Short Interest in Bassett Furniture Industries, Incorporated (NASDAQ:BSET) Grows By 34.6%

Key Points

• Short interest in Bassett Furniture Industries increased by 34.6% in August, with a total of 265,900 shares sold short, representing 3.7% of the company's stock.
• The company reported $0.22 earnings per share for the last quarter, beating expectations of $0.15, and had revenues of $84.35 million versus the anticipated $82.03 million.
• Bassett Furniture declared a quarterly dividend of $0.20 per share, with a payout ratio of 275.86% and an annualized dividend yield of 4.8%.

Bassett Furniture Industries, Incorporated (NASDAQ:BSET - Get Free Report) was the recipient of a significant increase in short interest in August. As of August 15th, there was short interest totaling 265,900 shares, anincreaseof34.6% from the July 31st total of 197,600 shares. Approximately3.7% of the company's stock are sold short. Based on an average trading volume of 50,600 shares, the days-to-cover ratio is currently 5.3 days. Based on an average trading volume of 50,600 shares, the days-to-cover ratio is currently 5.3 days. Approximately3.7% of the company's stock are sold short.

Bassett Furniture Industries Stock Performance

Shares of BSET opened at $16.80 on Monday. The stock's 50-day simple moving average is $16.94 and its 200 day simple moving average is $16.50. Bassett Furniture Industries has a 52-week low of $13.14 and a 52-week high of $19.75. The stock has a market capitalization of $145.99 million, a price-to-earnings ratio of 57.93, a price-to-earnings-growth ratio of 1.27 and a beta of 0.98.

Bassett Furniture Industries (NASDAQ:BSET - Get Free Report) last released its quarterly earnings results on Wednesday, July 9th. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.07. The firm had revenue of $84.35 million for the quarter, compared to analysts' expectations of $82.03 million. Bassett Furniture Industries had a return on equity of 1.48% and a net margin of 0.76%.During the same quarter last year, the firm posted ($0.19) EPS. On average, research analysts forecast that Bassett Furniture Industries will post 0.75 earnings per share for the current fiscal year.

Bassett Furniture Industries Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Friday, August 15th were paid a $0.20 dividend. The ex-dividend date was Friday, August 15th. This represents a $0.80 annualized dividend and a dividend yield of 4.8%. Bassett Furniture Industries's payout ratio is currently 275.86%.

Insider Activity at Bassett Furniture Industries

In other news, SVP John E. Bassett III sold 2,000 shares of Bassett Furniture Industries stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $18.56, for a total value of $37,120.00. Following the transaction, the senior vice president 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 document filed with the SEC, which can be accessed through this hyperlink. 7.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Geode Capital Management LLC grew its holdings in shares of Bassett Furniture Industries by 114.3% in the second quarter. Geode Capital Management LLC now owns 190,182 shares of the company's stock worth $2,892,000 after acquiring an additional 101,448 shares during the period. Truffle Hound Capital LLC boosted its stake in shares of Bassett Furniture Industries by 49.3% in the first quarter. Truffle Hound Capital LLC now owns 298,520 shares of the company's stock worth $4,552,000 after acquiring an additional 98,520 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of 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 worth $1,085,000 after acquiring an additional 46,847 shares during the period. Los Angeles Capital Management LLC purchased a new stake in shares of Bassett Furniture Industries in the second quarter worth about $274,000. Finally, Hillsdale Investment Management Inc. purchased a new stake in shares of Bassett Furniture Industries in the second quarter worth about $247,000. Hedge funds and other institutional investors own 54.40% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Wall Street Zen downgraded shares of Bassett Furniture Industries from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 9th. Zacks Research downgraded Bassett Furniture Industries from a "strong-buy" rating to a "hold" rating in a report on Friday, August 29th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company has an average rating of "Hold".

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.

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