Bassett Furniture Industries Inc. (NASDAQ:BSET) shares hit a new 52-week low during mid-day trading on Thursday following a dissappointing earnings announcement. The stock traded as low as $22.42 and last traded at $23.15, with a volume of 50,629 shares traded. The stock had previously closed at $23.89.
The company reported $0.38 EPS for the quarter, missing the Zacks’ consensus estimate of $0.39 by $0.01. Bassett Furniture Industries had a net margin of 3.76% and a return on equity of 9.55%. The business had revenue of $104.70 million for the quarter. During the same quarter in the previous year, the business earned $0.40 EPS. The firm’s revenue for the quarter was down 5.7% on a year-over-year basis.
Separately, Zacks Investment Research cut Bassett Furniture Industries from a “hold” rating to a “strong sell” rating in a research report on Monday, July 4th.
Large investors have recently bought and sold shares of the stock. Bank of Montreal Can acquired a new stake in Bassett Furniture Industries during the second quarter worth approximately $136,000. Landscape Capital Management L.L.C. purchased a new stake in Bassett Furniture Industries during the second quarter valued at about $218,000. Deere & Co. purchased a new stake in Bassett Furniture Industries during the second quarter valued at about $237,000. 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, KBC Group NV boosted its stake in Bassett Furniture Industries by 16.5% in the second quarter. KBC Group NV now owns 10,945 shares of the company’s stock valued at $262,000 after buying an additional 1,553 shares during the last quarter. Hedge funds and other institutional investors own 71.64% of the company’s stock.
The stock has a market cap of $253.52 million, a P/E ratio of 15.39 and a beta of 1.02. The stock has a 50 day moving average of $24.85 and a 200-day moving average of $27.56.
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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