Zacks: Brokerages Set $35.00 Target Price for Bassett Furniture Industries Inc. (NASDAQ:BSET)
Bassett Furniture Industries Inc. (NASDAQ:BSET) has been given an average broker rating score of 3.00 (Hold) from the one brokers that provide coverage for the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold recommendation.
Analysts have set a 12 month consensus price objective of $35.00 for the company and are anticipating that the company will post $0.41 earnings per share for the current quarter, according to Zacks. Zacks has also given Bassett Furniture Industries an industry rank of 171 out of 265 based on the ratings given to its competitors.
Separately, Zacks Investment Research cut shares of Bassett Furniture Industries from a “hold” rating to a “strong sell” rating in a research note on Monday, July 4th.
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Shares of Bassett Furniture Industries (NASDAQ:BSET) traded up 1.4174% during midday trading on Wednesday, hitting $24.3199. 9,096 shares of the stock were exchanged. The firm has a 50-day moving average of $25.12 and a 200-day moving average of $27.95. Bassett Furniture Industries has a 1-year low of $22.97 and a 1-year high of $33.68. The company has a market capitalization of $265.18 million, a P/E ratio of 16.0952 and a beta of 1.02.
Bassett Furniture Industries (NASDAQ:BSET) last issued its quarterly earnings data on Thursday, June 30th. The company reported $0.31 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by $0.12. Bassett Furniture Industries had a return on equity of 9.55% and a net margin of 3.76%. The business earned $106.70 million during the quarter. During the same quarter in the previous year, the business earned $0.39 EPS. The firm’s revenue for the quarter was down 4.3% on a year-over-year basis. On average, equities analysts expect that Bassett Furniture Industries will post $1.49 EPS for the current year.
The company also recently announced 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. This is a boost from Bassett Furniture Industries’s previous quarterly dividend of $0.09. The ex-dividend date was Wednesday, August 10th. This represents a $0.40 dividend on an annualized basis and a yield of 1.67%. Bassett Furniture Industries’s dividend payout ratio (DPR) is presently 26.32%.
In related news, CEO Robert H. Spilman, Jr. acquired 4,000 shares of Bassett Furniture Industries stock in a transaction dated Thursday, June 30th. The shares were purchased at an average price of $23.64 per share, for a total transaction of $94,560.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Paul Fulton acquired 2,000 shares of Bassett Furniture Industries stock in a transaction dated Thursday, June 30th. The shares were bought at an average price 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.
Several large investors have recently added to or reduced their stakes in the stock. Suntrust Banks Inc. boosted its stake in Bassett Furniture Industries by 0.5% in the second quarter. Suntrust Banks Inc. now owns 20,454 shares of the company’s stock valued at $489,000 after buying an additional 98 shares during the last quarter. Bank of New York Mellon Corp boosted its stake 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 valued at $2,766,000 after buying an additional 914 shares during the last quarter. Strs Ohio boosted its stake in Bassett Furniture Industries by 15.2% in the second quarter. Strs Ohio now owns 22,800 shares of the company’s stock valued at $545,000 after buying an additional 3,000 shares during the last quarter. Smith Asset Management Group LP boosted its stake 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 valued at $239,000 after buying an additional 4,100 shares during the last quarter. Finally, Bank of Montreal Can bought a new stake in Bassett Furniture Industries during the second quarter valued at about $136,000. Hedge funds and other institutional investors own 71.64% of the company’s stock.
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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