Eastern Co (NASDAQ:EML) Short Interest Up 54.5% in June
Eastern Co (NASDAQ:EML) was the target of a large growth in short interest in June. As of June 30th, there was short interest totalling 29,200 shares, a growth of 54.5% from the May 30th total of 18,900 shares. Based on an average trading volume of 6,900 shares, the short-interest ratio is presently 4.2 days. Approximately 0.5% of the company’s shares are short sold.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA boosted its stake in shares of Eastern by 539.2% during the first quarter. BNP Paribas Arbitrage SA now owns 1,157 shares of the industrial products company’s stock valued at $32,000 after purchasing an additional 976 shares in the last quarter. SG Americas Securities LLC acquired a new stake in Eastern in the first quarter valued at approximately $152,000. Rhumbline Advisers acquired a new stake in Eastern in the first quarter valued at approximately $219,000. Bray Capital Advisors boosted its stake in Eastern by 76.6% in the fourth quarter. Bray Capital Advisors now owns 11,800 shares of the industrial products company’s stock valued at $285,000 after acquiring an additional 5,120 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in Eastern by 13.0% in the fourth quarter. Bank of America Corp DE now owns 15,535 shares of the industrial products company’s stock valued at $376,000 after acquiring an additional 1,791 shares in the last quarter. Hedge funds and other institutional investors own 98.63% of the company’s stock.
EML stock traded up $0.31 during mid-day trading on Thursday, reaching $27.99. The company had a trading volume of 2,000 shares, compared to its average volume of 7,381. The company has a debt-to-equity ratio of 0.37, a current ratio of 3.50 and a quick ratio of 1.73. The business has a 50 day moving average of $26.25. Eastern has a 12 month low of $21.67 and a 12 month high of $30.95. The stock has a market cap of $169.23 million, a P/E ratio of 13.37 and a beta of 0.86.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th were paid a dividend of $0.11 per share. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.57%.
The Eastern Company designs, manufactures, and sells industrial hardware, security products, and metal products in the United States and internationally. The company's Industrial Hardware segment offers passenger restraint and vehicular locks, latches, hinges, mirrors, mirror-cameras, light-weight sleeper boxes, and truck bodies for tractor-trailer trucks, specialty commercial vehicles, recreational vehicles, fire and rescue vehicles, school buses, military vehicles, and other vehicles.
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