Bassett Furniture Industries (NASDAQ:BSET) Rating Lowered to Hold at StockNews.com

Bassett Furniture Industries (NASDAQ:BSET) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a report issued on Friday.

Bassett Furniture Industries Stock Performance

Shares of BSET opened at $14.00 on Friday. Bassett Furniture Industries has a 1 year low of $12.10 and a 1 year high of $16.85. The stock has a market capitalization of $123.21 million, a PE ratio of -7.18, a PEG ratio of 1.07 and a beta of 1.69. The stock has a 50-day simple moving average of $14.54 and a 200-day simple moving average of $14.03.

Bassett Furniture Industries (NASDAQ:BSET) last issued its quarterly earnings results on Wednesday, October 9th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.18). Bassett Furniture Industries had a negative return on equity of 3.47% and a negative net margin of 5.00%. The firm had revenue of $75.62 million during the quarter, compared to analysts’ expectations of $78.63 million. During the same quarter in the prior year, the firm earned ($0.30) EPS. Analysts predict that Bassett Furniture Industries will post -0.77 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BSET. Barclays PLC boosted its holdings in Bassett Furniture Industries by 51.9% in the third quarter. Barclays PLC now owns 10,124 shares of the company’s stock valued at $146,000 after purchasing an additional 3,459 shares in the last quarter. Empowered Funds LLC grew its position in shares of Bassett Furniture Industries by 5.0% in the 3rd quarter. Empowered Funds LLC now owns 25,419 shares of the company’s stock valued at $367,000 after buying an additional 1,206 shares during the last quarter. Finally, Inspire Advisors LLC raised its stake in Bassett Furniture Industries by 119.5% during the 2nd quarter. Inspire Advisors LLC now owns 26,055 shares of the company’s stock worth $370,000 after acquiring an additional 14,183 shares in the last quarter. Hedge funds and other institutional investors own 54.40% of the company’s stock.

Bassett Furniture Industries Company Profile

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.