Eastern (NASDAQ:EML) Posts Quarterly Earnings Results, Misses Expectations By $0.39 EPS

Eastern (NASDAQ:EML) announced its quarterly earnings results on Tuesday. The industrial products company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.39), FiscalAI reports. The firm had revenue of $59.68 million for the quarter, compared to the consensus estimate of $67.74 million. Eastern had a net margin of 2.90% and a return on equity of 6.52%.

Eastern Stock Performance

Shares of Eastern stock traded up $0.35 on Tuesday, hitting $22.32. 8,432 shares of the company’s stock were exchanged, compared to its average volume of 15,256. The company has a 50-day simple moving average of $20.84 and a 200-day simple moving average of $19.83. The stock has a market capitalization of $134.81 million, a PE ratio of 19.08 and a beta of 0.88. Eastern has a 1 year low of $17.61 and a 1 year high of $26.77. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.55 and a current ratio of 3.59.

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 given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, May 15th. Eastern’s payout ratio is 37.61%.

Insider Buying and Selling at Eastern

In other Eastern news, Director John Everets purchased 1,339 shares of the company’s stock in a transaction dated Monday, March 16th. The shares were acquired at an average price of $20.93 per share, for a total transaction of $28,025.27. Following the purchase, the director directly owned 141,194 shares of the company’s stock, valued at $2,955,190.42. The trade was a 0.96% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James A. Mitarotonda purchased 5,067 shares of the company’s stock in a transaction dated Friday, March 6th. The shares were acquired at an average price of $18.29 per share, for a total transaction of $92,675.43. Following the purchase, the director directly owned 640,000 shares in the company, valued at approximately $11,705,600. The trade was a 0.80% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought a total of 17,680 shares of company stock worth $347,161 in the last quarter. Corporate insiders own 18.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. BNP Paribas Financial Markets boosted its stake in shares of Eastern by 82.9% during the 3rd 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 purchased a new position in shares of Eastern during the 3rd quarter worth $40,000. Tower Research Capital LLC TRC boosted its stake in shares of 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 acquiring an additional 1,299 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Eastern during the 2nd quarter worth $70,000. Finally, Deutsche Bank AG purchased a new position in shares of Eastern during the 4th quarter worth $98,000. Hedge funds and other institutional investors own 76.99% of the company’s stock.

Analysts Set New Price Targets

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

About Eastern

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.