Zacks Investment Research upgraded shares of Bassett Furniture Industries Inc. (NASDAQ:BSET) from a sell rating to a hold rating in a research note issued to investors on Tuesday morning.

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. “

Shares of Bassett Furniture Industries (NASDAQ:BSET) opened at 29.75 on Tuesday. The firm’s 50-day moving average price is $25.50 and its 200-day moving average price is $25.93. The company has a market cap of $321.33 million, a PE ratio of 19.70 and a beta of 1.15. 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 released its quarterly earnings results on Thursday, September 29th. The company reported $0.38 EPS for the quarter, missing the Zacks’ consensus estimate of $0.39 by $0.01. The business had revenue of $104.70 million for the quarter. Bassett Furniture Industries had a return on equity of 9.42% and a net margin of 3.80%. Bassett Furniture Industries’s revenue for the quarter was down 5.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.40 earnings per share. Equities analysts predict that Bassett Furniture Industries will post $1.42 EPS for the current fiscal year.

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The company also recently announced a special dividend, which will be paid on Friday, December 16th. Investors 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%.

In other news, Director William C. Warden, Jr. bought 5,000 shares of the company’s stock in a transaction that occurred on Friday, October 28th. The shares were acquired at an average price of $23.43 per share, with a total value of $117,150.00. Following the transaction, the director now owns 26,052 shares in the company, valued at $610,398.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 7.00% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Panagora Asset Management Inc. increased its position in Bassett Furniture Industries by 1,852.1% in the third quarter. Panagora Asset Management Inc. now owns 5,095 shares of the company’s stock worth $118,000 after buying an additional 4,834 shares in the last quarter. BlackRock Advisors LLC increased its position in Bassett Furniture Industries by 9.6% in the third quarter. BlackRock Advisors LLC now owns 5,232 shares of the company’s stock worth $122,000 after buying an additional 459 shares in the last quarter. Bank of Montreal Can bought a new position in Bassett Furniture Industries during the second quarter worth $136,000. PNC Financial Services Group Inc. increased its position in Bassett Furniture Industries by 88.6% in the third quarter. PNC Financial Services Group Inc. now owns 7,288 shares of the company’s stock worth $170,000 after buying an additional 3,424 shares in the last quarter. Finally, The Manufacturers Life Insurance Company bought a new position in Bassett Furniture Industries during the third quarter worth $179,000. Hedge funds and other institutional investors own 71.16% of the company’s stock.

About Bassett Furniture Industries

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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