Zacks Research Upgrades Bassett Furniture Industries (NASDAQ:BSET) to “Hold”

Bassett Furniture Industries (NASDAQ:BSET) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

BSET has been the topic of a number of other reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Bassett Furniture Industries in a research report on Monday, April 20th. Wall Street Zen lowered shares of Bassett Furniture Industries from a “hold” rating to a “sell” rating in a report on Sunday, May 31st. One equities research analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Bassett Furniture Industries has an average rating of “Moderate Buy”.

Bassett Furniture Industries Stock Performance

Shares of Bassett Furniture Industries stock opened at $14.86 on Monday. The firm has a market cap of $128.54 million, a P/E ratio of 23.97, a price-to-earnings-growth ratio of 1.10 and a beta of 0.77. The firm’s 50-day simple moving average is $14.43 and its 200-day simple moving average is $15.27. Bassett Furniture Industries has a twelve month low of $13.17 and a twelve month high of $19.75.

Bassett Furniture Industries (NASDAQ:BSET) last announced its quarterly earnings results on Wednesday, April 1st. The company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.04). Bassett Furniture Industries had a return on equity of 3.48% and a net margin of 1.61%.The business had revenue of $80.34 million for the quarter, compared to the consensus estimate of $84.38 million. On average, equities analysts forecast that Bassett Furniture Industries will post 0.82 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bassett Furniture Industries

Hedge funds have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. increased its holdings in shares of Bassett Furniture Industries by 97.4% in the first quarter. Goldman Sachs Group Inc. now owns 24,840 shares of the company’s stock valued at $379,000 after purchasing an additional 12,258 shares in the last quarter. Bank of America Corp DE boosted its position in Bassett Furniture Industries by 42.4% in the 2nd quarter. Bank of America Corp DE now owns 19,398 shares of the company’s stock valued at $295,000 after buying an additional 5,776 shares during the last quarter. Invesco Ltd. acquired a new stake in shares of Bassett Furniture Industries in the 4th quarter valued at $175,000. Deutsche Bank AG raised its position in shares of Bassett Furniture Industries by 386.6% during the fourth quarter. Deutsche Bank AG now owns 6,783 shares of the company’s stock worth $114,000 after acquiring an additional 5,389 shares during the last quarter. Finally, Empowered Funds LLC boosted its holdings in Bassett Furniture Industries by 9.2% in the first quarter. Empowered Funds LLC now owns 42,076 shares of the company’s stock valued at $595,000 after acquiring an additional 3,532 shares during the last quarter. Institutional investors own 54.40% of the company’s stock.

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.