Key Points
- Director James Mitarotonda bought 1,922 shares of Eastern at $21.58 per share, a transaction worth about $41,477. After the purchase, he owned 646,264 shares, increasing his stake by 0.30%.
- Eastern recently reported quarterly earnings of $0.11 per share, missing analyst expectations of $0.50, while revenue of $59.68 million also came in below estimates.
- The company declared a quarterly dividend of $0.11 per share, equal to an annualized yield of about 2.0%. Meanwhile, Royal Bank of Canada downgraded the stock to hold, matching the broader analyst consensus.
Eastern Company (The) (NASDAQ:EML - Get Free Report) Director James Mitarotonda acquired 1,922 shares of Eastern stock in a transaction that occurred on Thursday, June 4th. The stock was purchased at an average cost of $21.58 per share, for a total transaction of $41,476.76. Following the completion of the transaction, 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 ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Eastern Price Performance
EML opened at $21.90 on Tuesday. The business has a fifty day moving average of $21.43 and a 200 day moving average of $19.94. The stock has a market cap of $132.06 million, a P/E ratio of 22.81 and a beta of 0.87. The company has a quick ratio of 1.64, a current ratio of 3.52 and a debt-to-equity ratio of 0.29. Eastern Company has a 52-week low of $17.61 and a 52-week high of $26.77.
Eastern (NASDAQ:EML - Get Free Report) 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). The company had revenue of $59.68 million during the quarter, compared to analysts' expectations of $67.74 million. Eastern had a net margin of 2.41% and a return on equity of 5.46%.
Eastern Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, May 15th will be issued a $0.11 dividend. 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 presently 45.83%.
Wall Street Analyst Weigh In
Separately, Royal Bank Of Canada downgraded Eastern from a "moderate buy" rating to a "hold" rating in a report on Monday, April 13th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Eastern has an average rating of "Hold".
Read Our Latest Stock Analysis on Eastern
Institutional Trading of Eastern
Hedge funds have recently added to or reduced their stakes in the business. Teton Advisors LLC purchased a new position in Eastern during the 3rd quarter valued at about $3,293,000. Minerva Advisors LLC lifted its position in shares of Eastern by 1.0% in the 3rd quarter. Minerva Advisors LLC now owns 530,053 shares of the industrial products company's stock worth $12,435,000 after purchasing an additional 5,000 shares during the period. LSV Asset Management boosted its stake in shares of 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 in the last quarter. Sei Investments Co. bought a new position in shares of Eastern during the first quarter valued at approximately $940,000. Finally, Fifth Third Bancorp purchased a new position in Eastern during the first quarter valued at approximately $73,000. 76.99% of the stock is owned by hedge funds and other institutional investors.
About Eastern
(
Get Free Report)
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.
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