Bassett Furniture Industries (NASDAQ:BSET) Downgraded to Hold Rating by Zacks Research

Key Points

• Zacks Research downgraded Bassett Furniture Industries from “strong buy” to “hold,” while the broader analyst consensus remains “Moderate Buy,” with one Strong Buy and two Hold ratings.
• Bassett reported quarterly earnings of $0.24 per share, exceeding the $0.20 consensus estimate, while revenue of $83.75 million was slightly above expectations.
• Institutional investors own 54.4% of the company, with BlackRock and Bank of New York Mellon initiating positions and Geode Capital Management increasing its stake by 114.3%.

Bassett Furniture Industries (NASDAQ:BSET - Get Free Report) was downgraded by research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a report issued on Monday, Zacks reports.

A number of other brokerages also recently weighed in on BSET. Wall Street Zen raised shares of Bassett Furniture Industries from a "sell" rating to a "hold" rating in a research report on Saturday, June 20th. Weiss Ratings raised Bassett Furniture Industries from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy".

Bassett Furniture Industries Stock Performance

Bassett Furniture Industries stock opened at $18.17 on Monday. The stock's 50 day moving average price is $19.69 and its 200 day moving average price is $16.48. Bassett Furniture Industries has a one year low of $13.17 and a one year high of $22.26. The firm has a market capitalization of $157.35 million, a PE ratio of 28.39, a price-to-earnings-growth ratio of 1.35 and a beta of 0.77.

Bassett Furniture Industries (NASDAQ:BSET - Get Free Report) last announced its earnings results on Wednesday, July 1st. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.04. The company had revenue of $83.75 million during the quarter, compared to the consensus estimate of $83.32 million. Bassett Furniture Industries had a return on equity of 3.56% and a net margin of 1.65%.During the same period last year, the firm earned $0.22 earnings per share. On average, analysts forecast that Bassett Furniture Industries will post 0.89 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bassett Furniture Industries

Several large investors have recently made changes to their positions in the business. BlackRock Inc. acquired a new position in shares of Bassett Furniture Industries in the 2nd quarter worth approximately $3,032,000. Geode Capital Management LLC boosted its holdings in Bassett Furniture Industries by 114.3% during the second quarter. Geode Capital Management LLC now owns 190,182 shares of the company's stock worth $2,892,000 after buying an additional 101,448 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in Bassett Furniture Industries in the second quarter worth approximately $1,274,000. Empowered Funds LLC acquired a new position in Bassett Furniture Industries in the second quarter worth approximately $746,000. Finally, Kestra Private Wealth Services LLC bought a new position in shares of Bassett Furniture Industries in the third quarter valued at $597,000. Institutional investors own 54.40% of the company's stock.

About Bassett Furniture Industries

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.