Eastern (NASDAQ:EML) Director Buys $41,476.76 in Stock

Eastern Company (The) (NASDAQ:EML) Director James Mitarotonda bought 1,922 shares of the company’s stock in a transaction on Thursday, June 4th. The shares were purchased at an average cost of $21.58 per share, for a total transaction of $41,476.76. Following the transaction, the director owned 646,264 shares in the company, valued at approximately $13,946,377.12. This represents a 0.30% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Eastern Price Performance

Eastern stock opened at $21.68 on Thursday. Eastern Company has a 52 week low of $17.61 and a 52 week high of $26.77. The company’s 50 day moving average price is $21.51 and its two-hundred day moving average price is $19.98. The company has a quick ratio of 1.64, a current ratio of 3.52 and a debt-to-equity ratio of 0.29. The stock has a market cap of $130.73 million, a P/E ratio of 22.58 and a beta of 0.87.

Eastern (NASDAQ:EML) last posted its earnings results on Tuesday, May 12th. The industrial products company reported $0.11 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 for the quarter, compared to the consensus estimate of $67.74 million.

Eastern Dividend Announcement

The company 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 dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, May 15th. This represents a $0.44 annualized dividend and a dividend yield of 2.0%. Eastern’s dividend payout ratio (DPR) is currently 45.83%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets grew its stake in Eastern by 82.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,273 shares of the industrial products company’s stock valued at $30,000 after buying an additional 577 shares in the last quarter. Focus Partners Wealth purchased a new position in Eastern in the 3rd quarter valued at approximately $40,000. Tower Research Capital LLC TRC grew its stake in Eastern by 295.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,738 shares of the industrial products company’s stock valued at $40,000 after buying an additional 1,299 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Eastern in the 2nd quarter valued at approximately $70,000. Finally, Fifth Third Bancorp purchased a new position in Eastern in the 1st quarter valued at approximately $73,000. 76.99% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

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.