Stein Mart, Inc. (NASDAQ:SMRT) fell 5.6% during mid-day trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $1.09 and last traded at $1.18, with a volume of 1,034,702 shares changing hands. The stock had previously closed at $1.25.

The company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.20) by $0.08. Stein Mart had a negative return on equity of 10.71% and a negative net margin of 0.69%. The firm had revenue of $311.03 million for the quarter, compared to analysts’ expectations of $303.97 million. During the same period last year, the firm earned $0.06 earnings per share. Stein Mart’s revenue for the quarter was down 2.7% on a year-over-year basis.

Separately, TheStreet downgraded 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 assigned a hold rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $7.50.

In other news, Director Mitchell W. Legler bought 45,000 shares of Stein Mart stock in a transaction on Wednesday, May 24th. The shares were bought at an average cost of $1.54 per share, with a total value of $69,300.00. Following the completion of the purchase, the director now directly owns 274,108 shares of the company’s stock, valued at $422,126.32. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Jay Stein bought 900,000 shares of Stein Mart stock in a transaction on Wednesday, May 24th. The shares were purchased at an average cost of $1.50 per share, for a total transaction of $1,350,000.00. The disclosure for this purchase can be found here. Insiders have acquired 1,003,500 shares of company stock worth $1,505,595 over the last ninety days. 34.70% of the stock is owned by insiders.

Several large investors have recently added to or reduced their stakes in the stock. Airain ltd bought a new stake in Stein Mart during the second quarter worth about $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 during the period. 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 during the period. 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 during the period. Finally, LMR Partners LLP bought a new stake in Stein Mart during the second quarter worth about $184,000. 41.73% of the stock is currently owned by institutional investors and hedge funds.

The company’s market cap is $56.19 million. The stock’s 50 day moving average price is $1.35 and its 200-day moving average price is $2.24.

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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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