Eastern Company (The) (NASDAQ:EML) Director Buys $22,990.00 in Stock

Key Points

• Director Frederick D. Disanto purchased 1,000 shares of Eastern Company at an average price of $22.99 each, totaling $22,990, increasing his ownership by 1.23% to 82,449 shares.
• Eastern Company reported earnings of $0.57 per share for the last quarter, surpassing analysts' expectations of $0.54 and generating revenue of $70.16 million.
• The company announced a quarterly dividend of $0.11 per share, with the dividend yield standing at 1.9%, and the payment set for September 15th.

Eastern Company (The) (NASDAQ:EML - Get Free Report) Director Frederick D. Disanto bought 1,000 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were bought at an average cost of $22.99 per share, with a total value of $22,990.00. Following the completion of the transaction, the director owned 82,449 shares in the company, valued at $1,895,502.51. The trade was a 1.23% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Eastern Stock Down 3.2%

EML traded down $0.78 during midday trading on Thursday, reaching $23.31. 14,325 shares of the company were exchanged, compared to its average volume of 7,213. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.33 and a current ratio of 2.67. The company's fifty day moving average price is $23.27 and its 200 day moving average price is $24.14. The company has a market cap of $142.19 million, a price-to-earnings ratio of -17.66 and a beta of 1.13. Eastern Company has a one year low of $19.06 and a one year high of $35.03.

Eastern (NASDAQ:EML - Get Free Report) last announced its earnings results on Tuesday, August 5th. The industrial products company reported $0.57 earnings per share for the quarter, topping analysts' consensus estimates of $0.54 by $0.03. Eastern had a positive return on equity of 10.44% and a negative net margin of 3.06%. The firm had revenue of $70.16 million for the quarter, compared to the consensus estimate of $68.87 million.

Eastern Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 15th will be given a dividend of $0.11 per share. The ex-dividend date is Friday, August 15th. This represents a $0.44 annualized dividend and a dividend yield of 1.9%. Eastern's dividend payout ratio is currently -33.33%.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen lowered Eastern from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 8th.

Institutional Investors Weigh In On Eastern

Institutional investors have recently made changes to their positions in the stock. Raymond James Financial Inc. purchased a new stake in Eastern during the second quarter valued at about $70,000. Gamco Investors INC. ET AL increased its stake in shares of Eastern by 1.8% during the second quarter. Gamco Investors INC. ET AL now owns 511,218 shares of the industrial products company's stock valued at $11,666,000 after purchasing an additional 8,999 shares in the last quarter. First Trust Advisors LP increased its stake in shares of Eastern by 3.5% during the second quarter. First Trust Advisors LP now owns 18,455 shares of the industrial products company's stock valued at $421,000 after purchasing an additional 617 shares in the last quarter. Minerva Advisors LLC increased its stake in shares of Eastern by 3.8% during the second quarter. Minerva Advisors LLC now owns 525,053 shares of the industrial products company's stock valued at $11,982,000 after purchasing an additional 19,066 shares in the last quarter. Finally, De Lisle Partners LLP increased its stake in shares of Eastern by 14.7% during the second quarter. De Lisle Partners LLP now owns 46,922 shares of the industrial products company's stock valued at $1,072,000 after purchasing an additional 6,000 shares in the last quarter. Hedge funds and other institutional investors own 76.99% of the company's stock.

Eastern Company Profile

The Eastern Company designs, manufactures, and sells engineered solutions to industrial markets in the United States and internationally. The company offers turnkey returnable packaging solutions, which are used in the assembly processes of vehicles, aircraft, and durable goods, as well as in production processes of plastic packaging products, packaged consumer goods, and pharmaceuticals; designs and manufactures blow mold tools and injection blow mold tooling products, and 2-step stretch blow molds and related components for the stretch blow molding industry; and supplies blow molds and change parts to the food, beverage, healthcare, and chemical industries.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.