Eastern (NASDAQ:EML) Director James Mitarotonda Acquires 5,067 Shares of Stock

Eastern Company (The) (NASDAQ:EML) Director James Mitarotonda bought 5,067 shares of the firm’s stock in a transaction that occurred on Friday, March 6th. The shares were acquired at an average price of $18.29 per share, with a total value of $92,675.43. Following the purchase, the director owned 640,000 shares in the company, valued at $11,705,600. This trade represents a 0.80% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Eastern Stock Performance

EML opened at $19.15 on Wednesday. The company has a quick ratio of 1.55, a current ratio of 3.59 and a debt-to-equity ratio of 0.30. The stock’s 50 day moving average price is $18.56 and its two-hundred day moving average price is $20.52. The firm has a market capitalization of $115.67 million, a P/E ratio of 16.37 and a beta of 0.97. Eastern Company has a 12-month low of $17.61 and a 12-month high of $28.04.

Eastern (NASDAQ:EML) last announced its quarterly earnings data on Tuesday, March 3rd. The industrial products company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). The company had revenue of $248.78 billion for the quarter, compared to analyst estimates of $68.68 million. Eastern had a net margin of 2.90% and a return on equity of 6.52%.

Eastern Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 13th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Friday, February 13th. Eastern’s dividend payout ratio (DPR) is 37.61%.

Institutional Trading of Eastern

Hedge funds and other institutional investors have recently modified their holdings of the stock. BNP Paribas Financial Markets raised its position in Eastern by 82.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,273 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 577 shares during the last quarter. Focus Partners Wealth acquired a new stake in shares of Eastern in the 3rd quarter valued at $40,000. Tower Research Capital LLC TRC raised its position in shares of Eastern by 295.9% during the second quarter. Tower Research Capital LLC TRC now owns 1,738 shares of the industrial products company’s stock worth $40,000 after acquiring an additional 1,299 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Eastern during the second quarter worth $70,000. Finally, Deutsche Bank AG acquired a new position in shares of Eastern during the fourth quarter valued at $98,000. Institutional investors and hedge funds own 76.99% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on EML. Weiss Ratings reissued a “hold (c)” rating on shares of Eastern in a report on Monday, December 29th. Wall Street Zen raised shares of Eastern to a “hold” rating in a report on Saturday, January 10th. One investment analyst has rated the stock with a Hold rating, Based on data from MarketBeat, Eastern 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.