Bassett Furniture Industries (NASDAQ:BSET) Downgraded to “Hold” Rating by Zacks Research

Zacks Research cut shares of Bassett Furniture Industries (NASDAQ:BSET) from a strong-buy rating to a hold rating in a report released on Monday morning,Zacks reports.

Several other equities analysts have also recently commented on BSET. Weiss Ratings upgraded shares of Bassett Furniture Industries from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, July 14th. Wall Street Zen upgraded shares of Bassett Furniture Industries from a “sell” rating to a “hold” rating in a research report on Saturday, June 20th. One research analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy”.

Bassett Furniture Industries Stock Performance

BSET opened at $18.17 on Monday. The firm has a market cap of $157.35 million, a P/E ratio of 28.39, a price-to-earnings-growth ratio of 1.35 and a beta of 0.77. Bassett Furniture Industries has a 52-week low of $13.17 and a 52-week high of $22.26. The business’s fifty day moving average is $19.69 and its 200-day moving average is $16.48.

Bassett Furniture Industries (NASDAQ:BSET) last issued its quarterly earnings results on Wednesday, July 1st. The company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.04. Bassett Furniture Industries had a return on equity of 3.56% and a net margin of 1.65%.The company had revenue of $83.75 million for the quarter, compared to analysts’ expectations of $83.32 million. During the same quarter last year, the business earned $0.22 earnings per share. On average, research analysts predict that Bassett Furniture Industries will post 0.89 earnings per share for the current fiscal year.

Bassett Furniture Industries Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Friday, August 14th were issued a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $0.80 annualized dividend and a dividend yield of 4.4%. Bassett Furniture Industries’s payout ratio is 125.00%.

Hedge Funds Weigh In On Bassett Furniture Industries

A number of institutional investors have recently added to or reduced their stakes in BSET. Russell Investments Group Ltd. lifted its stake in Bassett Furniture Industries by 95.3% in the 4th quarter. Russell Investments Group Ltd. now owns 1,504 shares of the company’s stock valued at $25,000 after purchasing an additional 734 shares during the last quarter. Group One Trading LLC bought a new stake in shares of Bassett Furniture Industries during the second quarter worth $30,000. Motiv8 Investments LLC acquired a new position in shares of Bassett Furniture Industries during the fourth quarter worth $42,000. Nalls Sherbakoff Group LLC acquired a new position in shares of Bassett Furniture Industries during the fourth quarter worth $46,000. Finally, Integrated Wealth Concepts LLC bought a new position in shares of Bassett Furniture Industries in the 2nd quarter valued at $59,000. 54.40% of the stock is currently owned by institutional investors and hedge funds.

Bassett Furniture Industries Company Profile

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.