Weiss Ratings Reiterates Hold (C) Rating for Bassett Furniture Industries (NASDAQ:BSET)

Key Points

• Weiss Ratings has maintained a "hold (C)" rating for Bassett Furniture Industries (NASDAQ:BSET), following similar downgrades from other brokerages.
• Bassett Furniture's stock closed at $16.81 after trading up $0.91, with an average rating of "Hold" from analysts.
• Insider trading activity revealed SVP John E. Bassett III sold 2,000 shares at an average price of $18.56, reducing his ownership by 3.79%.

Bassett Furniture Industries (NASDAQ:BSET - Get Free Report)'s stock had its "hold (c)" rating reissued by equities researchers at Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.

A number of other brokerages have also recently weighed in on BSET. Zacks Research cut shares of Bassett Furniture Industries from a "strong-buy" rating to a "hold" rating in a report on Friday, August 29th. Wall Street Zen downgraded shares of Bassett Furniture Industries from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 9th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has an average rating of "Hold".

Bassett Furniture Industries Stock Performance

Shares of NASDAQ:BSET traded up $0.91 during midday trading on Wednesday, hitting $16.81. The company's stock had a trading volume of 91,412 shares, compared to its average volume of 31,817. The business's 50 day simple moving average is $16.24 and its 200 day simple moving average is $16.55. The company has a market cap of $146.08 million, a P/E ratio of 57.97, a price-to-earnings-growth ratio of 1.16 and a beta of 1.01. Bassett Furniture Industries has a 12-month low of $13.58 and a 12-month high of $19.75.

Bassett Furniture Industries (NASDAQ:BSET - Get Free Report) last released its quarterly earnings data on Wednesday, October 8th. The company reported $0.09 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.09. Bassett Furniture Industries had a net margin of 0.76% and a return on equity of 1.48%. During the same quarter in the previous year, the company earned ($0.52) earnings per share. On average, sell-side analysts predict that Bassett Furniture Industries will post 0.75 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Bassett Furniture Industries news, SVP John E. Bassett III sold 2,000 shares of the 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 completion of the sale, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 7.30% of the company's stock.

Hedge Funds Weigh In On Bassett Furniture Industries

Hedge funds and other institutional investors have recently modified their holdings of the company. Gamco Investors INC. ET AL raised its stake in shares of Bassett Furniture Industries by 0.4% during the first quarter. Gamco Investors INC. ET AL now owns 571,777 shares of the company's stock valued at $8,720,000 after purchasing an additional 2,200 shares in the last quarter. Truffle Hound Capital LLC lifted 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 acquiring an additional 98,520 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Bassett Furniture Industries by 114.3% in the 2nd quarter. Geode Capital Management LLC now owns 190,182 shares of the company's stock valued at $2,892,000 after acquiring an additional 101,448 shares during the last quarter. Bridgeway Capital Management LLC raised its holdings in Bassett Furniture Industries by 12.4% during the 2nd quarter. Bridgeway Capital Management LLC now owns 79,434 shares of the company's stock worth $1,207,000 after buying an additional 8,747 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in 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 buying an additional 46,847 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.