ValuEngine Upgrades Bassett Furniture Industries (BSET) to Hold

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ValuEngine upgraded shares of Bassett Furniture Industries (NASDAQ:BSET) from a sell rating to a hold rating in a research report released on Friday morning.

Several other equities analysts also recently issued reports on BSET. BidaskClub raised shares of Bassett Furniture Industries from a strong sell rating to a sell rating in a research note on Thursday, August 23rd. Zacks Investment Research raised shares of Bassett Furniture Industries from a strong sell rating to a hold rating in a research note on Tuesday, November 27th. Finally, Stifel Nicolaus reduced their price objective on shares of Bassett Furniture Industries from $29.00 to $21.00 and set a hold rating on the stock in a research note on Friday, September 28th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $33.00.

Shares of BSET traded up $0.29 on Friday, hitting $20.40. 20,334 shares of the stock traded hands, compared to its average volume of 26,447. The company has a market capitalization of $213.94 million, a price-to-earnings ratio of 12.91 and a beta of 0.86. Bassett Furniture Industries has a 1 year low of $18.86 and a 1 year high of $40.30.

Bassett Furniture Industries (NASDAQ:BSET) last announced its quarterly earnings data on Thursday, September 27th. The company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.14). The firm had revenue of $112.96 million for the quarter. Bassett Furniture Industries had a net margin of 2.47% and a return on equity of 7.07%. As a group, equities research analysts expect that Bassett Furniture Industries will post 1.19 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 23rd. Investors of record on Friday, November 9th were paid a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend was Thursday, November 8th. Bassett Furniture Industries’s payout ratio is 31.65%.

In related news, Director John R. Belk purchased 3,306 shares of the company’s stock in a transaction that occurred on Thursday, October 4th. The stock was purchased at an average price of $20.99 per share, with a total value of $69,392.94. Following the completion of the transaction, the director now owns 16,109 shares of the company’s stock, valued at approximately $338,127.91. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John R. Belk purchased 15,000 shares of the company’s stock in a transaction that occurred on Friday, October 12th. The shares were bought at an average cost of $20.99 per share, with a total value of $314,850.00. Following the transaction, the director now directly owns 16,109 shares of the company’s stock, valued at approximately $338,127.91. The disclosure for this purchase can be found here. Corporate insiders own 6.40% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Alps Advisors Inc. acquired a new position in Bassett Furniture Industries during the second quarter worth approximately $227,000. Meeder Asset Management Inc. increased its position in Bassett Furniture Industries by 789.0% during the third quarter. Meeder Asset Management Inc. now owns 6,721 shares of the company’s stock worth $143,000 after purchasing an additional 5,965 shares during the last quarter. GSA Capital Partners LLP acquired a new position in Bassett Furniture Industries during the second quarter worth approximately $252,000. Macquarie Group Ltd. increased its position in Bassett Furniture Industries by 135.1% during the second quarter. Macquarie Group Ltd. now owns 10,964 shares of the company’s stock worth $302,000 after purchasing an additional 6,300 shares during the last quarter. Finally, Trexquant Investment LP acquired a new position in Bassett Furniture Industries during the second quarter worth approximately $330,000. 72.93% of the stock is owned by hedge funds and other institutional investors.

About Bassett Furniture Industries

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

See Also: Depreciation

To view ValuEngine’s full report, visit ValuEngine’s official website.

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