Insider Buying: Eastern (NASDAQ:EML) Director Purchases $23,010.35 in Stock

Eastern Company (The) (NASDAQ:EML) Director Michael Mardy bought 1,177 shares of the stock in a transaction dated Tuesday, December 16th. The shares were acquired at an average price of $19.55 per share, with a total value of $23,010.35. Following the completion of the purchase, the director directly owned 16,966 shares of the company’s stock, valued at approximately $331,685.30. This represents a 7.45% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Eastern Stock Up 2.1%

Shares of NASDAQ EML opened at $20.18 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 2.99. Eastern Company has a 1 year low of $18.49 and a 1 year high of $29.55. The stock’s 50-day simple moving average is $20.21 and its 200-day simple moving average is $22.34. The firm has a market cap of $122.49 million, a price-to-earnings ratio of 16.27 and a beta of 1.00.

Eastern (NASDAQ:EML) last issued its quarterly earnings data on Tuesday, November 4th. The industrial products company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.64). Eastern had a net margin of 2.96% and a return on equity of 7.18%. The business had revenue of $55.34 million for the quarter, compared to analyst estimates of $73.41 million.

Eastern Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 13th will be given a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, February 13th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.2%. Eastern’s dividend payout ratio (DPR) is presently 35.48%.

Hedge Funds Weigh In On Eastern

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EML. Teton Advisors LLC bought a new position in Eastern in the 3rd quarter valued at about $3,293,000. Minerva Advisors LLC lifted its holdings in shares of Eastern by 3.8% in the second quarter. Minerva Advisors LLC now owns 525,053 shares of the industrial products company’s stock valued at $11,982,000 after buying an additional 19,066 shares during the period. GatePass Capital LLC lifted its holdings in Eastern by 87.8% in the 3rd quarter. GatePass Capital LLC now owns 33,800 shares of the industrial products company’s stock valued at $793,000 after acquiring an additional 15,800 shares during the last quarter. Los Angeles Capital Management LLC acquired a new stake in Eastern during the second quarter valued at approximately $326,000. Finally, LSV Asset Management lifted its position in shares of Eastern by 71.5% during the 3rd quarter. LSV Asset Management now owns 23,403 shares of the industrial products company’s stock valued at $549,000 after acquiring an additional 9,753 shares during the last quarter. 76.99% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Eastern in a research note on Monday. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat, the company has an average rating of “Hold”.

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.