Eastern (NASDAQ:EML) Posts Earnings Results, Misses Estimates By $0.52 EPS

Eastern (NASDAQ:EML) posted its quarterly earnings results on Tuesday. The industrial products company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.52), FiscalAI reports. Eastern had a net margin of 2.41% and a return on equity of 5.46%. The business had revenue of $61.82 million during the quarter, compared to the consensus estimate of $73.69 million.

Eastern Stock Performance

NASDAQ EML traded down $0.34 on Tuesday, reaching $24.42. The stock had a trading volume of 20,850 shares, compared to its average volume of 22,541. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.52 and a quick ratio of 1.64. The firm has a fifty day moving average of $24.38 and a two-hundred day moving average of $21.66. Eastern has a 1-year low of $17.61 and a 1-year high of $29.91. The company has a market cap of $147.25 million, a P/E ratio of 25.44 and a beta of 0.84.

Eastern Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Friday, August 14th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Friday, August 14th. Eastern’s dividend payout ratio is currently 45.83%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Eastern in a research report on Wednesday, June 24th. 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 company has a consensus rating of “Hold”.

Insider Transactions at Eastern

In other Eastern news, Director Peggy Scott purchased 1,176 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The shares were acquired at an average cost of $21.40 per share, for a total transaction of $25,166.40. Following the completion of the purchase, the director owned 26,262 shares of the company’s stock, valued at approximately $562,006.80. The trade was a 4.69% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Everets purchased 1,310 shares of the stock in a transaction that occurred on Tuesday, June 16th. The shares were acquired at an average cost of $21.40 per share, for a total transaction of $28,034.00. Following the completion of the transaction, the director owned 142,504 shares of the company’s stock, valued at $3,049,585.60. This trade represents a 0.93% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders bought 13,264 shares of company stock valued at $285,179. 18.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in EML. Goldman Sachs Group Inc. raised its position in shares of Eastern by 43.4% in 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 in the last quarter. Empowered Funds LLC grew its position in Eastern by 7.1% during 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 in the last quarter. Strs Ohio acquired a new stake in Eastern during the first quarter worth approximately $127,000. Geode Capital Management LLC increased its stake in Eastern by 6.3% during the 2nd quarter. Geode Capital Management LLC now owns 138,918 shares of the industrial products company’s stock worth $3,171,000 after acquiring an additional 8,205 shares during the period. Finally, First Trust Advisors LP increased its stake in Eastern by 3.5% during the 2nd quarter. First Trust Advisors LP now owns 18,455 shares of the industrial products company’s stock worth $421,000 after acquiring an additional 617 shares during the period. 76.99% of the stock is 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.