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

Eastern Company (The) (NASDAQ:EML) Director James Mitarotonda purchased 3,736 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was purchased at an average price of $21.73 per share, with a total value of $81,183.28. Following the completion of the purchase, the director directly owned 650,000 shares of the company’s stock, valued at approximately $14,124,500. This represents a 0.58% increase in their position. The purchase was disclosed in a filing with the SEC, which is available through the SEC website.

Eastern Stock Up 1.0%

NASDAQ:EML opened at $22.11 on Wednesday. The company has a market capitalization of $133.32 million, a price-to-earnings ratio of 23.03 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 stock has a 50-day simple moving average of $21.48 and a 200 day simple moving average of $19.96. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.64 and a current ratio of 3.52.

Eastern (NASDAQ:EML) last issued its earnings results on Tuesday, May 12th. The industrial products company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.39). Eastern had a net margin of 2.41% and a return on equity of 5.46%. The company had revenue of $59.68 million during the quarter, compared to analyst estimates of $67.74 million.

Eastern Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 15th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Friday, May 15th. Eastern’s payout ratio is presently 45.83%.

Wall Street Analyst Weigh In

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

Key Stories Impacting Eastern

Here are the key news stories impacting Eastern this week:

• Positive Sentiment: Director James A. Mitarotonda bought 1,922 shares of Eastern Company stock, and earlier bought 3,736 shares as well, signaling insider confidence in the business. James Mitarotonda Buys 1,922 Shares of Eastern (NASDAQ:EML) Stock
• Positive Sentiment: Director Frederick D. Disanto also purchased 288 shares, adding to the bullish insider-buying trend at Eastern. Frederick D. Disanto stock activity
• Neutral Sentiment: Short interest was reported at 0 shares, so the latest update does not indicate a meaningful bearish short-position buildup in Eastern.
• Neutral Sentiment: Recent coverage included valuation and company-comparison articles, but these appear informational and are unlikely to be major stock drivers on their own. Allegion (NYSE:ALLE) vs. Eastern (NASDAQ:EML) Financial Contrast
• Negative Sentiment: The most recent earnings report was weak, with Eastern missing consensus on both EPS and revenue, which continues to hang over sentiment.

Hedge Funds Weigh In On Eastern

Several hedge funds and other institutional investors have recently made changes to their positions in EML. Goldman Sachs Group Inc. boosted its position in shares of Eastern by 43.4% during the first quarter. Goldman Sachs Group Inc. now owns 20,533 shares of the industrial products company’s stock worth $520,000 after buying an additional 6,219 shares during the period. Empowered Funds LLC boosted its position in shares of Eastern by 7.1% during the first quarter. Empowered Funds LLC now owns 31,855 shares of the industrial products company’s stock worth $807,000 after buying an additional 2,100 shares during the period. Strs Ohio bought a new position in shares of Eastern in the first quarter worth $127,000. Geode Capital Management LLC increased its holdings in shares of Eastern by 6.3% during the second quarter. Geode Capital Management LLC now owns 138,918 shares of the industrial products company’s stock valued at $3,171,000 after purchasing an additional 8,205 shares during the period. Finally, First Trust Advisors LP increased its holdings in shares of Eastern by 3.5% during 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 period. 76.99% of the stock is currently owned by institutional investors and hedge funds.

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.