Bassett Furniture Industries (NASDAQ:BSET) Cut to “Hold” at Wall Street Zen

Wall Street Zen lowered shares of Bassett Furniture Industries (NASDAQ:BSET) from a buy rating to a hold rating in a research report sent to investors on Saturday.

Several other research firms also recently weighed in on BSET. Sidoti upgraded Bassett Furniture Industries to a “strong-buy” rating in a research note on Thursday, October 9th. Zacks Research downgraded Bassett Furniture Industries from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 29th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Bassett Furniture Industries in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy”.

Bassett Furniture Industries Price Performance

Shares of BSET stock opened at $15.10 on Friday. Bassett Furniture Industries has a 1-year low of $13.58 and a 1-year high of $19.75. The stock’s fifty day moving average price is $16.16 and its 200 day moving average price is $16.57. The company has a market cap of $131.22 million, a price-to-earnings ratio of 16.78, a price-to-earnings-growth ratio of 1.18 and a beta of 1.01.

Bassett Furniture Industries (NASDAQ:BSET) last posted its quarterly earnings results on Wednesday, October 8th. The company reported $0.09 earnings per share for the quarter, meeting the consensus estimate of $0.09. The business had revenue of $80.10 million for the quarter, compared to the consensus estimate of $79.89 million. Bassett Furniture Industries had a return on equity of 4.67% and a net margin of 2.35%.During the same quarter in the previous year, the business earned ($0.52) EPS. As a group, equities research analysts anticipate that Bassett Furniture Industries will post 0.75 earnings per share for the current year.

Bassett Furniture Industries Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 28th. Stockholders of record on Friday, November 14th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 5.3%. The ex-dividend date of this dividend is Friday, November 14th. Bassett Furniture Industries’s payout ratio is 88.89%.

Insider Activity

In other news, SVP John E. Bassett III sold 2,000 shares of the business’s stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $18.56, for a total value of $37,120.00. Following the completion of the transaction, the senior vice president owned 50,761 shares of the company’s stock, valued at $942,124.16. The trade was a 3.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 7.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bassett Furniture Industries

Several institutional investors and hedge funds have recently modified their holdings of the stock. Gradient Investments LLC acquired a new position in shares of Bassett Furniture Industries in the 3rd quarter valued at about $160,000. Group One Trading LLC acquired a new position in shares of Bassett Furniture Industries in the 2nd quarter valued at about $30,000. Bridgeway Capital Management LLC lifted its holdings in shares of Bassett Furniture Industries by 12.4% in the 2nd quarter. Bridgeway Capital Management LLC now owns 79,434 shares of the company’s stock valued at $1,207,000 after buying an additional 8,747 shares during the period. Bank of America Corp DE raised its holdings in Bassett Furniture Industries by 42.4% in the 2nd quarter. Bank of America Corp DE now owns 19,398 shares of the company’s stock worth $295,000 after purchasing an additional 5,776 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Bassett Furniture Industries in the 2nd quarter worth about $68,000. Institutional investors and hedge funds own 54.40% of the company’s stock.

About Bassett Furniture Industries

Bassett Furniture Industries, Incorporated, together with its subsidiaries, manufactures, markets, and retails home furnishings in the United States and internationally. It operates in three segments: Wholesale, Retail Company-Owned Stores, and Corporate and Other. The company engages in the design, manufacture, sourcing, sale, and distribution of furniture products, including dining, bedroom and bedding, home decorations, rugs, and outdoor furniture to a network of company-owned retail stores, licensee-owned stores, and independent retailers.