Chan Galbato Purchases 940 Shares of Eastern (NASDAQ:EML) Stock

Eastern Company (The) (NASDAQ:EML) Director Chan Galbato bought 940 shares of Eastern stock in a transaction dated Tuesday, June 16th. The shares were acquired at an average cost of $21.40 per share, with a total value of $20,116.00. Following the completion of the purchase, the director owned 4,167 shares in the company, valued at approximately $89,173.80. This trade represents a 29.13% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Eastern Trading Up 8.0%

Shares of NASDAQ:EML opened at $23.68 on Friday. Eastern Company has a 1 year low of $17.61 and a 1 year high of $26.77. The firm has a market capitalization of $142.79 million, a price-to-earnings ratio of 24.67 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. The business’s 50 day moving average price is $21.67 and its 200-day moving average price is $20.07.

Eastern (NASDAQ:EML) last issued 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 company had revenue of $59.68 million during the quarter, compared to analysts’ expectations of $67.74 million. Eastern had a return on equity of 5.46% and a net margin of 2.41%.

Eastern Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 15th were given a $0.11 dividend. The ex-dividend date was Friday, May 15th. This represents a $0.44 annualized dividend and a dividend yield of 1.9%. Eastern’s dividend payout ratio (DPR) is 45.83%.

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 research note on Monday, April 13th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Hold”.

Institutional Investors Weigh In On Eastern

A number of hedge funds have recently modified their holdings of EML. Barington Companies Management LLC lifted its stake in shares of Eastern by 0.8% in the fourth quarter. Barington Companies Management LLC now owns 634,933 shares of the industrial products company’s stock worth $12,502,000 after buying an additional 4,833 shares in the last quarter. Minerva Advisors LLC grew its stake in Eastern by 1.0% during the 3rd quarter. Minerva Advisors LLC now owns 530,053 shares of the industrial products company’s stock valued at $12,435,000 after acquiring an additional 5,000 shares in the last quarter. Gamco Investors INC. ET AL grew its stake in Eastern by 0.7% during the 4th quarter. Gamco Investors INC. ET AL now owns 515,545 shares of the industrial products company’s stock valued at $10,151,000 after acquiring an additional 3,827 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Eastern by 0.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 388,292 shares of the industrial products company’s stock valued at $7,645,000 after acquiring an additional 1,571 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in Eastern by 0.3% in the 3rd quarter. Russell Investments Group Ltd. now owns 257,126 shares of the industrial products company’s stock valued at $6,032,000 after acquiring an additional 775 shares during the last quarter. 76.99% of the stock is currently owned by institutional investors and hedge funds.

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.