Bassett Furniture Industries (NASDAQ:BSET) cut to “buy” on StockNews.com

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Bassett Furniture Industries (NASDAQ:BSET – Get Rating) was downgraded by stock analysts StockNews.com from a “strong buy” rating to a “buy” rating in a report released Wednesday.

Separately, TheStreet upgraded shares of Bassett Furniture Industries from a “c+” rating to a “b” rating in a Friday, September 30 research report.

Bassett Furniture Industries stock performance

BSET lost $0.09 in Wednesday’s trading, hitting $19.04. The stock recorded a trading volume of 23,852 shares, compared to an average volume of 89,927. The company has a market capitalization of $174.33 million, a P/E ratio of 2.78 and a beta of 1. .54. The company’s 50-day moving average price is $17.59 and its 200-day moving average price is $18.43. Bassett Furniture Industries has a 12-month low of $13.16 and a 12-month high of $24.12.

Bassett Furniture Industries (NASDAQ:BSET – Get Rating) last released its quarterly results on Thursday, September 29. The company reported earnings per share of $0.84 for the quarter, beating analyst consensus estimates of $0.64 by $0.20. Bassett Furniture Industries achieved a net margin of 13.22% and a return on equity of 13.92%. The company posted revenue of $118.01 million for the quarter, versus $119.65 million expected by analysts.

Insider buying and selling

Separately, CEO Robert H. Spilman, Jr. bought 5,000 shares of the company in a trade on Friday, October 7. The shares were purchased at an average cost of $15.58 per share, for a total transaction of $77,900.00. Following the completion of the purchase, the CEO now owns 258,331 shares of the company, valued at approximately $4,024,796.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, accessible via this hyperlink. 7.20% of the shares are currently held by insiders of the company.

Institutional investors weigh in on Bassett Furniture Industries

A number of hedge funds have recently increased or reduced their stakes in BSET. Venture Visionary Partners LLC acquired a new stock position in Bassett Furniture Industries during the second quarter worth $54,000. Gladius Capital Management LP acquired a new position in shares of Bassett Furniture Industries during the second quarter worth $61,000. Royal Bank of Canada increased its holdings of Bassett Furniture Industries shares by 6.7% in the third quarter. Royal Bank of Canada now owns 9,607 shares of the company valued at $150,000 after purchasing an additional 607 shares during the period. Stokes Family Office LLC acquired a new stock position in Bassett Furniture Industries during the third quarter worth $162,000. Finally, Commonwealth Equity Services LLC acquired a new position in shares of Bassett Furniture Industries during the second quarter at a value of $191,000. 58.27% of the shares are currently held by institutional investors.

About Bassett Furniture Industries

(Get a rating)

Bassett Furniture Industries, Incorporated is engaged in the manufacturing, marketing and retailing of home furnishings in the United States and abroad. It operates through three segments: wholesale, company-owned retail stores and logistics services. The Company is engaged in the design, manufacture, supply, sale and distribution of home furnishings products to a network of corporate-owned retail stores and licensee-owned stores. license, as well as to independent furniture retailers; and wood and upholstery operations.

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