BlackRock Inc. Makes New $1.13 Million Investment in Eastern Company (The) $EML

Key Points

• BlackRock acquired 40,501 Eastern shares worth approximately $1.13 million, giving it a 0.67% stake. Institutional investors and hedge funds collectively own 76.99% of the company.
• Eastern reported quarterly EPS of $0.15, missing the $0.67 analyst consensus, while revenue of $61.82 million also fell short of the $73.69 million estimate.
• Insiders purchased 7,105 shares worth $151,747 over the past three months, and the company declared a quarterly dividend of $0.11 per share, representing a 1.6% annualized yield.

BlackRock Inc. acquired a new stake in shares of Eastern Company (The) (NASDAQ:EML - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 40,501 shares of the industrial products company's stock, valued at approximately $1,128,000. BlackRock Inc. owned about 0.67% of Eastern as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the stock. BNP Paribas Financial Markets boosted its stake in shares of Eastern by 82.9% in the third quarter. BNP Paribas Financial Markets now owns 1,273 shares of the industrial products company's stock worth $30,000 after buying an additional 577 shares during the last quarter. First Trust Advisors LP raised its position in 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 acquiring an additional 617 shares in the last quarter. Russell Investments Group Ltd. raised its position in Eastern by 0.3% during the third quarter. Russell Investments Group Ltd. now owns 257,126 shares of the industrial products company's stock valued at $6,032,000 after acquiring an additional 775 shares in the last quarter. Barclays PLC lifted its holdings in Eastern by 10.9% in the fourth quarter. Barclays PLC now owns 9,002 shares of the industrial products company's stock valued at $177,000 after acquiring an additional 886 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Eastern by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 139,480 shares of the industrial products company's stock valued at $2,747,000 after acquiring an additional 974 shares during the period. Institutional investors and hedge funds own 76.99% of the company's stock.

Insiders Place Their Bets

In other news, Director James A. Mitarotonda purchased 1,679 shares of the stock in a transaction dated Tuesday, June 16th. The shares were purchased at an average cost of $21.40 per share, with a total value of $35,930.60. Following the completion of the purchase, the director directly owned 46,190 shares of the company's stock, valued at approximately $988,466. The trade was a 3.77% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director John Everets acquired 1,310 shares of Eastern stock in a transaction that occurred on Tuesday, June 16th. The stock was purchased at an average cost of $21.40 per share, with a total value of $28,034.00. Following the completion of the purchase, the director owned 142,504 shares in the company, valued at $3,049,585.60. The trade was a 0.93% increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders bought 7,105 shares of company stock worth $151,747. Corporate insiders own 18.40% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on EML shares. Wall Street Zen raised shares of Eastern from a "hold" rating to a "buy" rating in a research note on Saturday, August 15th. Weiss Ratings reiterated a "hold (c)" rating on shares of Eastern in a research note on Wednesday, June 24th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock has an average rating of "Hold".

Eastern Price Performance

Eastern stock opened at $27.94 on Monday. The stock has a market capitalization of $168.20 million, a P/E ratio of 20.85 and a beta of 0.87. The company's fifty day moving average price is $25.73 and its 200 day moving average price is $22.66. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.32 and a current ratio of 2.80. Eastern Company has a 1 year low of $17.61 and a 1 year high of $29.91.

Eastern (NASDAQ:EML - Get Free Report) last posted its quarterly earnings data on Tuesday, August 11th. The industrial products company reported $0.15 earnings per share 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 analyst estimates of $73.69 million.

Eastern Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Friday, August 14th will be issued a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 1.6%. The ex-dividend date is Friday, August 14th. Eastern's payout ratio is presently 32.84%.

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.

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