Insider Buying: Eastern (NASDAQ:EML) Director Purchases 1,679 Shares of Stock

Eastern Company (The) (NASDAQ:EML) Director James Mitarotonda acquired 1,679 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The shares were acquired at an average price of $21.40 per share, for a total transaction of $35,930.60. Following the purchase, the director owned 46,190 shares of the company’s stock, valued at $988,466. This trade represents a 3.77% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Eastern Stock Performance

EML traded up $0.03 on Wednesday, hitting $21.91. 7,983 shares of the company’s stock were exchanged, compared to its average volume of 16,906. The stock has a fifty day moving average of $21.59 and a two-hundred day moving average of $20.03. 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 firm has a market cap of $132.12 million, a PE ratio of 22.79 and a beta of 0.87. Eastern Company has a twelve month low of $17.61 and a twelve month high of $26.77.

Eastern (NASDAQ:EML) last posted 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 the consensus estimate of $67.74 million. Eastern had a net margin of 2.41% and a return on equity of 5.46%.

Eastern Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 15th were issued a $0.11 dividend. The ex-dividend date was Friday, May 15th. This represents a $0.44 annualized dividend and a dividend yield of 2.0%. Eastern’s dividend payout ratio (DPR) is 45.83%.

Institutional Investors Weigh In On Eastern

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

Wall Street Analyst Weigh In

Separately, Royal Bank Of Canada cut shares of Eastern from a “moderate buy” rating to a “hold” rating in a report on Monday, April 13th. Two analysts have rated the stock with a Hold rating, According to MarketBeat, the company currently has a consensus 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.