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

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

Eastern Stock Performance

Shares of EML traded down $0.64 during mid-day trading on Wednesday, hitting $21.33. The company’s stock had a trading volume of 3,281 shares, compared to its average volume of 15,256. The stock’s 50-day moving average is $20.92 and its two-hundred day moving average is $19.84. The firm has a market capitalization of $128.77 million, a PE ratio of 18.08 and a beta of 0.88. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.55 and a current ratio of 3.59. Eastern has a one year low of $17.61 and a one year high of $26.77.

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 2.1%. Eastern’s payout ratio is 37.61%.

Analyst Upgrades and Downgrades

Separately, Royal Bank Of Canada lowered 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, According to MarketBeat.com, the stock currently has an average rating of “Hold”.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Eastern

A number of institutional investors have recently added to or reduced their stakes in the company. Osaic Holdings Inc. increased its stake 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 acquiring an additional 13,267 shares during the period. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Eastern during the 3rd quarter worth approximately $206,000. Millennium Management LLC bought a new stake in shares of Eastern during the third quarter valued at approximately $202,000. Geode Capital Management LLC raised its stake in shares of Eastern by 6.3% in the second quarter. Geode Capital Management LLC now owns 138,918 shares of the industrial products company’s stock valued at $3,171,000 after purchasing an additional 8,205 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its position in Eastern by 6.2% in the fourth quarter. Wells Fargo & Company MN now owns 133,039 shares of the industrial products company’s stock worth $2,620,000 after purchasing an additional 7,779 shares during the period. 76.99% of the stock is owned by institutional investors and hedge funds.

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.