Bassett Furniture Industries (NASDAQ:BSET) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released on Wednesday.

According to Zacks, “Bassett Furniture Industries, Inc. is a leading manufacturer and marketer of high quality, mid-priced home furnishings. With over one hundred and thirty Bassett Furniture Direct stores, Bassett has leveraged its brand name in furniture with a network of licensed and Company-owned stores that focus on providing consumers with a friendly and professional environment for buying furniture and accessories. The Company continues to sell its products to other retailers, in addition to the Company’s dedicated retail store program. Bassett’s retail strategy promotes affordable custom-built furniture that is ready for delivery in the home within thirty days. The stores also feature the latest on-trend furniture styles, more than one thousand upholstery fabrics, free in-home design visits, and coordinated decorating accessories. “

Several other research firms also recently weighed in on BSET. ValuEngine downgraded shares of Bassett Furniture Industries from a “sell” rating to a “strong sell” rating in a research report on Tuesday, October 2nd. Stifel Nicolaus decreased their price target on shares of Bassett Furniture Industries from $29.00 to $21.00 and set a “hold” rating on the stock in a research report on Friday, September 28th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and one has assigned a buy rating to the company’s stock. Bassett Furniture Industries currently has a consensus rating of “Hold” and a consensus target price of $21.00.

BSET opened at $18.47 on Wednesday. Bassett Furniture Industries has a 1-year low of $18.10 and a 1-year high of $36.40. The company has a market capitalization of $192.99 million, a price-to-earnings ratio of 19.04 and a beta of 0.83.

Bassett Furniture Industries (NASDAQ:BSET) last released its quarterly earnings results on Thursday, January 17th. The company reported $0.17 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by ($0.19). Bassett Furniture Industries had a return on equity of 5.42% and a net margin of 1.80%. The business had revenue of $116.65 million during the quarter, compared to the consensus estimate of $118.84 million. On average, sell-side analysts predict that Bassett Furniture Industries will post 0.96 EPS for the current fiscal year.

Several hedge funds have recently made changes to their positions in the company. Teachers Advisors LLC raised its position in shares of Bassett Furniture Industries by 7.9% during the 3rd quarter. Teachers Advisors LLC now owns 20,933 shares of the company’s stock valued at $445,000 after purchasing an additional 1,533 shares during the period. Meeder Asset Management Inc. raised its position in shares of Bassett Furniture Industries by 30.6% during the 4th quarter. Meeder Asset Management Inc. now owns 8,779 shares of the company’s stock valued at $176,000 after purchasing an additional 2,058 shares during the period. Schwab Charles Investment Management Inc. raised its position in shares of Bassett Furniture Industries by 15.4% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 23,287 shares of the company’s stock valued at $642,000 after purchasing an additional 3,100 shares during the period. Teton Advisors Inc. raised its position in shares of Bassett Furniture Industries by 1.4% during the 3rd quarter. Teton Advisors Inc. now owns 251,870 shares of the company’s stock valued at $5,352,000 after purchasing an additional 3,400 shares during the period. Finally, First Trust Advisors LP raised its position in shares of Bassett Furniture Industries by 33.8% during the 3rd quarter. First Trust Advisors LP now owns 15,328 shares of the company’s stock valued at $326,000 after purchasing an additional 3,872 shares during the period. Hedge funds and other institutional investors own 73.06% of the company’s stock.

Bassett Furniture Industries Company Profile

Bassett Furniture Industries, Incorporated manufactures, markets, and retails home furnishings in the United States. The company operates in three segments: Wholesale, Retail, and Logistical Services. It is involved in the design, manufacture, sourcing, sale, and distribution of furniture products to a network of company-owned and licensee-owned Bassett Home Furnishings (BHF) retail stores, as well as independent furniture retailers; and wood and upholstery operations.

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