Bassett Furniture Industries (NASDAQ:BSET) Cut to “Hold” at Zacks Research

Bassett Furniture Industries (NASDAQ:BSET) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday, Zacks reports.

A number of other equities research analysts have also issued reports on the stock. Weiss Ratings upgraded shares of Bassett Furniture Industries from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, July 14th. Wall Street Zen raised shares of Bassett Furniture Industries from a “sell” rating to a “hold” rating in a research note 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 company. According to data from MarketBeat, Bassett Furniture Industries currently has an average rating of “Moderate Buy”.

Bassett Furniture Industries Trading Down 5.2%

Shares of BSET opened at $18.17 on Monday. The business’s 50-day moving average price is $19.69 and its 200 day moving average price is $16.48. The stock has a market capitalization of $157.35 million, a P/E ratio of 28.39, a P/E/G ratio of 1.35 and a beta of 0.77. Bassett Furniture Industries has a 1-year low of $13.17 and a 1-year high of $22.26.

Bassett Furniture Industries (NASDAQ:BSET) last posted its quarterly earnings data on Wednesday, July 1st. The company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.04. Bassett Furniture Industries had a net margin of 1.65% and a return on equity of 3.56%. The company had revenue of $83.75 million during the quarter, compared to analyst estimates of $83.32 million. During the same period in the prior year, the firm 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 year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. raised its stake in Bassett Furniture Industries by 95.3% during 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 position in shares of Bassett Furniture Industries during the 2nd quarter worth about $30,000. Motiv8 Investments LLC bought a new position in shares of Bassett Furniture Industries during the 4th quarter worth about $42,000. Nalls Sherbakoff Group LLC acquired a new position in shares of Bassett Furniture Industries during the fourth quarter valued at about $46,000. Finally, Integrated Wealth Concepts LLC acquired a new position in shares of Bassett Furniture Industries during the second quarter valued at about $59,000. 54.40% of the stock is owned by institutional investors.

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.