Zacks Investment Research Downgrades Bassett Furniture Industries (BSET) to Strong Sell
Bassett Furniture Industries (NASDAQ:BSET) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.
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. “
Separately, ValuEngine upgraded shares of Bassett Furniture Industries from a “sell” rating to a “hold” rating in a research report on Tuesday, March 5th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. Bassett Furniture Industries presently has a consensus rating of “Hold” and an average price target of $21.00.
Bassett Furniture Industries (NASDAQ:BSET) last released its quarterly earnings results on Thursday, April 4th. The company reported $0.14 EPS for the quarter, beating the consensus estimate of $0.07 by $0.07. Bassett Furniture Industries had a net margin of 2.09% and a return on equity of 5.38%. The firm had revenue of $120.84 million during the quarter, compared to the consensus estimate of $118.17 million. As a group, equities analysts forecast that Bassett Furniture Industries will post 0.76 earnings per share for the current year.
In other Bassett Furniture Industries news, SVP Mark S. Jordan sold 3,100 shares of the company’s stock in a transaction on Tuesday, January 29th. The shares were sold at an average price of $19.03, for a total transaction of $58,993.00. Following the completion of the transaction, the senior vice president now owns 17,020 shares in the company, valued at approximately $323,890.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director William C. Warden, Jr. acquired 5,000 shares of the business’s stock in a transaction on Friday, April 5th. The shares were purchased at an average price of $17.10 per share, with a total value of $85,500.00. Following the transaction, the director now owns 32,121 shares in the company, valued at approximately $549,269.10. The disclosure for this purchase can be found here. 6.54% of the stock is owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in BSET. Metropolitan Life Insurance Co. NY purchased a new position in Bassett Furniture Industries during the 4th quarter worth $73,000. MetLife Investment Advisors LLC purchased a new position in Bassett Furniture Industries during the 4th quarter worth $100,000. Meeder Asset Management Inc. raised its position in Bassett Furniture Industries by 30.6% during the 4th quarter. Meeder Asset Management Inc. now owns 8,779 shares of the company’s stock worth $176,000 after buying an additional 2,058 shares during the last quarter. Rhumbline Advisers raised its position in Bassett Furniture Industries by 43.8% during the 4th quarter. Rhumbline Advisers now owns 14,676 shares of the company’s stock worth $294,000 after buying an additional 4,473 shares during the last quarter. Finally, First Trust Advisors LP raised its position in Bassett Furniture Industries by 33.8% during the 3rd quarter. First Trust Advisors LP now owns 15,328 shares of the company’s stock worth $326,000 after buying an additional 3,872 shares during the last quarter. Institutional investors own 70.68% of the company’s stock.
Bassett Furniture Industries Company Profile
Bassett Furniture Industries, Incorporated manufactures, markets, and retails home furnishings in the United States and internationally. It operates in three segments: Wholesale, Retail, and Logistical Services. The company engages in the design, manufacture, sourcing, distribution, and sale of furniture products to a network of company-owned and licensee-owned Bassett Home Furnishings retail stores, as well as independent furniture retailers; and wood and upholstery operations.
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