Bassett Furniture Industries (NASDAQ:BSET) Announces Quarterly Earnings Results

Bassett Furniture Industries (NASDAQ:BSET) released its quarterly earnings results on Wednesday. The company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.04, Zacks reports. The business had revenue of $83.75 million during the quarter, compared to analysts’ expectations of $83.32 million. Bassett Furniture Industries had a net margin of 1.61% and a return on equity of 3.48%. During the same quarter in the previous year, the company earned $0.22 EPS.

Bassett Furniture Industries Trading Up 6.0%

NASDAQ:BSET traded up $1.07 during trading hours on Wednesday, reaching $18.79. The company had a trading volume of 132,616 shares, compared to its average volume of 36,620. The firm has a market cap of $162.53 million, a price-to-earnings ratio of 30.31, a PEG ratio of 1.38 and a beta of 0.77. The firm’s 50 day moving average price is $15.00 and its 200-day moving average price is $15.34. Bassett Furniture Industries has a 52 week low of $13.17 and a 52 week high of $19.75.

Institutional Trading of Bassett Furniture Industries

Institutional investors and hedge funds have recently modified their holdings of the company. Invesco Ltd. purchased a new stake in shares of Bassett Furniture Industries during the 4th quarter valued at about $175,000. Empowered Funds LLC lifted its stake in shares of Bassett Furniture Industries by 10.1% in the 4th quarter. Empowered Funds LLC now owns 38,544 shares of the company’s stock valued at $646,000 after purchasing an additional 3,543 shares during the last quarter. Bridgeway Capital Management LLC boosted its holdings in shares of Bassett Furniture Industries by 10.5% in the 4th quarter. Bridgeway Capital Management LLC now owns 91,786 shares of the company’s stock worth $1,538,000 after purchasing an additional 8,743 shares during the period. Russell Investments Group Ltd. increased its position in shares of Bassett Furniture Industries by 95.3% during the 4th quarter. Russell Investments Group Ltd. now owns 1,504 shares of the company’s stock valued at $25,000 after purchasing an additional 734 shares during the last quarter. Finally, Panagora Asset Management Inc. purchased a new stake in Bassett Furniture Industries during the 4th quarter valued at $172,000. 54.40% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have issued reports on BSET. Weiss Ratings lowered Bassett Furniture Industries from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, June 15th. Wall Street Zen upgraded shares of Bassett Furniture Industries from a “sell” rating to a “hold” rating in a research report on Saturday, June 20th. Finally, Zacks Research upgraded Bassett Furniture Industries from a “strong sell” rating to a “hold” rating in a report on Monday, June 8th. One research analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Bassett Furniture Industries has an average rating of “Moderate Buy”.

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.