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

Eastern Company (The) (NASDAQ:EML) Director James Mitarotonda purchased 3,736 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The stock was bought at an average cost of $21.73 per share, for a total transaction of $81,183.28. Following the acquisition, the director owned 650,000 shares in the company, valued at approximately $14,124,500. The trade was a 0.58% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Eastern Stock Performance

Shares of NASDAQ EML traded up $0.40 during mid-day trading on Monday, hitting $21.90. The company had a trading volume of 19,400 shares, compared to its average volume of 16,179. The firm’s 50 day simple moving average is $21.39 and its two-hundred day simple moving average is $19.91. The stock has a market cap of $132.06 million, a price-to-earnings ratio of 22.81 and a beta of 0.87. 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 12 month low of $17.61 and a 12 month high of $26.77.

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

Eastern Dividend Announcement

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

Institutional Trading of Eastern

Several hedge funds have recently added to or reduced their stakes in EML. BNP Paribas Financial Markets raised its stake in Eastern by 82.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,273 shares of the industrial products company’s stock valued at $30,000 after acquiring an additional 577 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in Eastern by 295.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,738 shares of the industrial products company’s stock valued at $40,000 after acquiring an additional 1,299 shares in the last quarter. Focus Partners Wealth bought a new stake in Eastern during the 3rd quarter valued at $40,000. Raymond James Financial Inc. bought a new stake in shares of Eastern in the 2nd quarter worth $70,000. Finally, Fifth Third Bancorp bought a new stake in shares of Eastern in the 1st quarter worth $73,000. Institutional investors own 76.99% of the company’s stock.

Analysts Set New Price Targets

Separately, 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 research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Eastern currently has an average rating of “Hold”.

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.