Tieton Capital Management LLC Invests $6.05 Million in Eastern Company (The) $EML

Tieton Capital Management LLC bought a new position in shares of Eastern Company (The) (NASDAQ:EML) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 217,210 shares of the industrial products company’s stock, valued at approximately $6,049,000. Eastern accounts for about 1.7% of Tieton Capital Management LLC’s holdings, making the stock its 27th largest holding.

Several other hedge funds have also recently added to or reduced their stakes in EML. Sei Investments Co. purchased a new position in Eastern in the first quarter worth approximately $940,000. Strs Ohio acquired a new position in Eastern during the 1st quarter worth approximately $127,000. Deutsche Bank AG purchased a new stake in shares of Eastern in the 4th quarter valued at approximately $98,000. Raymond James Financial Inc. purchased a new stake in shares of Eastern in the 2nd quarter valued at approximately $70,000. Finally, Focus Partners Wealth purchased a new stake in shares of Eastern in the 3rd quarter valued at approximately $40,000. Institutional investors and hedge funds own 76.99% of the company’s stock.

Analysts Set New Price Targets

EML has been the subject of several recent analyst reports. Wall Street Zen raised shares of Eastern from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Weiss Ratings reissued a “hold (c)” rating on shares of Eastern in a report on Wednesday, June 24th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has an average rating of “Hold”.

Eastern Trading Up 0.1%

NASDAQ EML opened at $24.63 on Thursday. The firm’s fifty day moving average price is $24.86 and its 200 day moving average price is $22.00. Eastern Company has a 12 month low of $17.61 and a 12 month high of $29.91. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.80 and a quick ratio of 1.32. The company has a market capitalization of $148.27 million, a price-to-earnings ratio of 18.38 and a beta of 0.84.

Eastern (NASDAQ:EML) last announced its quarterly earnings results on Tuesday, August 11th. The industrial products company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $73.69 million.

Eastern Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Friday, August 14th will be given a dividend of $0.11 per share. The ex-dividend date is Friday, August 14th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.8%. Eastern’s payout ratio is 32.84%.

Insider Activity

In other news, Director John Everets bought 1,310 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The stock was purchased at an average cost of $21.40 per share, with a total value of $28,034.00. Following the transaction, the director directly owned 142,504 shares in the company, valued at $3,049,585.60. This trade represents a 0.93% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Peggy Scott bought 1,176 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The stock was purchased at an average cost of $21.40 per share, with a total value of $25,166.40. Following the completion of the transaction, the director owned 26,262 shares in the company, valued at approximately $562,006.80. This trade represents a 4.69% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders bought 13,264 shares of company stock valued at $285,179. Insiders own 18.40% of the company’s stock.

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.