Bassett Furniture Industries (NASDAQ:BSET) Rating Lowered to Hold at Zacks Investment Research

Bassett Furniture Industries (NASDAQ:BSETGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday, 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, StockNews.com started coverage on Bassett Furniture Industries in a research note on Thursday, March 31st. They issued a “buy” rating on the stock.

NASDAQ:BSET traded down $0.65 during midday trading on Thursday, hitting $15.50. The stock had a trading volume of 65,945 shares, compared to its average volume of 98,092. Bassett Furniture Industries has a one year low of $13.16 and a one year high of $32.58. The company has a market capitalization of $149.73 million, a price-to-earnings ratio of 7.75, a PEG ratio of 0.53 and a beta of 1.55. The stock has a 50-day moving average of $17.37 and a 200 day moving average of $16.99.

Bassett Furniture Industries (NASDAQ:BSETGet Rating) last announced its quarterly earnings data on Thursday, March 31st. The company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.21. Bassett Furniture Industries had a return on equity of 11.30% and a net margin of 3.99%. As a group, research analysts predict that Bassett Furniture Industries will post 1.93 EPS for the current year.

In related news, Director William C. Warden, Jr. bought 5,000 shares of the company’s stock in a transaction on Tuesday, February 22nd. The shares were acquired at an average price of $16.17 per share, with a total value of $80,850.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. 7.20% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Citigroup Inc. boosted its position in shares of Bassett Furniture Industries by 119.7% in the 4th quarter. Citigroup Inc. now owns 2,221 shares of the company’s stock worth $37,000 after purchasing an additional 1,210 shares in the last quarter. UBS Group AG boosted its position in shares of Bassett Furniture Industries by 52.8% in the 3rd quarter. UBS Group AG now owns 2,457 shares of the company’s stock worth $45,000 after purchasing an additional 849 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in Bassett Furniture Industries by 147.3% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 2,997 shares of the company’s stock worth $54,000 after acquiring an additional 1,785 shares during the last quarter. Barclays PLC raised its stake in Bassett Furniture Industries by 136.1% in the 3rd quarter. Barclays PLC now owns 3,763 shares of the company’s stock worth $69,000 after acquiring an additional 2,169 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new position in Bassett Furniture Industries in the 3rd quarter worth $130,000. 61.69% of the stock is currently owned by institutional investors and hedge funds.

About Bassett Furniture Industries (Get Rating)

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

Read More

Get a free copy of the Zacks research report on Bassett Furniture Industries (BSET)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Bassett Furniture Industries Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bassett Furniture Industries and related companies with MarketBeat.com's FREE daily email newsletter.