Bassett Furniture Industries (NASDAQ:BSET) Announces Earnings Results

Bassett Furniture Industries (NASDAQ:BSET) issued its earnings results on Wednesday. The company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.20 by $0.04, Zacks reports. Bassett Furniture Industries had a net margin of 1.61% and a return on equity of 3.48%. The company had revenue of $83.75 million for the quarter, compared to analyst estimates of $83.32 million. During the same period in the previous year, the firm earned $0.22 EPS.

Bassett Furniture Industries Price Performance

Shares of NASDAQ BSET opened at $18.79 on Thursday. Bassett Furniture Industries has a 12-month low of $13.17 and a 12-month high of $19.75. The company has a market capitalization of $162.48 million, a PE ratio of 30.31, a price-to-earnings-growth ratio of 1.34 and a beta of 0.77. The firm’s 50-day moving average is $15.08 and its two-hundred day moving average is $15.35.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Weiss Ratings upgraded shares of Bassett Furniture Industries from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday. 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. Finally, Zacks Research raised shares of Bassett Furniture Industries from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. One research analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy”.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC grew its holdings in Bassett Furniture Industries by 114.3% during the 2nd quarter. Geode Capital Management LLC now owns 190,182 shares of the company’s stock valued at $2,892,000 after buying an additional 101,448 shares during the last quarter. Kestra Private Wealth Services LLC acquired a new position in shares of Bassett Furniture Industries in the third quarter worth $597,000. Squarepoint Ops LLC purchased a new stake in shares of Bassett Furniture Industries in the third quarter valued at $414,000. Goldman Sachs Group Inc. lifted its position in shares of Bassett Furniture Industries by 97.4% in the first quarter. Goldman Sachs Group Inc. now owns 24,840 shares of the company’s stock valued at $379,000 after acquiring an additional 12,258 shares in the last quarter. Finally, Invesco Ltd. acquired a new stake in shares of Bassett Furniture Industries during the fourth quarter valued at $175,000. 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.