Empowered Funds LLC Buys Shares of 33,400 Eastern Company (The) $EML

Empowered Funds LLC purchased a new stake in Eastern Company (The) (NASDAQ:EML) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 33,400 shares of the industrial products company’s stock, valued at approximately $930,000. Empowered Funds LLC owned approximately 0.55% of Eastern at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Tieton Capital Management LLC acquired a new position in shares of Eastern during the 2nd quarter worth $6,049,000. Ancora Advisors LLC purchased a new position in shares of Eastern during the second quarter valued at approximately $1,938,000. De Lisle Partners LLP acquired a new stake in Eastern during the second quarter worth approximately $1,336,000. Sei Investments Co. purchased a new stake in Eastern in the 1st quarter worth approximately $940,000. Finally, BlackRock Inc. acquired a new position in Eastern in the 2nd quarter valued at $1,128,000. Institutional investors and hedge funds own 76.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on EML. Wall Street Zen upgraded shares of Eastern from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Weiss Ratings restated a “hold (c)” rating on shares of Eastern in a report on Wednesday, June 24th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has a consensus rating of “Hold”.

Insider Activity at Eastern

In other Eastern news, Director James Mitarotonda acquired 1,679 shares of the stock in a transaction on Tuesday, June 16th. The stock was purchased at an average price of $21.40 per share, for a total transaction of $35,930.60. Following the purchase, the director directly owned 46,190 shares in the company, valued at $988,466. This trade represents a 3.77% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John Everets acquired 1,310 shares of the company’s stock in a transaction on Tuesday, June 16th. The shares were acquired at an average price of $21.40 per share, for a total transaction of $28,034.00. Following the completion of the acquisition, the director directly owned 142,504 shares in the company, valued at $3,049,585.60. The trade was a 0.93% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders acquired 7,105 shares of company stock valued at $151,747. Insiders own 18.40% of the company’s stock.

Eastern Price Performance

Shares of EML stock opened at $27.94 on Friday. The firm has a fifty day simple moving average of $25.73 and a 200-day simple moving average of $22.63. The company has a market capitalization of $168.20 million, a PE ratio of 20.85 and a beta of 0.87. Eastern Company has a twelve month low of $17.61 and a twelve month high of $29.91. The company has a current ratio of 2.80, a quick ratio of 1.32 and a debt-to-equity ratio of 0.34.

Eastern (NASDAQ:EML) last issued its quarterly earnings data on Tuesday, August 11th. The industrial products company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.52). The firm had revenue of $61.82 million during the quarter, compared to analyst estimates of $73.69 million. Eastern had a return on equity of 3.38% and a net margin of 3.44%.

Eastern Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Friday, August 14th will be issued a $0.11 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.44 dividend on an annualized basis and a yield of 1.6%. Eastern’s dividend payout ratio is currently 32.84%.

About Eastern

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.