Bank of New York Mellon Corp raised its stake in shares of Stein Mart, Inc. (NASDAQ:SMRT) by 4.1% during the first quarter, according to its most recent filing with the SEC. The firm owned 824,232 shares of the company’s stock after buying an additional 32,372 shares during the period. Bank of New York Mellon Corp owned 1.75% of Stein Mart worth $2,480,000 at the end of the most recent quarter.
Other institutional investors have also made changes to their positions in the company. Teachers Retirement System of The State of Kentucky boosted its position in shares of Stein Mart by 19.6% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 19,500 shares of the company’s stock valued at $107,000 after buying an additional 3,200 shares during the last quarter. Comerica Bank boosted its position in shares of Stein Mart by 5.8% in the fourth quarter. Comerica Bank now owns 32,910 shares of the company’s stock valued at $131,000 after buying an additional 1,795 shares during the last quarter. Wells Fargo & Company MN boosted its position in shares of Stein Mart by 18.2% in the first quarter. Wells Fargo & Company MN now owns 46,457 shares of the company’s stock valued at $140,000 after buying an additional 7,146 shares during the last quarter. Cumberland Partners Ltd boosted its position in shares of Stein Mart by 333.3% in the first quarter. Cumberland Partners Ltd now owns 65,000 shares of the company’s stock valued at $196,000 after buying an additional 50,000 shares during the last quarter. Finally, Highbridge Capital Management LLC acquired a new position in shares of Stein Mart during the fourth quarter valued at $204,000. 42.27% of the stock is currently owned by institutional investors and hedge funds.
Stein Mart, Inc. (NASDAQ:SMRT) opened at 1.19 on Tuesday. Stein Mart, Inc. has a 52-week low of $1.00 and a 52-week high of $9.23. The company’s market cap is $56.67 million. The firm’s 50 day moving average is $1.59 and its 200 day moving average is $3.05.
Stein Mart (NASDAQ:SMRT) last posted its quarterly earnings results on Wednesday, May 17th. The company reported $0.10 EPS for the quarter, missing the Zacks’ consensus estimate of $0.15 by $0.05. Stein Mart had a negative net margin of 0.69% and a negative return on equity of 10.71%. The firm had revenue of $337.30 million for the quarter, compared to analysts’ expectations of $362.21 million. During the same quarter in the previous year, the company earned $0.30 EPS. The company’s quarterly revenue was down 5.2% compared to the same quarter last year. Analysts forecast that Stein Mart, Inc. will post ($0.09) 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 report on Wednesday, May 17th. One analyst has rated the stock with a sell rating and three have assigned a hold rating to the company. Stein Mart presently has an average rating of “Hold” and a consensus target price of $7.50.
In other news, Chairman Jay Stein purchased 900,000 shares of the business’s stock in a transaction dated Wednesday, May 24th. The shares were purchased at an average price of $1.50 per share, for a total transaction of $1,350,000.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard L. Sisisky purchased 50,000 shares of the business’s stock in a transaction dated Tuesday, May 23rd. The shares were purchased at an average price of $1.51 per share, for a total transaction of $75,500.00. Following the acquisition, the director now owns 135,351 shares of the company’s stock, valued at $204,380.01. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 1,003,500 shares of company stock worth $1,505,595. Corporate insiders own 34.70% 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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