Eastern (NASDAQ:EML) Releases Quarterly Earnings Results, Misses Expectations By $0.39 EPS

Eastern (NASDAQ:EML) posted its quarterly earnings data on Tuesday. The industrial products company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.39), FiscalAI reports. Eastern had a net margin of 2.90% and a return on equity of 6.52%. The business had revenue of $59.68 million during the quarter, compared to the consensus estimate of $67.74 million.

Eastern Price Performance

Shares of Eastern stock traded up $0.35 during midday trading on Tuesday, hitting $22.32. 8,432 shares of the company were exchanged, compared to its average volume of 15,256. The company has a debt-to-equity ratio of 0.30, a current ratio of 3.59 and a quick ratio of 1.55. The firm has a market cap of $134.81 million, a P/E ratio of 19.08 and a beta of 0.88. Eastern has a 52 week low of $17.61 and a 52 week high of $26.77. The firm has a 50 day simple moving average of $20.84 and a 200-day simple moving average of $19.83.

Eastern Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, May 15th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Friday, May 15th. Eastern’s dividend payout ratio (DPR) is 37.61%.

Analyst Ratings Changes

Separately, Royal Bank Of Canada cut 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, Based on data from MarketBeat, the stock has an average rating of “Hold”.

Insider Activity at Eastern

In related news, Director John Everets bought 1,339 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The stock was acquired at an average price of $20.93 per share, for a total transaction of $28,025.27. Following the transaction, the director directly owned 141,194 shares of the company’s stock, valued at $2,955,190.42. This represents a 0.96% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director James A. Mitarotonda bought 5,067 shares of the business’s stock in a transaction that occurred on Friday, March 6th. The shares were bought at an average price of $18.29 per share, with a total value of $92,675.43. Following the transaction, the director directly 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. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased a total of 17,680 shares of company stock valued at $347,161 in the last 90 days. 18.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Eastern

A number of institutional investors and hedge funds have recently made changes to their positions in EML. BNP Paribas Financial Markets raised its holdings in Eastern by 82.9% during 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. Focus Partners Wealth bought a new stake in Eastern during the third quarter worth about $40,000. Tower Research Capital LLC TRC raised its holdings in 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 in the last quarter. Raymond James Financial Inc. bought a new stake in Eastern during the second quarter worth about $70,000. Finally, Deutsche Bank AG bought a new stake in Eastern during the fourth quarter worth about $98,000. 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.