Bassett Furniture Industries (NASDAQ:BSET) Upgraded by Zacks Investment Research to Hold

Bassett Furniture Industries (NASDAQ:BSET) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Friday, Zacks.com reports.

According to Zacks, “Bassett Furniture Industries, Inc. is a leading manufacturer and marketer of high quality, mid-priced home furnishings. With over one hundred and thirty Bassett Furniture Direct stores, Bassett has leveraged its brand name in furniture with a network of licensed and Company-owned stores that focus on providing consumers with a friendly and professional environment for buying furniture and accessories. The Company continues to sell its products to other retailers, in addition to the Company’s dedicated retail store program. Bassett’s retail strategy promotes affordable custom-built furniture that is ready for delivery in the home within thirty days. The stores also feature the latest on-trend furniture styles, more than one thousand upholstery fabrics, free in-home design visits, and coordinated decorating accessories. “

Separately, ValuEngine upgraded Bassett Furniture Industries from a “hold” rating to a “buy” rating in a research report on Wednesday.

NASDAQ BSET traded up $0.12 during trading hours on Friday, reaching $14.74. 27,229 shares of the stock traded hands, compared to its average volume of 34,727. The stock has a 50 day simple moving average of $13.50 and a two-hundred day simple moving average of $14.82. Bassett Furniture Industries has a 1 year low of $11.64 and a 1 year high of $22.27. The company has a market cap of $159.69 million, a price-to-earnings ratio of 15.20, a price-to-earnings-growth ratio of 1.73 and a beta of 0.80.

Bassett Furniture Industries (NASDAQ:BSET) last released its quarterly earnings results on Thursday, October 3rd. The company reported $0.21 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.03. Bassett Furniture Industries had a return on equity of 3.39% and a net margin of 1.29%. The business had revenue of $109.42 million for the quarter, compared to the consensus estimate of $110.38 million. On average, equities research analysts expect that Bassett Furniture Industries will post 0.56 earnings per share for the current fiscal year.

Several large investors have recently made changes to their positions in the company. North Star Investment Management Corp. grew its stake in shares of Bassett Furniture Industries by 10.9% during the third quarter. North Star Investment Management Corp. now owns 91,175 shares of the company’s stock valued at $1,395,000 after buying an additional 8,925 shares during the last quarter. D. E. Shaw & Co. Inc. grew its stake in shares of Bassett Furniture Industries by 5.2% during the second quarter. D. E. Shaw & Co. Inc. now owns 46,669 shares of the company’s stock valued at $712,000 after buying an additional 2,290 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Bassett Furniture Industries by 0.3% during the second quarter. Vanguard Group Inc. now owns 497,517 shares of the company’s stock valued at $7,587,000 after buying an additional 1,562 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its stake in shares of Bassett Furniture Industries by 10.2% during the second quarter. Jacobs Levy Equity Management Inc. now owns 27,154 shares of the company’s stock valued at $414,000 after buying an additional 2,520 shares during the last quarter. Finally, BlackRock Inc. grew its stake in shares of Bassett Furniture Industries by 0.4% during the second quarter. BlackRock Inc. now owns 784,456 shares of the company’s stock valued at $11,962,000 after buying an additional 3,223 shares during the last quarter. 70.39% of the stock is currently owned by hedge funds and other institutional investors.

Bassett Furniture Industries Company Profile

Bassett Furniture Industries, Incorporated manufactures, markets, and retails home furnishings in the United States and internationally. It operates in three segments: Wholesale, Retail, and Logistical Services. The company engages in the design, manufacture, sourcing, distribution, and sale of furniture products to a network of company-owned and licensee-owned Bassett Home Furnishings retail stores, as well as independent furniture retailers; and wood and upholstery operations.

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