Ancora Advisors LLC Makes New Investment in Eastern Company (The) $EML

Ancora Advisors LLC acquired a new stake in Eastern Company (The) (NASDAQ:EML - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 69,598 shares of the industrial products company's stock, valued at approximately $1,938,000. Ancora Advisors LLC owned about 1.16% of Eastern as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets boosted its holdings in Eastern by 82.9% in the third quarter. BNP Paribas Financial Markets now owns 1,273 shares of the industrial products company's stock valued at $30,000 after purchasing an additional 577 shares during the last quarter. Focus Partners Wealth acquired a new stake in Eastern during the third quarter worth about $40,000. Tower Research Capital LLC TRC grew its holdings in Eastern by 295.9% during the second quarter. Tower Research Capital LLC TRC now owns 1,738 shares of the industrial products company's stock worth $40,000 after acquiring an additional 1,299 shares during the period. Raymond James Financial Inc. purchased a new position in Eastern during the second quarter valued at approximately $70,000. Finally, Fifth Third Bancorp purchased a new position in Eastern during the first quarter valued at approximately $73,000. Institutional investors and hedge funds own 76.99% of the company's stock.

Insider Activity

In other news, Director John Everets purchased 1,310 shares of Eastern stock in a transaction dated Tuesday, June 16th. The shares were purchased at an average price of $21.40 per share, with a total value of $28,034.00. Following the transaction, the director owned 142,504 shares in the company, valued at $3,049,585.60. This represents a 0.93% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James A. Mitarotonda acquired 1,679 shares of the firm's stock in a transaction that occurred on Tuesday, June 16th. The stock was acquired at an average price of $21.40 per share, for a total transaction of $35,930.60. Following the completion of the acquisition, the director directly owned 46,190 shares of the company's stock, valued at $988,466. The trade was a 3.77% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders bought a total of 13,264 shares of company stock valued at $285,179 in the last 90 days. Company insiders own 18.40% of the company's stock.

Eastern Price Performance

Eastern stock opened at $26.02 on Thursday. The company has a fifty day simple moving average of $25.25 and a 200-day simple moving average of $22.25. The firm has a market capitalization of $156.64 million, a price-to-earnings ratio of 19.42 and a beta of 0.84. The company has a quick ratio of 1.32, a current ratio of 2.80 and a debt-to-equity ratio of 0.34. Eastern Company has a 52-week low of $17.61 and a 52-week high of $29.91.

Eastern (NASDAQ:EML - Get Free Report) last announced its quarterly earnings data on Tuesday, August 11th. The industrial products company reported $0.15 EPS for the quarter, missing analysts' consensus estimates of $0.67 by ($0.52). Eastern had a return on equity of 3.38% and a net margin of 3.44%.The company had revenue of $61.82 million for the quarter, compared to analysts' expectations of $73.69 million.

Eastern Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Friday, August 14th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 1.7%. The ex-dividend date is Friday, August 14th. Eastern's payout ratio is presently 32.84%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on EML. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Eastern in a report on Wednesday, June 24th. Wall Street Zen raised shares of Eastern from a "hold" rating to a "buy" rating in a report on Saturday, August 15th. Two analysts have rated the stock with a Hold rating, According to MarketBeat.com, Eastern 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.

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