Insider Buying: Stein Mart, Inc. (SMRT) Director Buys 45,000 Shares of Stock

Stein Mart, Inc. (NASDAQ:SMRT) Director Mitchell W. Legler bought 45,000 shares of the business’s stock in a transaction on Wednesday, May 24th. The stock was bought at an average cost of $1.54 per share, with a total value of $69,300.00. Following the transaction, the director now owns 274,108 shares in the company, valued at approximately $422,126.32. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Stein Mart, Inc. (SMRT) traded up 7.45% during mid-day trading on Friday, hitting $1.73. 1,485,701 shares of the stock were exchanged. The stock’s 50 day moving average is $1.75 and its 200 day moving average is $3.28. Stein Mart, Inc. has a 52-week low of $1.00 and a 52-week high of $9.23. The stock’s market cap is $82.38 million.

Stein Mart (NASDAQ:SMRT) last released its quarterly earnings data on Wednesday, May 17th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.15 by $0.05. Stein Mart had a negative return on equity of 10.71% and a negative net margin of 0.69%. The business had revenue of $337.30 million during the quarter, compared to analysts’ expectations of $362.21 million. During the same quarter in the prior year, the firm earned $0.30 earnings per share. Stein Mart’s quarterly revenue was down 5.2% on a year-over-year basis. Analysts forecast that Stein Mart, Inc. will post ($0.20) EPS for the current fiscal year.

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Separately, TheStreet cut shares of Stein Mart from a “c” rating to a “d+” rating in a research note on Wednesday, May 17th. One research analyst has rated the stock with a sell rating and three have issued a hold rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $7.50.

Several large investors have recently added to or reduced their stakes in the company. Guggenheim Capital LLC raised its position in Stein Mart by 181.8% in the fourth quarter. Guggenheim Capital LLC now owns 422,430 shares of the company’s stock worth $2,315,000 after buying an additional 272,549 shares during the period. OppenheimerFunds Inc. raised its position in Stein Mart by 122.7% in the first quarter. OppenheimerFunds Inc. now owns 339,927 shares of the company’s stock worth $1,024,000 after buying an additional 187,306 shares during the period. JPMorgan Chase & Co. raised its position in Stein Mart by 695.5% in the first quarter. JPMorgan Chase & Co. now owns 213,394 shares of the company’s stock worth $642,000 after buying an additional 186,570 shares during the period. Dimensional Fund Advisors LP raised its position in Stein Mart by 9.9% in the first quarter. Dimensional Fund Advisors LP now owns 1,766,647 shares of the company’s stock worth $5,318,000 after buying an additional 159,663 shares during the period. Finally, First Trust Advisors LP raised its position in Stein Mart by 433.3% in the first quarter. First Trust Advisors LP now owns 185,097 shares of the company’s stock worth $557,000 after buying an additional 150,392 shares during the period. Institutional investors and hedge funds own 42.30% of the company’s stock.

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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