Eastern (NASDAQ:EML) Posts Earnings Results

Eastern (NASDAQ:EML) announced its earnings results on Tuesday. The industrial products company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.05), FiscalAI reports. Eastern had a return on equity of 6.54% and a net margin of 2.90%.The business had revenue of $248.78 billion for the quarter, compared to the consensus estimate of $68.68 million.

Eastern Price Performance

Shares of EML opened at $18.58 on Thursday. The stock has a market cap of $112.78 million, a P/E ratio of 15.88 and a beta of 0.97. The business’s fifty day moving average is $18.64 and its 200 day moving average is $20.65. The company has a quick ratio of 1.30, a current ratio of 2.99 and a debt-to-equity ratio of 0.27. Eastern has a 12-month low of $17.61 and a 12-month high of $28.26.

Eastern Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 13th will be paid a $0.11 dividend. The ex-dividend date is Friday, February 13th. This represents a $0.44 annualized dividend and a dividend yield of 2.4%. Eastern’s dividend payout ratio (DPR) is currently 37.61%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on EML. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Eastern in a report on Monday, December 29th. Wall Street Zen raised shares of Eastern to a “hold” rating in a research report on Saturday, January 10th. One analyst has rated the stock with a Hold rating, According to data from MarketBeat, Eastern currently has an average rating of “Hold”.

Insider Buying and Selling

In related news, Director James A. Mitarotonda purchased 1,839 shares of the firm’s stock in a transaction that occurred on Tuesday, December 16th. The stock was acquired at an average price of $19.55 per share, for a total transaction of $35,952.45. Following the completion of the acquisition, the director owned 42,794 shares of the company’s stock, valued at $836,622.70. This represents a 4.49% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Everets acquired 1,435 shares of the company’s stock in a transaction on Tuesday, December 16th. The shares were bought at an average price of $19.55 per share, for a total transaction of $28,054.25. Following the completion of the purchase, the director owned 139,855 shares in the company, valued at approximately $2,734,165.25. This represents a 1.04% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 8,135 shares of company stock valued at $160,414 over the last three months. Corporate insiders own 17.00% of the company’s stock.

Hedge Funds Weigh In On Eastern

Several institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets increased its holdings 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 last quarter. Focus Partners Wealth bought a new position in shares of Eastern during the 3rd quarter valued at approximately $40,000. Tower Research Capital LLC TRC increased its stake in shares of Eastern by 295.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,738 shares of the industrial products company’s stock worth $40,000 after purchasing an additional 1,299 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Eastern during the 2nd quarter worth approximately $70,000. Finally, Deutsche Bank AG bought a new stake in shares of Eastern in the 4th quarter worth approximately $98,000. Institutional investors own 76.99% of the company’s stock.

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.