Eastern (NASDAQ:EML) Director James Mitarotonda Purchases 3,736 Shares

Eastern Company (The) (NASDAQ:EML) Director James Mitarotonda acquired 3,736 shares of the company’s stock in a transaction dated Friday, June 5th. The stock was purchased at an average cost of $21.73 per share, for a total transaction of $81,183.28. Following the purchase, the director directly owned 650,000 shares in the company, valued at approximately $14,124,500. This represents a 0.58% increase in their position. The purchase was disclosed in a filing with the SEC, which is available through this link.

Eastern Price Performance

Shares of NASDAQ EML traded up $0.40 during mid-day trading on Monday, reaching $21.90. The company had a trading volume of 19,400 shares, compared to its average volume of 16,179. The company has a current ratio of 3.52, a quick ratio of 1.64 and a debt-to-equity ratio of 0.29. The stock has a market cap of $132.06 million, a PE ratio of 22.81 and a beta of 0.87. The company has a 50-day moving average price of $21.39 and a two-hundred day moving average price of $19.91. Eastern Company has a 1-year low of $17.61 and a 1-year high of $26.77.

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

Eastern Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, May 15th will be issued a dividend of $0.11 per share. The ex-dividend date is Friday, May 15th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.0%. Eastern’s payout ratio is currently 45.83%.

Hedge Funds Weigh In On Eastern

Several large investors have recently made changes to their positions in EML. Goldman Sachs Group Inc. increased 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 acquiring an additional 6,219 shares during the period. Empowered Funds LLC grew its position in Eastern by 7.1% during 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 bought a new position in shares of Eastern in the first quarter worth about $127,000. Geode Capital Management LLC lifted its holdings 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 buying an additional 8,205 shares in the last quarter. Finally, First Trust Advisors LP boosted its holdings in Eastern by 3.5% in the second 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. Institutional investors and hedge funds own 76.99% of the company’s stock.

Analyst Ratings Changes

Separately, Royal Bank Of Canada downgraded Eastern from a “moderate buy” rating to a “hold” rating in a research note on Monday, April 13th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has an average 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.