Bassett Furniture Industries Inc. (NASDAQ:BSET) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

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. “

Bassett Furniture Industries (NASDAQ:BSET) traded up 1.36% during midday trading on Tuesday, hitting $29.75. 13,176 shares of the company traded hands. The stock has a market cap of $321.33 million, a P/E ratio of 19.70 and a beta of 1.15. The stock has a 50 day moving average of $25.50 and a 200 day moving average of $25.93. Bassett Furniture Industries has a 12-month low of $22.42 and a 12-month high of $33.68.

Bassett Furniture Industries (NASDAQ:BSET) last announced its quarterly earnings data on Thursday, September 29th. The company reported $0.38 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by $0.01. Bassett Furniture Industries had a return on equity of 9.42% and a net margin of 3.80%. The firm had revenue of $104.70 million for the quarter. During the same quarter in the previous year, the business earned $0.40 EPS. Bassett Furniture Industries’s revenue was down 5.7% compared to the same quarter last year. Equities research analysts predict that Bassett Furniture Industries will post $1.42 EPS for the current fiscal year.

The business also recently announced a special dividend, which will be paid on Friday, December 16th. Shareholders of record on Friday, December 2nd will be given a $0.30 dividend. The ex-dividend date of this dividend is Wednesday, November 30th. This is a positive change from Bassett Furniture Industries’s previous special dividend of $0.20. Bassett Furniture Industries’s dividend payout ratio (DPR) is currently 26.49%.

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In related news, Director William C. Warden, Jr. bought 5,000 shares of the company’s stock in a transaction on Friday, October 28th. The shares were purchased at an average cost of $23.43 per share, with a total value of $117,150.00. Following the completion of the transaction, the director now directly owns 26,052 shares of the company’s stock, valued at $610,398.36. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 7.00% of the stock is owned by company insiders.

Large investors have recently modified their holdings of the company. BlackRock Investment Management LLC raised its stake in shares of Bassett Furniture Industries by 5.2% in the second quarter. BlackRock Investment Management LLC now owns 42,226 shares of the company’s stock valued at $1,011,000 after buying an additional 2,080 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Bassett Furniture Industries by 2.3% in the second quarter. Vanguard Group Inc. now owns 461,674 shares of the company’s stock valued at $11,053,000 after buying an additional 10,551 shares in the last quarter. Prudential Financial Inc. raised its stake in shares of Bassett Furniture Industries by 131.8% in the second quarter. Prudential Financial Inc. now owns 27,440 shares of the company’s stock valued at $657,000 after buying an additional 15,600 shares in the last quarter. Royce & Associates LP raised its stake in shares of Bassett Furniture Industries by 47.8% in the second quarter. Royce & Associates LP now owns 730,000 shares of the company’s stock valued at $17,476,000 after buying an additional 236,100 shares in the last quarter. Finally, Teton Advisors Inc. raised its stake in shares of Bassett Furniture Industries by 1.4% in the second quarter. Teton Advisors Inc. now owns 153,900 shares of the company’s stock valued at $3,684,000 after buying an additional 2,100 shares in the last quarter. 71.16% of the stock is currently owned by hedge funds and other institutional investors.

Bassett Furniture Industries Company Profile

Bassett Furniture Industries, Incorporated is a manufacturer, importer and retailer of home furnishings. The Company’s segments include Wholesale, Retail – Company-owned stores and Logistical services. Its wholesale home furnishings segment is involved in the design, manufacture, sourcing, sale and distribution of furniture products to a network of Bassett stores (licensee-owned stores and Company-owned stores) and independent furniture retailers.

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