Bassett Furniture Industries (NASDAQ:BSET) Posts Quarterly Earnings Results

Bassett Furniture Industries (NASDAQ:BSET) posted its earnings results on Wednesday. The company reported $999.00 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $998.80, Zacks reports. Bassett Furniture Industries had a net margin of 1.61% and a return on equity of 3.48%.

Bassett Furniture Industries Price Performance

Shares of BSET traded up $1.17 during mid-day trading on Wednesday, hitting $18.89. The company’s stock had a trading volume of 93,985 shares, compared to its average volume of 36,296. The stock has a market capitalization of $163.36 million, a price-to-earnings ratio of 30.46, a PEG ratio of 1.38 and a beta of 0.77. The firm has a 50-day moving average price of $15.00 and a 200 day moving average price of $15.34. Bassett Furniture Industries has a fifty-two week low of $13.17 and a fifty-two week high of $19.75.

Institutional Trading of Bassett Furniture Industries

Hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. increased its position in Bassett Furniture Industries by 95.3% during the fourth quarter. Russell Investments Group Ltd. now owns 1,504 shares of the company’s stock worth $25,000 after buying an additional 734 shares during the last quarter. Group One Trading LLC acquired a new position in Bassett Furniture Industries in the 2nd quarter valued at approximately $30,000. Empowered Funds LLC lifted its holdings in shares of Bassett Furniture Industries by 7.9% during the 1st quarter. Empowered Funds LLC now owns 28,643 shares of the company’s stock worth $437,000 after acquiring an additional 2,089 shares during the period. Geode Capital Management LLC boosted its holdings in Bassett Furniture Industries by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 195,368 shares of the company’s stock valued at $3,275,000 after purchasing an additional 2,796 shares in the last quarter. Finally, Wells Fargo & Company MN increased its holdings in shares of Bassett Furniture Industries by 45.8% during the fourth quarter. Wells Fargo & Company MN now owns 9,193 shares of the company’s stock worth $154,000 after buying an additional 2,888 shares in the last quarter. 54.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BSET has been the topic of a number of research analyst reports. Zacks Research raised shares of Bassett Furniture Industries from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. 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. Finally, Weiss Ratings cut shares of Bassett Furniture Industries from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, June 15th. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy”.

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.