Johnson Rice Downgrades Stein Mart to Hold

Brokerage firm Johnson Rice Downgrades its rating on Stein Mart(NASDAQ:SMRT). The shares have been rated Hold. Previously, the analysts had a Buy rating on the shares. The rating by Johnson Rice was issued on Sep 30, 2016.

In a different note, On Sep 29, 2016, Sidoti & Co. said it Downgrades its rating on Stein Mart. The shares have been rated ‘Neutral’ by the firm.

Stein Mart (SMRT) shares turned negative on Tuesdays trading session with the shares closing down -0.07 points or -1.12% at a volume of 1,63,364. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $6.37. The peak price level was also seen at $6.37 while the days lowest was $6.18. Finally the shares closed at $6.19. The 52-week high of the shares is $9.63 while the 52-week low is $5.61. According to the latest information available, the market cap of the company is $290 M.

Stein Mart(SMRT) last announced its earnings results on Aug 19, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $319.76M. Analysts had an estimated revenue of $324.64M. Earnings per share were $0.06. Analysts had estimated an EPS of $0.07.

Several Insider Transactions has been reported to the SEC. On Jun 13, 2016, D Hunt Hawkins (President and COO) sold 10,000 shares at $7.23 per share price.Also, On Jan 19, 2016, Jay Stein (CEO) purchased 63,000 shares at $6.39 per share price.On Nov 30, 2015, Mitchell W Legler (director) purchased 10,000 shares at $7.19 per share price, according to the Form-4 filing with the securities and exchange commission.

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. It is focused on 35-65 year old woman customers. As of January 31 2015 it operated 270 stores in 30 states and an Internet store. It stores are located in the Northeast Midwest Southeast Texas and the Southwest. It is concentrated in the Southeast and Texas where 184 of its stores are located. The company’s typical store is approximately 32000 gross square feet with a racetrack design centralized check-out and individual dressing rooms. Its stores offer a range of services such as merchandise locator service a Preferred Customer program co-branded and private label credit card programs and electronic gift cards.

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