Short Interest in Eastern Company (The) (NASDAQ:EML) Increases By 49.4%

Key Points

• Short interest in Eastern Company increased by 49.4% in August, totaling 49,300 shares compared to 33,000 shares at the end of July, indicating heightened bearish sentiment among investors.
• The company declared a quarterly dividend of $0.11 per share, set to be paid on September 15th, reflecting an annualized yield of 1.8%.
• In recent insider trading activity, Director Frederick D. Disanto purchased 3,000 shares at an average price of $22.58, increasing his ownership stake in the company by 3.60%.

Eastern Company (The) (NASDAQ:EML - Get Free Report) was the recipient of a significant growth in short interest during the month of August. As of August 15th, there was short interest totaling 49,300 shares, agrowthof49.4% from the July 31st total of 33,000 shares. Based on an average daily trading volume, of 10,600 shares, the days-to-cover ratio is presently 4.7 days. Currently,0.9% of the company's shares are sold short. Currently,0.9% of the company's shares are sold short. Based on an average daily trading volume, of 10,600 shares, the days-to-cover ratio is presently 4.7 days.

Eastern Trading Down 0.5%

Shares of NASDAQ EML traded down $0.13 during mid-day trading on Friday, hitting $23.96. The stock had a trading volume of 5,433 shares, compared to its average volume of 11,729. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.33 and a current ratio of 2.67. Eastern has a 1 year low of $19.06 and a 1 year high of $35.03. The business has a 50 day moving average price of $23.30 and a two-hundred day moving average price of $23.66. The firm has a market cap of $146.16 million, a P/E ratio of -18.15 and a beta of 1.00.

Eastern (NASDAQ:EML - Get Free Report) last issued its earnings results on Tuesday, August 5th. The industrial products company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.54 by $0.03. The company had revenue of $70.16 million for the quarter, compared to the consensus estimate of $68.87 million. Eastern had a negative net margin of 3.06% and a positive return on equity of 10.44%.

Eastern Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 15th will be issued a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Friday, August 15th. Eastern's dividend payout ratio is currently -33.33%.

Insider Activity

In related news, Director Frederick D. Disanto acquired 3,000 shares of Eastern stock in a transaction dated Monday, August 18th. The shares were purchased at an average cost of $22.58 per share, with a total value of $67,740.00. Following the completion of the purchase, the director owned 86,449 shares of the company's stock, valued at $1,952,018.42. This represents a 3.60% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders bought 8,392 shares of company stock worth $191,695 over the last quarter. 17.00% of the stock is currently owned by company insiders.

Institutional Trading of Eastern

A number of institutional investors have recently modified their holdings of EML. Tower Research Capital LLC TRC boosted its holdings in shares of Eastern by 218.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,120 shares of the industrial products company's stock worth $30,000 after purchasing an additional 768 shares during the period. Tower Research Capital LLC TRC lifted its holdings in Eastern by 295.9% in the second quarter. Tower Research Capital LLC TRC now owns 1,738 shares of the industrial products company's stock worth $40,000 after buying an additional 1,299 shares during the period. Deutsche Bank AG purchased a new stake in Eastern in the fourth quarter worth about $43,000. Raymond James Financial Inc. purchased a new stake in Eastern in the second quarter worth about $70,000. Finally, GAMMA Investing LLC lifted its holdings in Eastern by 7,124.4% in the first quarter. GAMMA Investing LLC now owns 2,962 shares of the industrial products company's stock worth $75,000 after buying an additional 2,921 shares during the period. 76.99% of the stock is currently owned by hedge funds and other institutional investors.

Eastern Company Profile

The Eastern Company designs, manufactures, and sells engineered solutions to industrial markets in the United States and internationally. The company offers turnkey returnable packaging solutions, which are used in the assembly processes of vehicles, aircraft, and durable goods, as well as in production processes of plastic packaging products, packaged consumer goods, and pharmaceuticals; designs and manufactures blow mold tools and injection blow mold tooling products, and 2-step stretch blow molds and related components for the stretch blow molding industry; and supplies blow molds and change parts to the food, beverage, healthcare, and chemical industries.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.