Empowered Funds LLC Purchases New Stake in Eastern Company (The) $EML

Empowered Funds LLC bought a new stake in shares of Eastern Company (The) (NASDAQ:EML) in the 2nd quarter, HoldingsChannel reports. The fund bought 33,400 shares of the industrial products company’s stock, valued at approximately $930,000.

Other large investors also recently modified their holdings of the company. BNP Paribas Financial Markets lifted its holdings in Eastern by 82.9% in the third 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. Focus Partners Wealth acquired a new position in Eastern during the 3rd quarter valued at approximately $40,000. Tower Research Capital LLC TRC grew 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 worth $40,000 after buying an additional 1,299 shares during the last quarter. Raymond James Financial Inc. bought a new position in Eastern during the 2nd quarter worth $70,000. Finally, Fifth Third Bancorp acquired a new stake in Eastern in the first quarter worth $73,000. 76.99% of the stock is currently owned by institutional investors.

Eastern Stock Up 2.3%

Eastern stock opened at $27.94 on Friday. Eastern Company has a 52 week low of $17.61 and a 52 week high of $29.91. The stock has a market cap of $168.20 million, a price-to-earnings ratio of 20.85 and a beta of 0.87. The company’s 50-day moving average price is $25.73 and its two-hundred day moving average price is $22.63. The company has a current ratio of 2.80, a quick ratio of 1.32 and a debt-to-equity ratio of 0.34.

Eastern (NASDAQ:EML) last posted its quarterly earnings data on Tuesday, August 11th. The industrial products company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.52). Eastern had a net margin of 3.44% and a return on equity of 3.38%. The company had revenue of $61.82 million during the quarter, compared to the consensus estimate of $73.69 million.

Eastern Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Friday, August 14th will be paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Friday, August 14th. Eastern’s dividend payout ratio (DPR) is presently 32.84%.

Wall Street Analyst Weigh In

EML has been the topic of a number of recent research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Eastern in a research note on Wednesday, June 24th. Wall Street Zen raised shares of Eastern from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Eastern presently has an average rating of “Hold”.

Insider Activity

In other Eastern news, Director James Mitarotonda purchased 1,679 shares of the company’s stock in a transaction on Tuesday, June 16th. The shares were purchased at an average cost of $21.40 per share, for a total transaction of $35,930.60. Following the completion of the transaction, the director owned 46,190 shares in the company, valued at $988,466. The trade was a 3.77% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Peggy Scott bought 1,176 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The stock was acquired at an average price of $21.40 per share, for a total transaction of $25,166.40. Following the completion of the acquisition, the director directly owned 26,262 shares in the company, valued at approximately $562,006.80. This represents a 4.69% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders have bought 7,105 shares of company stock worth $151,747. 18.40% of the stock is owned by company insiders.

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.