geode Capital Management LLC now owns 240,844 shares of the company’s stock valued at $3,327,000 after buying an additional 6,710 shares in the last quarter. Finally, State Street Corp boosted its holdings in Virco Mfg. by 22.6% in the 3rd quarter. State Street Corp now owns 170,300 shares of the company’s stock worth $2,356,000 after buying an additional 31,415 shares during the last quarter. 30.97% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, StockNews.com cut Virco Mfg. from a “buy” rating to a “hold” rating in a report on Sunday, April 6th.

Virco Mfg. Price Performance

Virco Mfg. stock opened at $10.30 on Friday. The company has a fifty day simple moving average of $10.22 and a 200-day simple moving average of $12.05. The company has a quick ratio of 1.70, a current ratio of 2.88 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $167.78 million, a price-to-earnings ratio of 6.65 and a beta of 0.41. Virco Mfg. Co. has a 52-week low of $8.52 and a 52-week high of $18.50.

Virco Mfg. Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 11th. Shareholders of record on Wednesday, March 26th were paid a $0.025 dividend. This represents a $0.10 dividend on an annualized basis and a yield of 0.97%. The ex-dividend date of this dividend was Wednesday, March 26th. Virco Mfg.’s dividend payout ratio (DPR) is 6.45%.

Virco Mfg. announced that its board has approved a stock repurchase plan on Tuesday, January 21st that authorizes the company to repurchase $10.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 5.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Virco Mfg. 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.