Eastern (NASDAQ:EML) Director James Mitarotonda Buys 1,922 Shares

Eastern Company (The) (NASDAQ:EML) Director James Mitarotonda bought 1,922 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The shares were acquired at an average cost of $21.58 per share, for a total transaction of $41,476.76. Following the purchase, the director directly owned 646,264 shares in the company, valued at $13,946,377.12. This trade represents a 0.30% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Eastern Trading Up 1.9%

EML stock opened at $21.90 on Tuesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.52 and a quick ratio of 1.64. Eastern Company has a 1-year low of $17.61 and a 1-year high of $26.77. The business has a 50 day simple moving average of $21.43 and a two-hundred day simple moving average of $19.94. The company has a market capitalization of $132.06 million, a price-to-earnings ratio of 22.81 and a beta of 0.87.

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

Eastern Dividend Announcement

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

Wall Street Analysts Forecast Growth

Separately, Royal Bank Of Canada lowered Eastern from a “moderate buy” rating to a “hold” rating in a research report on Monday, April 13th. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has an average rating of “Hold”.

Institutional Trading of Eastern

A number of large investors have recently made changes to their positions in EML. Teton Advisors LLC purchased a new stake in shares of Eastern during the 3rd quarter valued at about $3,293,000. Sei Investments Co. purchased a new position in Eastern in the first quarter worth about $940,000. Renaissance Technologies LLC increased its stake in Eastern by 15.6% during the first quarter. Renaissance Technologies LLC now owns 133,237 shares of the industrial products company’s stock worth $2,697,000 after acquiring an additional 18,000 shares during the last quarter. Osaic Holdings Inc. raised its position in Eastern by 3,259.7% during the fourth quarter. Osaic Holdings Inc. now owns 13,674 shares of the industrial products company’s stock valued at $269,000 after purchasing an additional 13,267 shares during the period. Finally, LSV Asset Management raised its position in Eastern by 71.5% during the third quarter. LSV Asset Management now owns 23,403 shares of the industrial products company’s stock valued at $549,000 after purchasing an additional 9,753 shares during the period. 76.99% of the stock is currently 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.