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

Bassett Furniture Industries (NASDAQ:BSET) released its 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. Bassett Furniture Industries had a return on equity of 3.48% and a net margin of 1.61%.The business had revenue of $83.75 million for the quarter, compared to analyst estimates of $83.32 million. During the same quarter in the previous year, the company posted $0.22 earnings per share.

Bassett Furniture Industries Price Performance

Shares of NASDAQ BSET traded up $1.07 during trading hours on Wednesday, hitting $18.79. 129,236 shares of the company’s stock were exchanged, compared to its average volume of 36,620. Bassett Furniture Industries has a 1-year low of $13.17 and a 1-year high of $19.75. The stock has a market capitalization 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 company’s 50-day moving average price is $15.00 and its 200-day moving average price is $15.34.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Wall Street Zen upgraded Bassett Furniture Industries from a “sell” rating to a “hold” rating in a report on Saturday, June 20th. Weiss Ratings downgraded shares of Bassett Furniture Industries from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, June 15th. Finally, Zacks Research upgraded shares of Bassett Furniture Industries from a “strong sell” rating to a “hold” rating in a research report on Monday, June 8th. One analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy”.

Institutional Trading of Bassett Furniture Industries

Institutional investors and hedge funds have recently modified their holdings of the company. Barclays PLC raised its stake in shares of Bassett Furniture Industries by 21.4% during the fourth quarter. Barclays PLC now owns 22,107 shares of the company’s stock worth $371,000 after buying an additional 3,897 shares during the last quarter. Jane Street Group LLC increased its position in shares of Bassett Furniture Industries by 87.9% in the 1st quarter. Jane Street Group LLC now owns 21,454 shares of the company’s stock valued at $327,000 after buying an additional 10,037 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Bassett Furniture Industries by 42.4% in the second quarter. Bank of America Corp DE now owns 19,398 shares of the company’s stock worth $295,000 after acquiring an additional 5,776 shares in the last quarter. Invesco Ltd. acquired a new stake in Bassett Furniture Industries during the 4th quarter worth approximately $175,000. Finally, Panagora Asset Management Inc. bought a new stake in Bassett Furniture Industries in the 4th quarter valued at $172,000. 54.40% of the stock is currently owned by institutional investors.

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.