Eastern Company (The) (NASDAQ:EML) Declares $0.11 Quarterly Dividend

Key Points

• Eastern Company declared a quarterly dividend of $0.11 per share, payable on September 15 to shareholders of record on August 14. The dividend implies an annualized yield of about 1.7%.
• The company’s dividend appears well covered, with a payout ratio of 17.2%, suggesting earnings are sufficient to support the payment.
• Eastern’s latest earnings missed expectations, reporting $0.11 EPS versus $0.50 expected and revenue of $59.68 million versus $67.74 million expected. Analysts currently have a Hold consensus rating on the stock.

Eastern Company (The) (NASDAQ:EML - Get Free Report) declared a quarterly dividend on Monday, July 20th. Stockholders of record on Friday, August 14th will be given a dividend of 0.11 per share by the industrial products company on Tuesday, September 15th. This represents a c) dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Friday, August 14th.

Eastern has a dividend payout ratio of 17.2% meaning its dividend is sufficiently covered by earnings.

Eastern Price Performance

Shares of NASDAQ:EML opened at $25.48 on Tuesday. The company has a 50 day moving average of $23.35 and a 200 day moving average of $21.05. The company has a current ratio of 3.52, a quick ratio of 1.64 and a debt-to-equity ratio of 0.29. The stock has a market cap of $153.64 million, a P/E ratio of 26.54 and a beta of 0.82. Eastern has a 12 month low of $17.61 and a 12 month high of $29.91.

Eastern (NASDAQ:EML - Get Free Report) last posted its earnings results on Tuesday, May 12th. The industrial products company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.39). The firm had revenue of $59.68 million during the quarter, compared to analysts' expectations of $67.74 million. Eastern had a return on equity of 5.46% and a net margin of 2.41%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on EML shares. Royal Bank Of Canada lowered Eastern from a "moderate buy" rating to a "hold" rating in a research note on Monday, April 13th. Weiss Ratings restated a "hold (c)" rating on shares of Eastern in a research note on Wednesday, June 24th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, Eastern 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.

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