Stein Mart Inc. (NASDAQ:SMRT)’s share price hit a new 52-week low on Thursday following a dissappointing earnings announcement. The company traded as low as $5.41 and last traded at $5.39, with a volume of 1,147,189 shares. The stock had previously closed at $6.81.

The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.15) by $0.09. The company earned $299.50 million during the quarter, compared to analysts’ expectations of $303.16 million. Stein Mart had a return on equity of 30.61% and a net margin of 1.63%. The company’s revenue for the quarter was down .4% on a year-over-year basis. During the same quarter last year, the company earned $0.01 earnings per share.

SMRT has been the subject of several analyst reports. Sidoti lowered Stein Mart from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $10.00 to $7.00 in a research note on Thursday, September 29th. TheStreet raised shares of Stein Mart from a “hold” rating to a “buy” rating in a report on Monday, August 15th. Zacks Investment Research downgraded shares of Stein Mart from a “hold” rating to a “sell” rating in a report on Friday, September 9th. Credit Suisse Group AG set a $8.00 target price on shares of Stein Mart and gave the stock a “hold” rating in a report on Saturday, October 1st. Finally, Johnson Rice downgraded shares of Stein Mart from a “buy” rating to a “hold” rating in a report on Thursday, September 29th. One investment analyst has rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $7.50.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SMRT. American International Group Inc. increased its position in Stein Mart by 0.9% in the third quarter. American International Group Inc. now owns 23,127 shares of the company’s stock valued at $147,000 after buying an additional 199 shares during the period. Louisiana State Employees Retirement System increased its position in Stein Mart by 1.6% in the second quarter. Louisiana State Employees Retirement System now owns 13,100 shares of the company’s stock valued at $101,000 after buying an additional 200 shares during the period. California State Teachers Retirement System increased its position in Stein Mart by 0.3% in the third quarter. California State Teachers Retirement System now owns 65,504 shares of the company’s stock valued at $416,000 after buying an additional 200 shares during the period. Arizona State Retirement System increased its position in Stein Mart by 3.4% in the second quarter. Arizona State Retirement System now owns 15,407 shares of the company’s stock valued at $119,000 after buying an additional 500 shares during the period. Finally, Texas Permanent School Fund increased its position in Stein Mart by 3.9% in the third quarter. Texas Permanent School Fund now owns 23,582 shares of the company’s stock valued at $150,000 after buying an additional 888 shares during the period. 51.35% of the stock is owned by institutional investors and hedge funds.

The company’s 50-day moving average is $6.18 and its 200-day moving average is $7.29. The company has a market capitalization of $240.14 million, a price-to-earnings ratio of 10.71 and a beta of 0.76.

About Stein Mart

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.

5 Day Chart for NASDAQ:SMRT

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