Bassett Furniture Insider Buying Heats Up

Bassett Furniture insider buying: Mr. Paul Fulton, Chairman of the Board at Bassett Furniture Industries Inc. (NASDAQ:BSET), purchased 2,000 shares of common stock at a price of $14.39 each, for a total operation worth $28,780. The shares will remain under the direct control of Mr. Fulton, and the acquisition takes his position to a total of 45,847 shares of common stock, or a capital investment approximate to $652,402.

Mr. Fulton has a long history buying stock from Bassett Furniture, but the buying pattern changed in 2012. Since 2011, Mr. Fulton had bought 3,000 shares of common stock at a time, at an average price of $8.47.  The pattern changed in October of 2012 when the quantity was reduced to 2,000 shares of common stock per purchase. After that, Mr. Fulton completed one more transaction in 2012, and currently totals four transactions in 2013.

The four transactions for the current year, totaling 8,000 shares of common stock, were purchased at an average price of $14.59 each. The stock’s price has steadily risen since the recession and is up 14% this year. It also currently pays $0.05 in the form of quarterly dividends, registering a 1.48% yield.

Renaissance Technologies, led by Jim Simons, is one of the largest hedge funds invested here, followed by Mario Gabelli and Gamco Investors.

Disclosure: Jodor Jalit holds no position in any of the mentioned stocks.

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