Insider Buying: Eastern (NASDAQ:EML) Director Acquires $81,183.28 in Stock

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

Eastern Trading Down 1.9%

Shares of EML stock opened at $21.68 on Thursday. The stock has a market cap of $130.73 million, a price-to-earnings ratio of 22.58 and a beta of 0.87. The stock has a 50-day moving average of $21.51 and a 200-day moving average of $19.98. The company has a current ratio of 3.52, a quick ratio of 1.64 and a debt-to-equity ratio of 0.29. Eastern Company has a 1-year low of $17.61 and a 1-year high of $26.77.

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

Eastern Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, May 15th will be paid a $0.11 dividend. 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 is presently 45.83%.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On Eastern

Several large investors have recently added to or reduced their stakes in EML. Goldman Sachs Group Inc. grew its stake in 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 purchasing an additional 6,219 shares during the period. Empowered Funds LLC grew its stake in 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 purchasing an additional 2,100 shares during the period. Strs Ohio acquired a new stake in Eastern during the first quarter worth approximately $127,000. Geode Capital Management LLC boosted its holdings in Eastern by 6.3% in the second quarter. Geode Capital Management LLC now owns 138,918 shares of the industrial products company’s stock worth $3,171,000 after acquiring an additional 8,205 shares in the last quarter. Finally, First Trust Advisors LP boosted its holdings in Eastern by 3.5% in the second quarter. First Trust Advisors LP now owns 18,455 shares of the industrial products company’s stock worth $421,000 after acquiring an additional 617 shares in the last quarter. Institutional investors and hedge funds own 76.99% of the company’s stock.

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.