Wall Street Zen Downgrades Bassett Furniture Industries (NASDAQ:BSET) to Hold

Key Points

• Wall Street Zen has downgraded Bassett Furniture Industries from a "buy" rating to a "hold" rating, reflecting a shift in investor sentiment.
• Several analysts have differing perspectives on the stock, with Sidoti rating it as a "strong-buy" and Zacks Research lowering it to a "hold," resulting in an average rating of "Moderate Buy."
• Bassett Furniture reported earnings of $0.09 per share for the last quarter, meeting consensus estimates and reflecting a significant recovery compared to a loss during the same quarter last year.

Bassett Furniture Industries (NASDAQ:BSET - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Saturday.

Several other research analysts have also weighed in on BSET. Sidoti raised Bassett Furniture Industries to a "strong-buy" rating in a research report on Thursday, October 9th. Zacks Research lowered Bassett Furniture Industries from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 29th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Bassett Furniture Industries in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Bassett Furniture Industries currently has an average rating of "Moderate Buy".

Bassett Furniture Industries Stock Performance

NASDAQ BSET opened at $15.24 on Friday. The stock has a market capitalization of $132.44 million, a price-to-earnings ratio of 16.93, a PEG ratio of 1.18 and a beta of 1.01. The stock's 50 day moving average price is $16.18 and its two-hundred day moving average price is $16.55. Bassett Furniture Industries has a 52 week low of $13.58 and a 52 week high of $19.75.

Bassett Furniture Industries (NASDAQ:BSET - Get Free Report) last released its earnings results on Wednesday, October 8th. The company reported $0.09 EPS for the quarter, meeting the consensus estimate of $0.09. The firm had revenue of $80.10 million for the quarter, compared to analysts' expectations of $79.89 million. Bassett Furniture Industries had a return on equity of 4.67% and a net margin of 2.35%.During the same quarter in the previous year, the business posted ($0.52) EPS. On average, equities research analysts forecast that Bassett Furniture Industries will post 0.75 EPS for the current year.

Insider Buying and Selling at Bassett Furniture Industries

In related news, SVP John E. Bassett III sold 2,000 shares of the business's stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $18.56, for a total transaction of $37,120.00. Following the transaction, the senior vice president directly owned 50,761 shares of the company's stock, valued at approximately $942,124.16. The trade was a 3.79% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 7.30% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in BSET. Bank of New York Mellon Corp increased its holdings in shares of Bassett Furniture Industries by 192.9% during the 1st 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 last quarter. Truffle Hound Capital LLC grew its holdings in Bassett Furniture Industries by 49.3% in the 1st quarter. Truffle Hound Capital LLC now owns 298,520 shares of the company's stock valued at $4,552,000 after buying an additional 98,520 shares in the last quarter. Gamco Investors INC. ET AL grew its holdings in Bassett Furniture Industries by 0.4% in the 1st quarter. Gamco Investors INC. ET AL now owns 571,777 shares of the company's stock valued at $8,720,000 after buying an additional 2,200 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Bassett Furniture Industries by 97.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 24,840 shares of the company's stock valued at $379,000 after buying an additional 12,258 shares in the last quarter. Finally, Empowered Funds LLC grew its holdings in Bassett Furniture Industries by 7.9% in the 1st quarter. Empowered Funds LLC now owns 28,643 shares of the company's stock valued at $437,000 after buying an additional 2,089 shares in the last quarter. 54.40% of the stock is owned by institutional investors and hedge funds.

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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