Insider Buying: Eastern (NASDAQ:EML) Director Purchases $41,476.76 in Stock

Eastern Company (The) (NASDAQ:EML) Director James Mitarotonda acquired 1,922 shares of the firm’s stock in a transaction dated Thursday, June 4th. The stock was bought at an average price of $21.58 per share, for a total transaction of $41,476.76. Following the acquisition, the director owned 646,264 shares of the company’s stock, valued at approximately $13,946,377.12. This trade represents a 0.30% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link.

Eastern Trading Up 1.9%

EML stock traded up $0.40 during trading on Monday, hitting $21.90. 19,400 shares of the company traded hands, compared to its average volume of 16,179. The company has a 50-day moving average of $21.43 and a 200-day moving average of $19.94. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.64 and a current ratio of 3.52. Eastern Company has a 1 year low of $17.61 and a 1 year high of $26.77. The firm has a market capitalization of $132.06 million, a PE ratio of 22.81 and a beta of 0.87.

Eastern (NASDAQ:EML) last announced its quarterly earnings results on Tuesday, May 12th. The industrial products company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.39). The company had revenue of $59.68 million during the quarter, compared to analysts’ expectations of $67.74 million. Eastern had a return on equity of 5.46% and a net margin of 2.41%.

Eastern Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, May 15th will be issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Friday, May 15th. Eastern’s dividend payout ratio is currently 45.83%.

Analyst Ratings Changes

Separately, Royal Bank Of Canada cut shares of Eastern from a “moderate buy” rating to a “hold” rating in a research report on Monday, April 13th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the company currently has an average rating of “Hold”.

Institutional Investors Weigh In On Eastern

A number of large investors have recently made changes to their positions in the business. Goldman Sachs Group Inc. lifted its holdings in Eastern by 43.4% in the first quarter. Goldman Sachs Group Inc. now owns 20,533 shares of the industrial products company’s stock worth $520,000 after buying an additional 6,219 shares during the period. Empowered Funds LLC lifted its holdings in Eastern by 7.1% in the first quarter. Empowered Funds LLC now owns 31,855 shares of the industrial products company’s stock worth $807,000 after buying an additional 2,100 shares during the period. Strs Ohio purchased a new stake in Eastern in the first quarter worth about $127,000. Geode Capital Management LLC lifted its stake in shares of Eastern by 6.3% in the 2nd quarter. Geode Capital Management LLC now owns 138,918 shares of the industrial products company’s stock valued at $3,171,000 after purchasing an additional 8,205 shares during the period. Finally, First Trust Advisors LP boosted its position in shares of Eastern by 3.5% during the second quarter. First Trust Advisors LP now owns 18,455 shares of the industrial products company’s stock valued at $421,000 after purchasing an additional 617 shares in the last quarter. 76.99% of the stock is currently owned by institutional investors.

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.