Eastern (NASDAQ:EML) Director Acquires $23,000.00 in Stock

Eastern Company (The) (NASDAQ:EML) Director Frederick Disanto acquired 1,000 shares of the business’s stock in a transaction on Friday, August 15th. The stock was purchased at an average cost of $23.00 per share, with a total value of $23,000.00. Following the acquisition, the director directly owned 83,449 shares of the company’s stock, valued at $1,919,327. This represents a 1.21% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink.

Eastern Stock Up 5.5%

EML opened at $23.35 on Thursday. Eastern Company has a fifty-two week low of $19.06 and a fifty-two week high of $35.03. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.33 and a current ratio of 2.67. The company has a fifty day moving average of $23.19 and a two-hundred day moving average of $23.99. The stock has a market capitalization of $142.39 million, a price-to-earnings ratio of -17.69 and a beta of 1.13.

Eastern (NASDAQ:EML) last issued its quarterly earnings data on Tuesday, August 5th. The industrial products company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.54 by $0.03. Eastern had a positive return on equity of 10.44% and a negative net margin of 3.06%.The company had revenue of $70.16 million for the quarter, compared to analyst estimates of $68.87 million.

Eastern Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 15th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, August 15th. Eastern’s dividend payout ratio (DPR) is presently -33.33%.

Hedge Funds Weigh In On Eastern

Hedge funds have recently made changes to their positions in the company. Tower Research Capital LLC TRC raised its holdings in shares of Eastern by 218.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,120 shares of the industrial products company’s stock valued at $30,000 after acquiring an additional 768 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Eastern by 295.9% during the second 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. Deutsche Bank AG purchased a new stake in shares of Eastern during the fourth quarter worth $43,000. Raymond James Financial Inc. purchased a new stake in shares of Eastern during the second quarter worth $70,000. Finally, GAMMA Investing LLC grew its holdings in shares of Eastern by 7,124.4% during the first quarter. GAMMA Investing LLC now owns 2,962 shares of the industrial products company’s stock worth $75,000 after buying an additional 2,921 shares in the last quarter. Institutional investors and hedge funds own 76.99% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Wall Street Zen lowered Eastern from a “strong-buy” rating to a “buy” rating in a report on Thursday, May 8th.

Eastern Company Profile

The Eastern Company designs, manufactures, and sells engineered solutions to industrial markets in the United States and internationally. The company offers turnkey returnable packaging solutions, which are used in the assembly processes of vehicles, aircraft, and durable goods, as well as in production processes of plastic packaging products, packaged consumer goods, and pharmaceuticals; designs and manufactures blow mold tools and injection blow mold tooling products, and 2-step stretch blow molds and related components for the stretch blow molding industry; and supplies blow molds and change parts to the food, beverage, healthcare, and chemical industries.