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 stock was purchased at an average price of $21.40 per share, with a total value of $20,116.00. Following the purchase, the director owned 4,167 shares in the company, valued at approximately $89,173.80. This represents a 29.13% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Eastern Stock Up 0.1%

Shares of NASDAQ EML traded up $0.03 during trading on Wednesday, hitting $21.91. The stock had a trading volume of 7,983 shares, compared to its average volume of 16,906. Eastern Company has a 12 month low of $17.61 and a 12 month 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. The company has a market capitalization of $132.12 million, a PE ratio of 22.82 and a beta of 0.87. The firm has a fifty day moving average of $21.59 and a two-hundred day moving average of $20.03.

Eastern (NASDAQ:EML) last posted 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 firm had revenue of $59.68 million during the quarter, compared to the consensus estimate of $67.74 million.

Eastern Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 15th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, May 15th. Eastern’s payout ratio is 45.83%.

Analyst Ratings Changes

Separately, Royal Bank Of Canada downgraded shares of Eastern from a “moderate buy” rating to a “hold” rating in a report on Monday, April 13th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold”.

Hedge Funds Weigh In On Eastern

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets boosted its holdings in shares of Eastern by 82.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,273 shares of the industrial products company’s stock worth $30,000 after buying an additional 577 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in 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 valued at $40,000 after purchasing an additional 1,299 shares during the last quarter. Focus Partners Wealth purchased a new stake in Eastern during the third quarter valued at about $40,000. Raymond James Financial Inc. purchased a new stake in Eastern during the second quarter valued at about $70,000. Finally, Fifth Third Bancorp purchased a new stake in Eastern during the first quarter valued at about $73,000. 76.99% of the stock is owned by hedge funds and other institutional investors.

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.