James Mitarotonda Buys 1,679 Shares of Eastern (NASDAQ:EML) Stock

Eastern Company (The) (NASDAQ:EML) Director James Mitarotonda purchased 1,679 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was bought at an average cost of $21.40 per share, with a total value of $35,930.60. Following the completion of the acquisition, the director directly owned 46,190 shares of the company’s stock, valued at approximately $988,466. This trade represents a 3.77% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link.

Eastern Price Performance

Shares of NASDAQ EML opened at $23.68 on Friday. 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 fifty-two week low of $17.61 and a fifty-two week high of $26.77. The stock has a market cap of $142.79 million, a PE ratio of 24.67 and a beta of 0.87. The stock has a fifty day moving average of $21.67 and a 200-day moving average of $20.07.

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

Eastern Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 15th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, May 15th. Eastern’s dividend payout ratio is presently 45.83%.

Wall Street Analysts Forecast Growth

Separately, 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 equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock presently has a consensus rating of “Hold”.

Institutional Investors Weigh In On Eastern

A number of institutional investors and hedge funds have recently made changes to their positions in EML. Goldman Sachs Group Inc. boosted its stake in Eastern by 43.4% during the first 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 period. Empowered Funds LLC increased its stake in Eastern by 7.1% in the 1st quarter. Empowered Funds LLC now owns 31,855 shares of the industrial products company’s stock worth $807,000 after acquiring an additional 2,100 shares during the last quarter. Strs Ohio purchased a new stake in shares of Eastern in the 1st quarter valued at about $127,000. Geode Capital Management LLC raised its holdings 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 acquiring an additional 8,205 shares in the last quarter. Finally, First Trust Advisors LP boosted its position in shares of Eastern by 3.5% during the 2nd quarter. First Trust Advisors LP now owns 18,455 shares of the industrial products company’s stock valued at $421,000 after acquiring an additional 617 shares during the last quarter. Hedge funds and other institutional investors own 76.99% of the company’s stock.

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.