Eastern (NASDAQ:EML) Announces Quarterly Earnings Results, Misses Expectations By $0.52 EPS

Eastern (NASDAQ:EML) posted its quarterly earnings data on Tuesday. The industrial products company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.52), FiscalAI reports. The firm had revenue of $61.82 million for the quarter, compared to the consensus estimate of $73.69 million. Eastern had a return on equity of 5.46% and a net margin of 2.41%.

Eastern Price Performance

Shares of EML traded down $0.34 during mid-day trading on Tuesday, reaching $24.42. The company had a trading volume of 20,850 shares, compared to its average volume of 22,541. The company has a market capitalization of $147.25 million, a price-to-earnings ratio of 25.44 and a beta of 0.84. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.64 and a current ratio of 3.52. The company’s 50 day simple moving average is $24.38 and its 200 day simple moving average is $21.66. Eastern has a 1-year low of $17.61 and a 1-year high of $29.91.

Eastern Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Friday, August 14th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Friday, August 14th. Eastern’s dividend payout ratio (DPR) is presently 45.83%.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Eastern in a research report on Wednesday, June 24th. Royal Bank Of Canada lowered shares of Eastern from a “moderate buy” rating to a “hold” rating in a research report on Monday, April 13th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Eastern has an average rating of “Hold”.

Insider Buying and Selling

In related news, Director Peggy Scott acquired 1,176 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The stock was acquired at an average price of $21.40 per share, with a total value of $25,166.40. Following the purchase, the director directly owned 26,262 shares in the company, valued at approximately $562,006.80. This trade represents a 4.69% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director James A. Mitarotonda bought 3,736 shares of the business’s stock in a transaction on Friday, June 5th. The stock was bought at an average price of $21.73 per share, for a total transaction of $81,183.28. Following the transaction, the director directly owned 650,000 shares of the company’s stock, valued at approximately $14,124,500. This represents a 0.58% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders purchased a total of 13,264 shares of company stock worth $285,179 in the last three months. 18.40% of the stock is owned by corporate insiders.

Institutional Trading of Eastern

Hedge funds have recently made changes to their positions in the company. Goldman Sachs Group Inc. raised its holdings in Eastern by 43.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 20,533 shares of the industrial products company’s stock valued at $520,000 after buying an additional 6,219 shares during the last quarter. First Trust Advisors LP lifted its holdings in Eastern by 3.5% during the 2nd quarter. First Trust Advisors LP now owns 18,455 shares of the industrial products company’s stock worth $421,000 after buying an additional 617 shares during the period. Osaic Holdings Inc. lifted its holdings in Eastern by 3,259.7% during the 4th quarter. Osaic Holdings Inc. now owns 13,674 shares of the industrial products company’s stock worth $269,000 after buying an additional 13,267 shares during the period. JPMorgan Chase & Co. grew its position in shares of Eastern by 35.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 8,950 shares of the industrial products company’s stock valued at $210,000 after buying an additional 2,338 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. bought a new stake in shares of Eastern in the 3rd quarter valued at about $206,000. 76.99% of the stock is owned by institutional investors and hedge funds.

Eastern Company Profile

Eastern (NASDAQ:EML), based in West Haven, Connecticut, is a diversified industrial manufacturer specializing in secure hardware and metal finishing services. The company operates through two primary segments: Industrial Hardware Products and Security Products, complemented by a Metal Coatings division. Its Industrial Hardware Products segment produces cold-headed fasteners, forgings, hinges and precision components for heavy commercial vehicles, hydraulic cylinders and industrial machinery.

The Security Products segment designs and manufactures a wide range of lock and latch solutions, including padlocks, door hardware, cabinet locks and rental security towers for commercial and institutional applications.