The Eastern Company (NASDAQ:EML - Get Free Report) was the target of a large increase in short interest during the month of May. As of May 15th, there was short interest totalling 34,300 shares, an increase of 19.9% from the April 30th total of 28,600 shares. Based on an average trading volume of 10,200 shares, the days-to-cover ratio is presently 3.4 days. Currently, 0.6% of the shares of the stock are short sold.
Insiders Place Their Bets
In related news, Director Frederick D. Disanto bought 2,000 shares of the business's stock in a transaction dated Friday, May 30th. The shares were purchased at an average price of $22.87 per share, with a total value of $45,740.00. Following the transaction, the director now owns 75,123 shares in the company, valued at $1,718,063.01. This trade represents a 2.74% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have bought a total of 7,365 shares of company stock valued at $168,217 in the last quarter. 17.00% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Eastern
Several hedge funds have recently bought and sold shares of EML. Tower Research Capital LLC TRC grew its position in Eastern by 218.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,120 shares of the industrial products company's stock valued at $30,000 after acquiring an additional 768 shares during the last quarter. Deutsche Bank AG bought a new position in Eastern in the 4th quarter valued at $43,000. GAMMA Investing LLC grew its position in Eastern by 7,124.4% in the 1st quarter. GAMMA Investing LLC now owns 2,962 shares of the industrial products company's stock valued at $75,000 after acquiring an additional 2,921 shares during the last quarter. Strs Ohio bought a new position in Eastern in the 1st quarter valued at $127,000. Finally, Barclays PLC grew its position in Eastern by 13.8% in the 4th quarter. Barclays PLC now owns 7,824 shares of the industrial products company's stock valued at $207,000 after acquiring an additional 949 shares during the last quarter. Institutional investors own 76.99% of the company's stock.
Eastern Trading Up 6.2%
Shares of NASDAQ EML traded up $1.38 during trading hours on Friday, hitting $23.58. 6,290 shares of the company traded hands, compared to its average volume of 20,501. The stock has a market capitalization of $144.95 million, a price-to-earnings ratio of -22.89 and a beta of 1.08. The company has a current ratio of 2.64, a quick ratio of 1.42 and a debt-to-equity ratio of 0.37. The company's 50 day moving average price is $22.25 and its 200 day moving average price is $25.73. Eastern has a 12 month low of $19.06 and a 12 month high of $35.03.
Eastern (NASDAQ:EML - Get Free Report) last released its earnings results on Tuesday, May 6th. The industrial products company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.10). The company had revenue of $63.31 million for the quarter, compared to the consensus estimate of $71.33 million. Eastern had a negative net margin of 2.26% and a positive return on equity of 10.44%.
Eastern Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Thursday, May 15th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a yield of 1.87%. The ex-dividend date of this dividend is Thursday, May 15th. Eastern's dividend payout ratio (DPR) is presently -33.33%.
Wall Street Analysts Forecast Growth
Separately, Wall Street Zen downgraded Eastern from a "strong-buy" rating to a "buy" rating in a research report on Thursday, May 8th.
Check Out Our Latest Analysis on EML
Eastern Company Profile
(
Get Free Report)
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.
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