Zacks Investment Research Upgrades Bassett Furniture Industries Inc. (BSET) to Strong-Buy
Bassett Furniture Industries Inc. (NASDAQ:BSET) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Tuesday, July 4th. The brokerage currently has a $44.00 price target on the stock. Zacks Investment Research‘s target price would indicate a potential upside of 18.44% from the company’s current price.
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. “
Separately, Stifel Nicolaus increased their price target on shares of Bassett Furniture Industries from $28.00 to $36.00 and gave the company a “hold” rating in a report on Friday, June 30th.
Shares of Bassett Furniture Industries (BSET) traded down 0.54% during trading on Tuesday, reaching $37.15. 25,221 shares of the company’s stock were exchanged. Bassett Furniture Industries has a 52-week low of $22.42 and a 52-week high of $40.55. The company has a 50 day moving average of $35.90 and a 200 day moving average of $30.14. The firm has a market capitalization of $398.40 million, a P/E ratio of 22.37 and a beta of 1.09.
Bassett Furniture Industries (NASDAQ:BSET) last posted its quarterly earnings data on Thursday, June 29th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.06. The business had revenue of $114.10 million during the quarter, compared to the consensus estimate of $110.52 million. Bassett Furniture Industries had a net margin of 5.12% and a return on equity of 12.68%. Bassett Furniture Industries’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.31 EPS. Equities analysts anticipate that Bassett Furniture Industries will post $1.67 earnings per share for the current fiscal year.
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In other Bassett Furniture Industries news, SVP John E. Bassett III sold 3,102 shares of the stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $40.00, for a total value of $124,080.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kristina K. Cashman sold 750 shares of the stock in a transaction on Friday, July 14th. The shares were sold at an average price of $38.08, for a total transaction of $28,560.00. Following the completion of the sale, the director now directly owns 8,614 shares of the company’s stock, valued at $328,021.12. The disclosure for this sale can be found here. Over the last three months, insiders sold 13,235 shares of company stock valued at $527,509. Insiders own 6.40% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Teton Advisors Inc. increased its position in Bassett Furniture Industries by 15.3% in the first quarter. Teton Advisors Inc. now owns 179,905 shares of the company’s stock worth $4,839,000 after buying an additional 23,905 shares during the last quarter. Bank of New York Mellon Corp increased its position in Bassett Furniture Industries by 2.4% in the first quarter. Bank of New York Mellon Corp now owns 116,673 shares of the company’s stock worth $3,139,000 after buying an additional 2,751 shares during the last quarter. Algert Global LLC increased its position in Bassett Furniture Industries by 9.0% in the first quarter. Algert Global LLC now owns 27,271 shares of the company’s stock worth $734,000 after buying an additional 2,260 shares during the last quarter. LSV Asset Management increased its position in Bassett Furniture Industries by 175.1% in the first quarter. LSV Asset Management now owns 4,401 shares of the company’s stock worth $118,000 after buying an additional 2,801 shares during the last quarter. Finally, Punch & Associates Investment Management Inc. increased its position in Bassett Furniture Industries by 96.6% in the first quarter. Punch & Associates Investment Management Inc. now owns 57,000 shares of the company’s stock worth $1,533,000 after buying an additional 28,000 shares during the last quarter. 70.84% of the stock is owned by institutional investors.
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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