Short Interest in Eastern Company (The) (NASDAQ:EML) Expands By 27.2%

Key Points

• Short interest rose 27.2% to 167,079 shares as of March 13, representing about 3.3% of the stock and a short-interest ratio of 6.9 days based on average volume.
• Insider buying by directors continued, with John Everets purchasing 1,339 shares and James A. Mitarotonda buying 2,000 shares; insiders acquired 17,680 shares in the last quarter and own 17.0% of the company.
• Eastern missed earnings (EPS $0.31 vs. $0.36 expected), the stock trades around $20.12 with a market cap of about $121.5M, and analysts’ consensus rating is "Hold."

Eastern Company (The) (NASDAQ:EML - Get Free Report) saw a large increase in short interest during the month of March. As of March 13th, there was short interest totaling 167,079 shares, an increase of 27.2% from the February 26th total of 131,336 shares. Approximately 3.3% of the shares of the stock are sold short. Based on an average trading volume of 24,145 shares, the short-interest ratio is presently 6.9 days.

Insider Buying and Selling at Eastern

In other news, Director John Everets acquired 1,339 shares of Eastern stock in a transaction on Monday, March 16th. The shares were bought at an average cost of $20.93 per share, for a total transaction of $28,025.27. Following the acquisition, the director directly owned 141,194 shares of the company's stock, valued at $2,955,190.42. This trade represents a 0.96% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director James A. Mitarotonda acquired 2,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 18th. The stock was purchased at an average price of $20.11 per share, with a total value of $40,220.00. Following the completion of the acquisition, the director directly owned 644,342 shares of the company's stock, valued at $12,957,717.62. This represents a 0.31% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders acquired 17,680 shares of company stock worth $347,161. Corporate insiders own 17.00% of the company's stock.

Institutional Trading of Eastern

Several institutional investors have recently bought and sold shares of EML. Goldman Sachs Group Inc. raised its position in Eastern by 43.4% in the first quarter. Goldman Sachs Group Inc. now owns 20,533 shares of the industrial products company's stock valued at $520,000 after purchasing an additional 6,219 shares during the period. Empowered Funds LLC increased its position in shares of Eastern by 7.1% in the 1st quarter. Empowered Funds LLC now owns 31,855 shares of the industrial products company's stock valued at $807,000 after purchasing an additional 2,100 shares during the last quarter. Strs Ohio purchased a new position in Eastern in the first quarter valued at $127,000. Geode Capital Management LLC increased its holdings in Eastern by 6.3% in 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 buying an additional 8,205 shares during the last quarter. Finally, De Lisle Partners LLP raised its stake in Eastern by 14.7% in 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 buying an additional 6,000 shares in the last quarter. 76.99% of the stock is owned by institutional investors and hedge funds.

Eastern Stock Performance

Shares of EML traded up $0.36 during trading hours on Monday, hitting $20.12. The stock had a trading volume of 1,689 shares, compared to its average volume of 16,279. The firm has a 50-day moving average price of $18.99 and a 200 day moving average price of $20.20. Eastern has a fifty-two week low of $17.61 and a fifty-two week high of $26.77. The firm has a market capitalization of $121.49 million, a price-to-earnings ratio of 17.19 and a beta of 0.97. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.55 and a current ratio of 3.59.

Eastern (NASDAQ:EML - Get Free Report) last released its quarterly earnings results on Tuesday, March 3rd. The industrial products company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.05). Eastern had a net margin of 2.90% and a return on equity of 6.52%.

Analysts Set New Price Targets

EML has been the subject of a number of research analyst reports. Weiss Ratings reiterated a "hold (c)" rating on shares of Eastern in a research note on Monday, December 29th. Wall Street Zen raised shares of Eastern to a "hold" rating in a research report on Saturday, January 10th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat.com, Eastern has a consensus 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.

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.