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

Eastern Company (The) (NASDAQ:EML) 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) 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.