Insider Monkey has processed numerous 13F filings of hedge funds and famous investors to create an extensive database of hedge fund holdings. The 13F filings show the hedge funds and investors’ positions as of the end of the third quarter. You can find write-ups about an individual hedge fund’s trades on numerous financial news websites. However, in this article we will take a look at their collective moves and analyze what the smart money thinks of Bassett Furniture Industries Inc. (NASDAQ:BSET) based on that data.
Bassett Furniture Industries Inc. (NASDAQ:BSET) investors should pay attention to a decrease in hedge fund sentiment lately. At the end of this article we will also compare BSET to other stocks including Trecora Resources (NYSE:TREC), AV Homes Inc (NASDAQ:AVHI), and Heritage Commerce Corp. (NASDAQ:HTBK) to get a better sense of its popularity.
Follow Bassett Furniture Industries Inc (NASDAQ:BSET)
Follow Bassett Furniture Industries Inc (NASDAQ:BSET)
In today’s marketplace there are several gauges shareholders employ to evaluate stocks. A couple of the best gauges are hedge fund and insider trading interest. We have shown that, historically, those who follow the best picks of the best fund managers can outperform their index-focused peers by a healthy margin (see the details here).
With all of this in mind, let’s take a look at the recent action surrounding Bassett Furniture Industries Inc. (NASDAQ:BSET).
What have hedge funds been doing with Bassett Furniture Industries Inc. (NASDAQ:BSET)?
Heading into Q4, a total of 10 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of -9% from one quarter earlier. With hedgies’ capital changing hands, there exists an “upper tier” of noteworthy hedge fund managers who were upping their holdings considerably (or already accumulated large positions).
When looking at the institutional investors followed by Insider Monkey, Renaissance Technologies, managed by Jim Simons, holds the biggest position in Bassett Furniture Industries Inc. (NASDAQ:BSET). Renaissance Technologies has a $16 million position in the stock, comprising less than 0.1%% of its 13F portfolio. Sitting at the No. 2 spot is GAMCO Investors, managed by Mario Gabelli, which holds a $15.6 million position; the fund has 0.1% of its 13F portfolio invested in the stock. Other members of the smart money with similar optimism comprise Richard Driehaus’s Driehaus Capital, Cliff Asness’s AQR Capital Management and Peter Algert and Kevin Coldiron’s Algert Coldiron Investors.
Judging by the fact that Bassett Furniture Industries Inc. (NASDAQ:BSET) has witnessed bearish sentiment from hedge fund managers, we can see that there were a few fund managers that elected to cut their entire stakes heading into Q4. At the top of the heap, Ken Griffin’s Citadel Investment Group cut the biggest investment of all the hedgies tracked by Insider Monkey, valued at about $0.9 million in stock. D. E. Shaw’s fund, D E Shaw, also cut its stock, about $0.4 million worth. These transactions are important to note, as total hedge fund interest dropped by 1 funds heading into Q4.
Let’s now take a look at hedge fund activity in other stocks similar to Bassett Furniture Industries Inc. (NASDAQ:BSET). We will take a look at Trecora Resources (NYSE:TREC), AV Homes Inc (NASDAQ:AVHI), Heritage Commerce Corp. (NASDAQ:HTBK), and Gladstone Commercial Corporation (NASDAQ:GOOD). This group of stocks’ market values are closest to BSET’s market value.
| Ticker | No of HFs with positions | Total Value of HF Positions (x1000) | Change in HF Position |
|---|---|---|---|
| TREC | 7 | 10592 | 1 |
| AVHI | 9 | 33810 | 0 |
| HTBK | 8 | 13779 | 2 |
| GOOD | 7 | 17527 | 0 |
As you can see these stocks had an average of 7.75 hedge funds with bullish positions and the average amount invested in these stocks was $19 million. That figure was $45 million in BSET’s case. AV Homes Inc (NASDAQ:AVHI) is the most popular stock in this table. On the other hand Trecora Resources (NYSE:TREC) is the least popular one with only 7 bullish hedge fund positions. Compared to these stocks Bassett Furniture Industries Inc. (NASDAQ:BSET) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio despite the total number of hedge funds long BSET falling by 1.
