Eastern Company (The) (NASDAQ:EML) Short Interest Up 46.0% in December

Eastern Company (The) (NASDAQ:EML) saw a significant increase in short interest in the month of December. As of December 15th, there was short interest totaling 74,790 shares, an increase of 46.0% from the November 30th total of 51,221 shares. Currently, 1.5% of the shares of the company are short sold. Based on an average daily volume of 11,191 shares, the days-to-cover ratio is currently 6.7 days. Based on an average daily volume of 11,191 shares, the days-to-cover ratio is currently 6.7 days. Currently, 1.5% of the shares of the company are short sold.

Insider Activity

In other Eastern news, Director Frederick D. Disanto bought 2,925 shares of the firm’s stock in a transaction dated Wednesday, November 19th. The stock was acquired at an average price of $18.82 per share, for a total transaction of $55,048.50. Following the completion of the purchase, the director owned 96,851 shares of the company’s stock, valued at approximately $1,822,735.82. This represents a 3.11% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John Everets purchased 1,435 shares of the company’s stock in a transaction that occurred on Tuesday, December 16th. The stock was bought at an average price of $19.55 per share, for a total transaction of $28,054.25. Following the transaction, the director directly owned 139,855 shares in the company, valued at $2,734,165.25. This trade represents a 1.04% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders acquired 17,619 shares of company stock valued at $343,224. Insiders own 17.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets lifted its position in Eastern by 82.9% during the third quarter. BNP Paribas Financial Markets now owns 1,273 shares of the industrial products company’s stock worth $30,000 after buying an additional 577 shares during the period. Focus Partners Wealth purchased a new position in shares of Eastern during the 3rd quarter worth about $40,000. Tower Research Capital LLC TRC grew 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 valued at $40,000 after purchasing an additional 1,299 shares during the period. Raymond James Financial Inc. acquired a new position in Eastern during the second quarter worth approximately $70,000. Finally, Strs Ohio purchased a new position in Eastern during the first quarter worth approximately $127,000. 76.99% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of Eastern in a report on Monday, December 22nd. One research analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of “Hold”.

Eastern Price Performance

Shares of NASDAQ:EML traded up $0.01 during midday trading on Monday, hitting $20.47. 2,402 shares of the stock were exchanged, compared to its average volume of 10,521. Eastern has a twelve month low of $18.49 and a twelve month high of $29.55. The company has a current ratio of 2.99, a quick ratio of 1.30 and a debt-to-equity ratio of 0.27. The company has a 50 day moving average price of $20.00 and a 200-day moving average price of $22.20. The stock has a market cap of $124.22 million, a P/E ratio of 16.50 and a beta of 1.00.

Eastern (NASDAQ:EML) last issued its quarterly earnings data on Tuesday, November 4th. The industrial products company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.64). The business had revenue of $55.34 million during the quarter, compared to analyst estimates of $73.41 million. Eastern had a net margin of 2.96% and a return on equity of 7.18%.

Eastern Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 13th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Friday, February 13th. Eastern’s payout ratio is currently 35.48%.

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.