Bassett Furniture Industries (NASDAQ:BSET) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday, Zacks.com reports.

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, ValuEngine raised shares of Bassett Furniture Industries from a “sell” rating to a “hold” rating in a research report on Tuesday, March 5th.

Shares of BSET stock traded down $0.22 during trading hours on Wednesday, hitting $13.55. 18,800 shares of the company were exchanged, compared to its average volume of 28,439. Bassett Furniture Industries has a one year low of $13.38 and a one year high of $28.38. The stock has a market capitalization of $144.86 million, a price-to-earnings ratio of 13.97, a PEG ratio of 1.00 and a beta of 0.78.

Bassett Furniture Industries (NASDAQ:BSET) last issued its quarterly earnings results on Thursday, April 4th. The company reported $0.14 EPS for the quarter, topping the consensus estimate of $0.07 by $0.07. Bassett Furniture Industries had a net margin of 2.09% and a return on equity of 5.38%. The business had revenue of $120.84 million for the quarter, compared to analysts’ expectations of $118.17 million. On average, equities research analysts expect that Bassett Furniture Industries will post 0.86 earnings per share for the current fiscal year.

In related news, Director William C. Warden, Jr. purchased 5,000 shares of Bassett Furniture Industries stock in a transaction dated Friday, April 5th. The shares were acquired at an average price of $17.10 per share, with a total value of $85,500.00. Following the completion of the transaction, the director now owns 32,121 shares of the company’s stock, valued at approximately $549,269.10. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 6.54% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of BSET. BNP Paribas Arbitrage SA lifted its holdings in Bassett Furniture Industries by 249.8% in the first quarter. BNP Paribas Arbitrage SA now owns 2,113 shares of the company’s stock worth $35,000 after acquiring an additional 1,509 shares during the last quarter. Metropolitan Life Insurance Co. NY bought a new position in Bassett Furniture Industries in the fourth quarter worth about $73,000. MetLife Investment Advisors LLC bought a new position in Bassett Furniture Industries in the fourth quarter worth about $100,000. Spark Investment Management LLC bought a new position in Bassett Furniture Industries in the first quarter worth about $244,000. Finally, Rhumbline Advisers lifted its holdings in Bassett Furniture Industries by 43.8% in the fourth quarter. Rhumbline Advisers now owns 14,676 shares of the company’s stock worth $294,000 after acquiring an additional 4,473 shares during the last quarter. 70.31% of the stock is currently owned by hedge funds and other institutional investors.

About Bassett Furniture Industries

Bassett Furniture Industries, Incorporated manufactures, markets, and retails home furnishings in the United States and internationally. It operates in three segments: Wholesale, Retail, and Logistical Services. The company engages in the design, manufacture, sourcing, distribution, and sale of furniture products to a network of company-owned and licensee-owned Bassett Home Furnishings retail stores, as well as independent furniture retailers; and wood and upholstery operations.

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