Eastern (NASDAQ:EML) Director James Mitarotonda Buys 3,736 Shares of Stock

Eastern Company (The) (NASDAQ:EML) Director James Mitarotonda bought 3,736 shares of the 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 completion of the purchase, the director directly owned 650,000 shares of the company’s stock, valued at $14,124,500. This represents a 0.58% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Eastern Price Performance

Shares of NASDAQ:EML opened at $21.90 on Tuesday. The company’s fifty day moving average price is $21.43 and its 200-day moving average price is $19.94. The firm has a market capitalization of $132.06 million, a price-to-earnings ratio of 22.81 and a beta of 0.87. Eastern Company has a one year low of $17.61 and a one year high of $26.77. 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 (NASDAQ:EML) last announced its earnings results 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). Eastern had a return on equity of 5.46% and a net margin of 2.41%.The company had revenue of $59.68 million during the quarter, compared to analysts’ expectations of $67.74 million.

Eastern Announces Dividend

The company also recently disclosed 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 45.83%.

Institutional Investors Weigh In On Eastern

Hedge funds and other institutional investors have recently modified their holdings of the stock. BNP Paribas Financial Markets grew its position 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 worth $30,000 after acquiring an additional 577 shares during the last quarter. Gabelli Funds LLC increased its stake in Eastern by 0.4% in the 3rd quarter. Gabelli Funds LLC now owns 165,000 shares of the industrial products company’s stock worth $3,871,000 after purchasing an additional 600 shares during the period. First Trust Advisors LP lifted its position in Eastern by 3.5% in the second quarter. First Trust Advisors LP now owns 18,455 shares of the industrial products company’s stock valued at $421,000 after purchasing an additional 617 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Eastern by 0.3% during the third quarter. Russell Investments Group Ltd. now owns 257,126 shares of the industrial products company’s stock valued at $6,032,000 after purchasing an additional 775 shares during the period. Finally, Barclays PLC boosted its stake in shares of Eastern by 10.9% during the fourth quarter. Barclays PLC now owns 9,002 shares of the industrial products company’s stock valued at $177,000 after purchasing an additional 886 shares during the period. Institutional investors own 76.99% of the company’s stock.

Analyst Ratings Changes

Separately, Royal Bank Of Canada lowered 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, the company currently has a consensus 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.