Insider Buying: Eastern (NASDAQ:EML) Director Buys $35,952.45 in Stock

Eastern Company (The) (NASDAQ:EML) Director James Mitarotonda purchased 1,839 shares of Eastern stock in a transaction that occurred on Tuesday, December 16th. The shares were bought at an average price of $19.55 per share, for a total transaction of $35,952.45. Following the transaction, the director directly owned 42,794 shares of the company’s stock, valued at $836,622.70. This trade represents a 4.49% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Eastern Price Performance

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

Eastern (NASDAQ:EML) last posted its earnings results 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 return on equity of 7.18% and a net margin of 2.96%.The firm had revenue of $55.34 million for the quarter, compared to analysts’ expectations of $73.41 million.

Eastern Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 13th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Friday, February 13th. Eastern’s dividend payout ratio is presently 35.48%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets boosted its holdings in Eastern by 82.9% in the third quarter. BNP Paribas Financial Markets now owns 1,273 shares of the industrial products company’s stock worth $30,000 after acquiring an additional 577 shares in the last quarter. Gabelli Funds LLC raised its position in shares of Eastern by 0.4% in the 3rd quarter. Gabelli Funds LLC now owns 165,000 shares of the industrial products company’s stock worth $3,871,000 after purchasing an additional 600 shares during the last quarter. First Trust Advisors LP raised its position in shares of Eastern by 3.5% in the 2nd quarter. First Trust Advisors LP now owns 18,455 shares of the industrial products company’s stock worth $421,000 after purchasing an additional 617 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in Eastern by 0.3% in the 3rd quarter. Russell Investments Group Ltd. now owns 257,126 shares of the industrial products company’s stock worth $6,032,000 after purchasing an additional 775 shares in the last quarter. Finally, Bridgeway Capital Management LLC grew its position in Eastern by 1.6% during the 3rd quarter. Bridgeway Capital Management LLC now owns 67,001 shares of the industrial products company’s stock valued at $1,572,000 after purchasing an additional 1,025 shares during the last quarter. Institutional investors own 76.99% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of Eastern in a research report on Monday. One investment analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, Eastern currently has a consensus rating of “Hold”.

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.