Bassett Furniture Industries (NASDAQ:BSET) Rating Lowered to “Hold” at Zacks Research

Bassett Furniture Industries (NASDAQ:BSET) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday, Zacks reports.

Several other analysts have also commented on the company. Weiss Ratings raised Bassett Furniture Industries from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, July 14th. Wall Street Zen upgraded Bassett Furniture Industries from a “sell” rating to a “hold” rating in a research report on Saturday, June 20th. One research analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy”.

Bassett Furniture Industries Stock Performance

NASDAQ:BSET opened at $18.17 on Monday. Bassett Furniture Industries has a fifty-two week low of $13.17 and a fifty-two week high of $22.26. The company’s 50-day simple moving average is $19.69 and its 200-day simple moving average is $16.48. The stock has a market capitalization of $157.35 million, a P/E ratio of 28.39, a P/E/G ratio of 1.35 and a beta of 0.77.

Bassett Furniture Industries (NASDAQ:BSET) last posted its quarterly earnings data on Wednesday, July 1st. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.04. Bassett Furniture Industries had a net margin of 1.65% and a return on equity of 3.56%. The firm had revenue of $83.75 million for the quarter, compared to the consensus estimate of $83.32 million. During the same quarter in the prior year, the company posted $0.22 earnings per share. On average, research analysts forecast that Bassett Furniture Industries will post 0.89 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. boosted its stake in Bassett Furniture Industries by 95.3% during the 4th quarter. Russell Investments Group Ltd. now owns 1,504 shares of the company’s stock worth $25,000 after purchasing an additional 734 shares during the last quarter. Group One Trading LLC acquired a new stake in shares of Bassett Furniture Industries in the second quarter valued at about $30,000. Empowered Funds LLC raised its position in shares of Bassett Furniture Industries by 7.9% in the first quarter. Empowered Funds LLC now owns 28,643 shares of the company’s stock valued at $437,000 after buying an additional 2,089 shares during the last quarter. Motiv8 Investments LLC purchased a new position in shares of Bassett Furniture Industries in the fourth quarter worth about $42,000. Finally, Nalls Sherbakoff Group LLC purchased a new position in shares of Bassett Furniture Industries in the fourth quarter worth about $46,000. Hedge funds and other institutional investors own 54.40% of the company’s stock.

About Bassett Furniture Industries

Bassett Furniture Industries, Inc (NASDAQ: BSET), headquartered in Bassett, Virginia, is a vertically integrated manufacturer and retailer of residential home furnishings. The company designs, produces and markets a range of furniture items, including upholstered seating, wood case goods, bedroom collections, dining room sets and home décor accessories. Bassett is known for its emphasis on craftsmanship, offering both ready-to-assemble pieces and made-to-order products that cater to varying design preferences and space requirements.

Bassett’s products are sold through a dual-channel distribution network comprising company-owned Bassett Home Furnishings stores, a franchise and independent dealer network, and an e-commerce platform that provides online shopping, virtual design consultations and customization tools.