Tieton Capital Management LLC Takes $6.05 Million Position in Eastern Company (The) $EML

Key Points

• Tieton Capital Management acquired 217,210 shares of Eastern Company, valued at approximately $6.05 million, giving it a 3.6% stake and making Eastern one of its largest portfolio holdings.
• Institutional investors own 76.99% of Eastern, while insiders own 18.40%; company directors and other insiders purchased 13,264 shares worth $285,179 over the past three months.
• Eastern’s latest quarterly results fell short of expectations, with EPS of $0.15 versus the $0.67 consensus estimate and revenue of $61.82 million versus $73.69 million expected. The company declared a quarterly dividend of $0.11, equivalent to a 1.8% annual yield.

Tieton Capital Management LLC acquired a new stake in Eastern Company (The) (NASDAQ:EML - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 217,210 shares of the industrial products company's stock, valued at approximately $6,049,000. Eastern accounts for about 1.7% of Tieton Capital Management LLC's investment portfolio, making the stock its 27th biggest position. Tieton Capital Management LLC owned about 3.60% of Eastern at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of EML. Sei Investments Co. purchased a new stake in shares of Eastern in the 1st quarter valued at approximately $940,000. Fifth Third Bancorp purchased a new stake in shares of Eastern during the 1st quarter valued at approximately $73,000. Barington Companies Management LLC raised its position in shares of Eastern by 0.8% during the 4th quarter. Barington Companies Management LLC now owns 634,933 shares of the industrial products company's stock valued at $12,502,000 after buying an additional 4,833 shares during the period. LSV Asset Management lifted its holdings in Eastern by 20.0% in the fourth quarter. LSV Asset Management now owns 28,086 shares of the industrial products company's stock valued at $553,000 after acquiring an additional 4,683 shares during the last quarter. Finally, Gamco Investors INC. ET AL lifted its holdings in Eastern by 0.7% in the fourth quarter. Gamco Investors INC. ET AL now owns 515,545 shares of the industrial products company's stock valued at $10,151,000 after acquiring an additional 3,827 shares during the last quarter. 76.99% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Eastern

In other Eastern news, Director John Everets purchased 1,310 shares of Eastern stock in a transaction dated Tuesday, June 16th. The shares were acquired at an average price of $21.40 per share, with a total value of $28,034.00. Following the completion of the transaction, the director owned 142,504 shares of the company's stock, valued at $3,049,585.60. This trade represents a 0.93% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Peggy Scott acquired 1,176 shares of the stock in a transaction dated Tuesday, June 16th. The stock was acquired at an average cost of $21.40 per share, with a total value of $25,166.40. Following the purchase, the director owned 26,262 shares of the company's stock, valued at approximately $562,006.80. This trade represents a 4.69% increase in their position. The SEC filing for this purchase provides additional information. Insiders bought a total of 13,264 shares of company stock valued at $285,179 in the last three months. 18.40% of the stock is owned by corporate insiders.

Eastern Stock Up 0.1%

Eastern stock opened at $24.63 on Thursday. The company has a market capitalization of $148.27 million, a PE ratio of 18.38 and a beta of 0.84. 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 fifty-two week low of $17.61 and a fifty-two week high of $29.91. The firm has a 50 day moving average price of $24.86 and a 200 day moving average price of $22.00.

Eastern (NASDAQ:EML - Get Free Report) last released its quarterly earnings results 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 firm had revenue of $61.82 million for the quarter, compared to analyst estimates 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 given a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Friday, August 14th. Eastern's payout ratio is currently 32.84%.

Wall Street Analysts Forecast Growth

EML has been the subject of several recent analyst reports. Weiss Ratings reissued a "hold (c)" rating on shares of Eastern in a research note on Wednesday, June 24th. Wall Street Zen upgraded Eastern from a "hold" rating to a "buy" rating in a report on Saturday, August 15th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Eastern has an average rating of "Hold".

Eastern 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.

Want to see what other hedge funds are holding EML? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eastern Company (The) (NASDAQ:EML - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source