Bassett Furniture Industries Inc. (BSET) Rating Increased to Hold at Zacks Investment Research
Bassett Furniture Industries Inc. (NASDAQ:BSET) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Bassett Furniture Industries, Inc. is a leading manufacturer and marketer of high quality, mid-priced home furnishings. With over one hundred and thirty Bassett Furniture Direct stores, Bassett has leveraged its brand name in furniture with a network of licensed and Company-owned stores that focus on providing consumers with a friendly and professional environment for buying furniture and accessories. The Company continues to sell its products to other retailers, in addition to the Company’s dedicated retail store program. Bassett’s retail strategy promotes affordable custom-built furniture that is ready for delivery in the home within thirty days. The stores also feature the latest on-trend furniture styles, more than one thousand upholstery fabrics, free in-home design visits, and coordinated decorating accessories. “
Bassett Furniture Industries (NASDAQ:BSET) opened at 29.05 on Tuesday. The stock has a market cap of $313.77 million, a PE ratio of 19.24 and a beta of 1.15. The firm has a 50 day moving average of $25.50 and a 200-day moving average of $25.93. Bassett Furniture Industries has a 52-week low of $22.42 and a 52-week high of $33.68.
Bassett Furniture Industries (NASDAQ:BSET) last announced its quarterly earnings data on Thursday, September 29th. The company reported $0.38 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.39 by $0.01. The firm earned $104.70 million during the quarter. Bassett Furniture Industries had a return on equity of 9.42% and a net margin of 3.80%. Bassett Furniture Industries’s quarterly revenue was down 5.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.40 earnings per share. Equities analysts anticipate that Bassett Furniture Industries will post $1.42 earnings per share for the current fiscal year.
The business also recently announced a special dividend, which will be paid on Friday, December 16th. Investors of record on Friday, December 2nd will be given a dividend of $0.30 per share. This is a positive change from Bassett Furniture Industries’s previous special dividend of $0.20. The ex-dividend date of this dividend is Wednesday, November 30th. Bassett Furniture Industries’s dividend payout ratio is currently 26.49%.
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In related news, Director William C. Warden, Jr. bought 5,000 shares of the company’s stock in a transaction that occurred on Friday, October 28th. The stock was purchased at an average price of $23.43 per share, for a total transaction of $117,150.00. Following the completion of the transaction, the director now owns 26,052 shares in the company, valued at $610,398.36. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 7.00% of the company’s stock.
Several institutional investors have recently modified their holdings of the company. BlackRock Investment Management LLC raised its position in shares of Bassett Furniture Industries by 5.2% in the second quarter. BlackRock Investment Management LLC now owns 42,226 shares of the company’s stock worth $1,011,000 after buying an additional 2,080 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Bassett Furniture Industries by 2.3% in the second quarter. Vanguard Group Inc. now owns 461,674 shares of the company’s stock worth $11,053,000 after buying an additional 10,551 shares in the last quarter. Prudential Financial Inc. raised its position in shares of Bassett Furniture Industries by 131.8% in the second quarter. Prudential Financial Inc. now owns 27,440 shares of the company’s stock worth $657,000 after buying an additional 15,600 shares in the last quarter. Royce & Associates LP raised its position in shares of Bassett Furniture Industries by 47.8% in the second quarter. Royce & Associates LP now owns 730,000 shares of the company’s stock worth $17,476,000 after buying an additional 236,100 shares in the last quarter. Finally, Teton Advisors Inc. raised its position in shares of Bassett Furniture Industries by 1.4% in the second quarter. Teton Advisors Inc. now owns 153,900 shares of the company’s stock worth $3,684,000 after buying an additional 2,100 shares in the last quarter. Hedge funds and other institutional investors own 71.16% of the company’s stock.
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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