Bassett Furniture Industries (NASDAQ:BSET) Issues Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Bassett Furniture Industries (NASDAQ:BSET) released its quarterly earnings results on Wednesday. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.04, Zacks reports. The business had revenue of $83.75 million during the quarter, compared to the consensus estimate of $83.32 million. Bassett Furniture Industries had a return on equity of 3.56% and a net margin of 1.65%.During the same quarter in the previous year, the business earned $0.22 EPS.

Bassett Furniture Industries Stock Performance

NASDAQ:BSET opened at $20.23 on Friday. The business’s fifty day moving average is $15.19 and its 200 day moving average is $15.37. The firm has a market cap of $174.99 million, a price-to-earnings ratio of 31.61, a PEG ratio of 1.42 and a beta of 0.76. Bassett Furniture Industries has a 52-week low of $13.17 and a 52-week high of $20.99.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Russell Investments Group Ltd. raised its holdings in Bassett Furniture Industries by 95.3% in the 4th quarter. Russell Investments Group Ltd. now owns 1,504 shares of the company’s stock worth $25,000 after purchasing an additional 734 shares in the last quarter. Group One Trading LLC bought a new position in Bassett Furniture Industries in the second quarter worth $30,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Bassett Furniture Industries during the 2nd quarter valued at about $68,000. JPMorgan Chase & Co. purchased a new position in Bassett Furniture Industries during the 2nd quarter valued at about $83,000. Finally, Deutsche Bank AG boosted its stake in 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 in the last quarter. Institutional investors own 54.40% of the company’s stock.

Analysts Set New Price Targets

BSET has been the topic of a number of recent analyst reports. Wall Street Zen upgraded Bassett Furniture Industries from a “sell” rating to a “hold” rating in a report on Saturday, June 20th. Weiss Ratings upgraded Bassett Furniture Industries from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday. Finally, Zacks Research raised Bassett Furniture Industries from a “strong sell” rating to a “hold” rating in a research report on Monday, June 8th. One equities research analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy”.

Bassett Furniture Industries Company Profile

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.