StockNews.com Downgrades Bassett Furniture Industries (NASDAQ:BSET) to Hold

Bassett Furniture Industries (NASDAQ:BSET) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a report released on Friday.

Bassett Furniture Industries Stock Performance

BSET opened at $13.86 on Friday. Bassett Furniture Industries has a one year low of $12.10 and a one year high of $16.85. The stock has a market capitalization of $121.98 million, a P/E ratio of -7.11, a price-to-earnings-growth ratio of 1.07 and a beta of 1.69. The business’s 50-day simple moving average is $14.54 and its 200-day simple moving average is $14.05.

Bassett Furniture Industries (NASDAQ:BSET) last issued its quarterly earnings data on Wednesday, October 9th. The company reported ($0.52) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.18). The firm had revenue of $75.62 million during the quarter, compared to analysts’ expectations of $78.63 million. Bassett Furniture Industries had a negative net margin of 5.00% and a negative return on equity of 3.47%. During the same quarter in the prior year, the firm posted ($0.30) EPS. On average, equities research analysts forecast that Bassett Furniture Industries will post -0.77 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of BSET. Empowered Funds LLC increased its holdings in Bassett Furniture Industries by 5.0% in the third quarter. Empowered Funds LLC now owns 25,419 shares of the company’s stock valued at $367,000 after buying an additional 1,206 shares in the last quarter. Inspire Advisors LLC increased its stake in Bassett Furniture Industries by 119.5% in the 2nd quarter. Inspire Advisors LLC now owns 26,055 shares of the company’s stock valued at $370,000 after purchasing an additional 14,183 shares in the last quarter. Finally, Barclays PLC raised its holdings in Bassett Furniture Industries by 51.9% during the third quarter. Barclays PLC now owns 10,124 shares of the company’s stock worth $146,000 after purchasing an additional 3,459 shares during the last quarter. 54.40% of the stock is currently owned by hedge funds and other institutional investors.

Bassett Furniture Industries Company Profile

Bassett Furniture Industries, Incorporated, together with its subsidiaries, manufactures, markets, and retails home furnishings in the United States and internationally. It operates in three segments: Wholesale, Retail Company-Owned Stores, and Corporate and Other. The company engages in the design, manufacture, sourcing, sale, and distribution of furniture products, including dining, bedroom and bedding, home decorations, rugs, and outdoor furniture to a network of company-owned retail stores, licensee-owned stores, and independent retailers.