Bassett Furniture Industries (BSET) Upgraded to Hold at ValuEngine

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

A number of other research analysts have also issued reports on BSET. BidaskClub upgraded 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 upgraded 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 dropped their price target 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 investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company’s stock. Bassett Furniture Industries has an average rating of Hold and a consensus price target of $33.00.

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

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

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

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

A number of hedge funds have recently added to or reduced their stakes in BSET. Alps Advisors Inc. purchased a new stake in Bassett Furniture Industries during the second quarter worth about $227,000. South State Corp purchased a new stake in Bassett Furniture Industries during the second quarter worth about $552,000. Bank of New York Mellon Corp boosted its holdings in Bassett Furniture Industries by 10.9% during the second quarter. Bank of New York Mellon Corp now owns 120,774 shares of the company’s stock worth $3,327,000 after buying an additional 11,911 shares in the last quarter. Strs Ohio lifted its holdings in shares of Bassett Furniture Industries by 25.2% in the second quarter. Strs Ohio now owns 26,800 shares of the company’s stock valued at $738,000 after purchasing an additional 5,400 shares in the last quarter. Finally, Trexquant Investment LP purchased a new stake in shares of Bassett Furniture Industries in the second quarter valued at about $330,000. 72.93% of the stock is currently 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.

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