Insider Buying: Eastern (NASDAQ:EML) Director Buys 1,176 Shares of Stock

Eastern Company (The) (NASDAQ:EML) Director Peggy Scott bought 1,176 shares of the business’s stock in a transaction dated Tuesday, June 16th. The shares were bought at an average price of $21.40 per share, with a total value of $25,166.40. Following the purchase, the director owned 26,262 shares in the company, valued at $562,006.80. The trade was a 4.69% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Eastern Stock Performance

Shares of NASDAQ EML traded up $0.03 during mid-day trading on Wednesday, reaching $21.91. 7,983 shares of the company were exchanged, compared to its average volume of 16,906. Eastern Company has a twelve month low of $17.61 and a twelve month high of $26.77. The stock has a market capitalization of $132.12 million, a P/E ratio of 22.82 and a beta of 0.87. The company’s 50-day simple moving average is $21.59 and its 200-day simple moving average is $20.03. The company has a quick ratio of 1.64, a current ratio of 3.52 and a debt-to-equity ratio of 0.29.

Eastern (NASDAQ:EML) last released its quarterly 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 return on equity of 5.46% and a net margin of 2.41%.The business had revenue of $59.68 million for the quarter, compared to the consensus estimate of $67.74 million.

Eastern Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 15th were given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Friday, May 15th. Eastern’s dividend payout ratio (DPR) is currently 45.83%.

Hedge Funds Weigh In On Eastern

Hedge funds have recently bought and sold shares of the company. Teton Advisors LLC bought a new position in Eastern in the 3rd quarter valued at about $3,293,000. First Trust Advisors LP increased its holdings in Eastern by 3.5% in the 2nd quarter. First Trust Advisors LP now owns 18,455 shares of the industrial products company’s stock valued at $421,000 after buying an additional 617 shares during the period. JPMorgan Chase & Co. increased its holdings in Eastern by 35.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 8,950 shares of the industrial products company’s stock valued at $210,000 after buying an additional 2,338 shares during the period. Strs Ohio bought a new position in Eastern in the 1st quarter valued at about $127,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Eastern in the 2nd quarter valued at approximately $70,000. 76.99% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Royal Bank Of Canada lowered shares of Eastern from a “moderate buy” rating to a “hold” rating in a report 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”.

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.