Insider Buying: Eastern (NASDAQ:EML) Director Acquires 1,064 Shares of Stock

Key Points

• Peggy Scott, a director of Eastern, bought 1,064 shares on March 16 at an average price of $20.93, spending $22,269.52 and raising her stake to 25,086 shares (a 4.43% increase).
• The company reported quarterly EPS of $0.31, missing the $0.36 consensus, and the stock traded down to $20.45 mid-day; Eastern has a market cap of about $123.5M and a P/E of 17.47.
• Institutional ownership is high at roughly 76.99%, with recent increases by firms such as Goldman Sachs and Geode Capital, indicating notable institutional interest.

Eastern Company (The) (NASDAQ:EML - Get Free Report) Director Peggy Scott acquired 1,064 shares of the stock in a transaction dated Monday, March 16th. The stock was purchased at an average cost of $20.93 per share, with a total value of $22,269.52. Following the purchase, the director directly owned 25,086 shares of the company's stock, valued at $525,049.98. This trade represents a 4.43% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Eastern Trading Down 0.4%

NASDAQ:EML traded down $0.09 during mid-day trading on Tuesday, hitting $20.45. 7,465 shares of the company's stock were exchanged, compared to its average volume of 16,116. The company has a 50 day simple moving average of $18.64 and a 200-day simple moving average of $20.43. The company has a current ratio of 3.59, a quick ratio of 1.55 and a debt-to-equity ratio of 0.30. Eastern Company has a fifty-two week low of $17.61 and a fifty-two week high of $26.82. The firm has a market capitalization of $123.53 million, a P/E ratio of 17.47 and a beta of 0.97.

Eastern (NASDAQ:EML - Get Free Report) last announced its quarterly earnings results on Tuesday, March 3rd. The industrial products company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.05). The business had revenue of $248.78 billion during the quarter, compared to analyst estimates of $68.68 million. Eastern had a net margin of 2.90% and a return on equity of 6.52%.

Institutional Trading of Eastern

Several large investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. increased its position in Eastern by 43.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 20,533 shares of the industrial products company's stock valued at $520,000 after buying an additional 6,219 shares in the last quarter. Empowered Funds LLC boosted its holdings in Eastern by 7.1% in the first quarter. Empowered Funds LLC now owns 31,855 shares of the industrial products company's stock worth $807,000 after acquiring an additional 2,100 shares in the last quarter. Strs Ohio acquired a new stake in Eastern in the first quarter valued at approximately $127,000. Los Angeles Capital Management LLC acquired a new stake in Eastern in the second quarter valued at approximately $326,000. Finally, Geode Capital Management LLC increased its holdings in shares of Eastern by 6.3% during the second quarter. Geode Capital Management LLC now owns 138,918 shares of the industrial products company's stock valued at $3,171,000 after acquiring an additional 8,205 shares in the last quarter. 76.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on EML. Wall Street Zen raised Eastern to a "hold" rating in a research report on Saturday, January 10th. Weiss Ratings reiterated a "hold (c)" rating on shares of Eastern in a research report on Monday, December 29th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat.com, Eastern has an average rating of "Hold".

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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