Bassett Furniture Industries (NASDAQ:BSET) Issues Earnings Results, Misses Estimates By $0.07 EPS

Bassett Furniture Industries (NASDAQ:BSET) released its quarterly earnings data on Wednesday. The company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.07), Zacks reports. Bassett Furniture Industries had a net margin of 2.35% and a return on equity of 4.67%.

Bassett Furniture Industries Stock Up 3.4%

BSET traded up $0.53 during midday trading on Wednesday, reaching $15.95. The company had a trading volume of 17,907 shares, compared to its average volume of 13,244. The business has a 50-day moving average of $16.40 and a two-hundred day moving average of $16.10. The company has a market cap of $138.61 million, a P/E ratio of 17.72, a P/E/G ratio of 0.91 and a beta of 0.99. Bassett Furniture Industries has a 1 year low of $13.81 and a 1 year high of $19.75.

Bassett Furniture Industries Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, February 27th. Shareholders of record on Friday, February 13th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 5.0%. The ex-dividend date of this dividend is Friday, February 13th. Bassett Furniture Industries’s payout ratio is currently 88.89%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on BSET. Wall Street Zen upgraded shares of Bassett Furniture Industries from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. Zacks Research raised shares of Bassett Furniture Industries from a “strong sell” rating to a “hold” rating in a report on Tuesday, December 30th. Weiss Ratings restated a “hold (c)” rating on shares of Bassett Furniture Industries in a report on Wednesday, January 21st. Finally, Sidoti raised shares of Bassett Furniture Industries to a “strong-buy” rating in a research report on Thursday, October 9th. One investment analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy”.

Institutional Investors Weigh In On Bassett Furniture Industries

Several hedge funds and other institutional investors have recently added to or reduced their stakes in BSET. Bridgeway Capital Management LLC boosted its position in shares of Bassett Furniture Industries by 12.4% in the second quarter. Bridgeway Capital Management LLC now owns 79,434 shares of the company’s stock worth $1,207,000 after purchasing an additional 8,747 shares during the period. Group One Trading LLC bought a new position in Bassett Furniture Industries in the 2nd quarter worth $30,000. JPMorgan Chase & Co. purchased a new stake in Bassett Furniture Industries in the 2nd quarter worth $83,000. New York State Common Retirement Fund bought a new stake in Bassett Furniture Industries during the second quarter valued at about $106,000. Finally, Jane Street Group LLC lifted its position in shares of Bassett Furniture Industries by 87.9% in the first quarter. Jane Street Group LLC now owns 21,454 shares of the company’s stock valued at $327,000 after acquiring an additional 10,037 shares in the last quarter. 54.40% of the stock is owned by hedge funds and other institutional investors.

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.