Bassett Furniture Industries Inc. (BSET) Sets New 12-Month Low Following Weak Earnings
Shares of Bassett Furniture Industries Inc. (NASDAQ:BSET) hit a new 52-week low during mid-day trading on Thursday following a dissappointing earnings announcement. The stock traded as low as $22.42 and last traded at $23.15, with a volume of 50,629 shares changing hands. The stock had previously closed at $23.89.
The company reported $0.38 earnings per share for the quarter, missing analysts’ consensus estimates of $0.39 by $0.01. Bassett Furniture Industries had a net margin of 3.76% and a return on equity of 9.55%. The business had revenue of $104.70 million for the quarter, compared to the consensus estimate of $112.40 million. During the same period in the prior year, the company earned $0.40 EPS. Bassett Furniture Industries’s quarterly revenue was down 5.7% on a year-over-year basis.
Separately, Zacks Investment Research downgraded shares of Bassett Furniture Industries from a “hold” rating to a “strong sell” rating in a research report on Monday, July 4th.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Suntrust Banks Inc. raised its position in Bassett Furniture Industries by 0.5% in the second quarter. Suntrust Banks Inc. now owns 20,454 shares of the company’s stock worth $489,000 after buying an additional 98 shares during the last quarter. Bank of New York Mellon Corp raised its position in Bassett Furniture Industries by 0.8% in the second quarter. Bank of New York Mellon Corp now owns 115,544 shares of the company’s stock worth $2,766,000 after buying an additional 914 shares during the last quarter. Strs Ohio raised its position in Bassett Furniture Industries by 15.2% in the second quarter. Strs Ohio now owns 22,800 shares of the company’s stock worth $545,000 after buying an additional 3,000 shares during the last quarter. Smith Asset Management Group LP raised its position in Bassett Furniture Industries by 69.8% in the second quarter. Smith Asset Management Group LP now owns 9,970 shares of the company’s stock worth $239,000 after buying an additional 4,100 shares during the last quarter. Finally, Bank of Montreal Can purchased a new position in Bassett Furniture Industries during the second quarter worth about $136,000. 71.64% of the stock is owned by hedge funds and other institutional investors.
The stock has a market capitalization of $251.12 million, a PE ratio of 15.24 and a beta of 1.02. The stock’s 50-day moving average price is $24.92 and its 200-day moving average price is $27.63.
Bassett Furniture Industries Company Profile
Bassett Furniture Industries, Incorporated is a manufacturer, importer and retailer of home furnishings. The Company’s segments include Wholesale, Retail – Company-owned stores and Logistical services. Its wholesale home furnishings segment is involved in the design, manufacture, sourcing, sale and distribution of furniture products to a network of Bassett stores (licensee-owned stores and Company-owned stores) and independent furniture retailers.
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