Eastern (NASDAQ:EML) Posts Quarterly Earnings Results

Eastern (NASDAQ:EML) announced its earnings results on Tuesday. The industrial products company reported $0.15 EPS for the quarter, missing the consensus estimate of $0.67 by ($0.52), FiscalAI reports. The firm had revenue of $61.82 million during the quarter, compared to analyst estimates of $73.69 million. Eastern had a return on equity of 5.46% and a net margin of 2.41%.

Eastern Stock Down 1.4%

Shares of Eastern stock traded down $0.34 on Tuesday, hitting $24.42. 20,850 shares of the company traded hands, compared to its average volume of 22,541. The company has a 50-day moving average price of $24.38 and a 200 day moving average price of $21.66. 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 has a 12-month low of $17.61 and a 12-month high of $29.91. The company has a market cap of $147.25 million, a PE ratio of 25.44 and a beta of 0.84.

Eastern Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Friday, August 14th will be paid a dividend of $0.11 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.8%. Eastern’s dividend payout ratio (DPR) is 45.83%.

Insider Buying and Selling

In other news, Director John Everets bought 1,310 shares of the stock in a transaction on Tuesday, June 16th. The shares were purchased at an average price of $21.40 per share, for a total transaction of $28,034.00. Following the completion of the purchase, the director directly owned 142,504 shares of the company’s stock, valued at $3,049,585.60. This trade represents a 0.93% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Peggy Scott bought 1,176 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was purchased at an average cost of $21.40 per share, for a total transaction 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. The trade was a 4.69% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders bought 13,264 shares of company stock worth $285,179. Corporate insiders own 18.40% of the company’s stock.

Institutional Investors Weigh In On Eastern

Large investors have recently made changes to their positions in the company. BNP Paribas Financial Markets raised its position in Eastern by 82.9% during the third quarter. BNP Paribas Financial Markets now owns 1,273 shares of the industrial products company’s stock valued at $30,000 after acquiring an additional 577 shares in the last quarter. Focus Partners Wealth acquired a new position in shares of Eastern during the 3rd quarter worth $40,000. Tower Research Capital LLC TRC increased 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 purchasing an additional 1,299 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Eastern during the 2nd quarter valued at $70,000. Finally, Deutsche Bank AG acquired a new stake in shares of Eastern in the 4th quarter valued at $98,000. Institutional investors own 76.99% of the company’s stock.

Analyst Upgrades and Downgrades

EML has been the subject of a number of recent analyst reports. Royal Bank Of Canada lowered shares of Eastern from a “moderate buy” rating to a “hold” rating in a research note on Monday, April 13th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Eastern in a research report on Wednesday, June 24th. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Eastern currently 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.