Bassett Furniture Industries (NASDAQ:BSET) Share Price Crosses Below 200-Day Moving Average - Here's Why

Key Points

• Bassett Furniture Industries' stock price has fallen below its 200-day moving average, trading as low as $15.33 compared to the average of $16.55.
• Analysts have downgraded Bassett's stock rating from a "strong-buy" to a "hold," with current consensus being an average rating of "Hold."
• The company recently announced a quarterly dividend of $0.20 per share, with a substantial annualized yield of 5.2%, although it has a high payout ratio of 275.86%.

Bassett Furniture Industries, Incorporated (NASDAQ:BSET - Get Free Report) passed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $16.55 and traded as low as $15.33. Bassett Furniture Industries shares last traded at $15.45, with a volume of 32,964 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on BSET shares. Wall Street Zen lowered Bassett Furniture Industries from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 9th. Zacks Research cut shares of Bassett Furniture Industries from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 29th. One research analyst has rated the stock with a Hold rating, According to MarketBeat.com, Bassett Furniture Industries currently has an average rating of "Hold".

Bassett Furniture Industries Stock Performance

The company has a market capitalization of $134.26 million, a P/E ratio of 53.28, a P/E/G ratio of 1.17 and a beta of 0.98. The company has a 50-day simple moving average of $16.68 and a 200 day simple moving average of $16.55.

Bassett Furniture Industries (NASDAQ:BSET - Get Free Report) last announced its quarterly earnings data on Wednesday, July 9th. The company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.07. The business had revenue of $84.35 million for the quarter, compared to the consensus estimate of $82.03 million. Bassett Furniture Industries had a net margin of 0.76% and a return on equity of 1.48%. During the same quarter last year, the company posted ($0.19) earnings per share. As a group, sell-side analysts forecast that Bassett Furniture Industries, Incorporated will post 0.75 earnings per share for the current year.

Bassett Furniture Industries Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Friday, August 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 5.2%. Bassett Furniture Industries's dividend payout ratio is currently 275.86%.

Insider Buying and Selling at Bassett Furniture Industries

In related news, SVP John E. Bassett III sold 2,000 shares of Bassett Furniture Industries stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $18.56, for a total transaction of $37,120.00. Following the sale, the senior vice president directly owned 50,761 shares of the company's stock, valued at $942,124.16. This trade represents a 3.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 7.30% of the company's stock.

Institutional Trading of Bassett Furniture Industries

Several institutional investors have recently modified their holdings of the company. Jane Street Group LLC acquired a new position in shares of Bassett Furniture Industries in the fourth quarter valued at $158,000. Bank of New York Mellon Corp increased its stake in Bassett Furniture Industries by 192.9% in the first quarter. Bank of New York Mellon Corp now owns 71,138 shares of the company's stock valued at $1,085,000 after acquiring an additional 46,847 shares during the period. Truffle Hound Capital LLC increased its stake in Bassett Furniture Industries by 49.3% in the first quarter. Truffle Hound Capital LLC now owns 298,520 shares of the company's stock valued at $4,552,000 after acquiring an additional 98,520 shares during the period. Gamco Investors INC. ET AL raised its position in Bassett Furniture Industries by 0.4% in the first quarter. Gamco Investors INC. ET AL now owns 571,777 shares of the company's stock worth $8,720,000 after purchasing an additional 2,200 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Bassett Furniture Industries by 97.4% during the first quarter. Goldman Sachs Group Inc. now owns 24,840 shares of the company's stock worth $379,000 after purchasing an additional 12,258 shares during the period. Institutional investors and hedge funds own 54.40% of the company's stock.

About Bassett Furniture Industries

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.

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