Stein Mart, Inc. (SMRT) Announces Earnings Results
Stein Mart, Inc. (NASDAQ:SMRT) issued its quarterly earnings results on Wednesday. The company reported ($0.28) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.20) by $0.08, Bloomberg Earnings reports. The business had revenue of $311.03 million for the quarter, compared to analysts’ expectations of $303.97 million. Stein Mart had a negative return on equity of 10.71% and a negative net margin of 0.69%. The firm’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same quarter last year, the company earned $0.06 earnings per share.
Stein Mart (NASDAQ:SMRT) traded up 3.31% during midday trading on Wednesday, hitting $1.25. The stock had a trading volume of 923,611 shares. The firm’s market cap is $59.53 million. The stock has a 50-day moving average price of $1.35 and a 200 day moving average price of $2.24. Stein Mart has a one year low of $1.00 and a one year high of $9.01.
Separately, TheStreet downgraded Stein Mart from a “c” rating to a “d+” rating in a report on Wednesday, May 17th. One research analyst has rated the stock with a sell rating and three have given a hold rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $7.50.
In other Stein Mart news, Chairman Jay Stein purchased 900,000 shares of Stein Mart stock in a transaction on Wednesday, May 24th. The stock was bought at an average price of $1.50 per share, for a total transaction of $1,350,000.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Richard L. Sisisky purchased 50,000 shares of Stein Mart stock in a transaction on Tuesday, May 23rd. The shares were acquired at an average price of $1.51 per share, with a total value of $75,500.00. Following the transaction, the director now directly owns 135,351 shares in the company, valued at approximately $204,380.01. The disclosure for this purchase can be found here. Insiders have purchased a total of 1,003,500 shares of company stock valued at $1,505,595 in the last 90 days. Insiders own 34.70% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Airain ltd purchased a new stake in Stein Mart during the second quarter worth approximately $100,000. KCG Holdings Inc. increased its stake in Stein Mart by 92.6% in the first quarter. KCG Holdings Inc. now owns 36,085 shares of the company’s stock worth $109,000 after buying an additional 17,346 shares in the last quarter. Wells Fargo & Company MN increased its stake in Stein Mart by 18.2% in the first quarter. Wells Fargo & Company MN now owns 46,457 shares of the company’s stock worth $140,000 after buying an additional 7,146 shares in the last quarter. HighTower Advisors LLC increased its stake in Stein Mart by 87.8% in the first quarter. HighTower Advisors LLC now owns 58,545 shares of the company’s stock worth $179,000 after buying an additional 27,367 shares in the last quarter. Finally, LMR Partners LLP purchased a new stake in Stein Mart during the second quarter worth approximately $184,000. Institutional investors own 41.73% of the company’s stock.
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Stein Mart Company Profile
Stein Mart, Inc is a national retailer offering the fashion merchandise, service and presentation of a department or specialty store. The Company offers apparel for women and men, as well as accessories, shoes and home fashions. The Company’s target customers are women over 45 years old. The Company operates approximately 280 stores in over 30 states and an Internet store.
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