Bassett Furniture Industries Inc. (BSET) Trading Down 3.9%
Bassett Furniture Industries Inc. (NASDAQ:BSET)’s share price was down 3.9% during mid-day trading on Tuesday . The company traded as low as $23.85 and last traded at $23.98, with a volume of 56,021 shares traded. The stock had previously closed at $24.96.
Separately, Zacks Investment Research downgraded Bassett Furniture Industries from a “hold” rating to a “strong sell” rating in a research report on Monday, July 4th.
The stock has a market cap of $261.48 million, a price-to-earnings ratio of 15.87 and a beta of 1.02. The stock has a 50-day moving average price of $25.12 and a 200-day moving average price of $27.95.
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Bassett Furniture Industries (NASDAQ:BSET) last released its quarterly earnings data on Thursday, June 30th. The company reported $0.31 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.43 by $0.12. The company had revenue of $106.70 million for the quarter. Bassett Furniture Industries had a return on equity of 9.55% and a net margin of 3.76%. The business’s revenue was down 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.39 earnings per share. On average, analysts forecast that Bassett Furniture Industries Inc. will post $1.49 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 26th. Shareholders of record on Friday, August 12th were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Wednesday, August 10th. This represents a $0.40 dividend on an annualized basis and a yield of 1.67%. This is a positive change from Bassett Furniture Industries’s previous quarterly dividend of $0.09. Bassett Furniture Industries’s payout ratio is 26.32%.
In related news, CEO Robert H. Spilman, Jr. acquired 4,000 shares of the stock in a transaction on Thursday, June 30th. The shares were bought at an average price of $23.64 per share, with a total value of $94,560.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Paul Fulton acquired 2,000 shares of the stock in a transaction on Thursday, June 30th. The shares were bought at an average cost of $23.96 per share, for a total transaction of $47,920.00. The disclosure for this purchase can be found here. Company insiders own 7.00% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Suntrust Banks Inc. raised its position in Bassett Furniture Industries by 0.5% in the second quarter. Suntrust Banks Inc. now owns 20,454 shares of the company’s stock worth $489,000 after buying an additional 98 shares during the period. Bank of New York Mellon Corp raised its position in Bassett Furniture Industries by 0.8% in the second quarter. Bank of New York Mellon Corp now owns 115,544 shares of the company’s stock worth $2,766,000 after buying an additional 914 shares during the period. Strs Ohio raised its position in Bassett Furniture Industries by 15.2% in the second quarter. Strs Ohio now owns 22,800 shares of the company’s stock worth $545,000 after buying an additional 3,000 shares during the period. Smith Asset Management Group LP raised its position in Bassett Furniture Industries by 69.8% in the second quarter. Smith Asset Management Group LP now owns 9,970 shares of the company’s stock worth $239,000 after buying an additional 4,100 shares during the period. Finally, Bank of Montreal Can bought a new position in Bassett Furniture Industries during the second quarter worth $136,000. 72.06% of the stock is currently owned by 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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