Eastern (NASDAQ:EML) Posts Quarterly Earnings Results

by · The Markets Daily

Eastern (NASDAQ:EML – Get Free Report) posted its earnings results on Tuesday. The industrial products company reported $0.13 earnings per share for the quarter, Zacks reports. Eastern had a negative net margin of 3.06% and a positive return on equity of 10.44%.

Eastern Stock Down 0.8%

Shares of EML traded down $0.18 during midday trading on Tuesday, hitting $21.09. The company had a trading volume of 7,391 shares, compared to its average volume of 10,029. The company’s 50 day moving average price is $23.16 and its 200 day moving average price is $22.90. The stock has a market cap of $128.61 million, a price-to-earnings ratio of -15.98 and a beta of 0.96. Eastern has a 52 week low of $19.06 and a 52 week high of $35.03. The company has a quick ratio of 1.33, a current ratio of 2.67 and a debt-to-equity ratio of 0.28.

Eastern Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Stockholders of record on Friday, November 14th will be given a $0.11 dividend. The ex-dividend date of this dividend is Friday, November 14th. This represents a $0.44 annualized dividend and a dividend yield of 2.1%. Eastern’s payout ratio is presently -33.33%.

Analyst Ratings Changes

Separately, Weiss Ratings restated a “sell (d+)” rating on shares of Eastern in a report on Wednesday, October 8th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company currently has a consensus rating of “Sell”.

View Our Latest Research Report on EML

Insider Buying and Selling at Eastern

In related news, Director Frederick D. Disanto bought 3,000 shares of the company’s stock in a transaction dated Monday, August 18th. The stock was bought at an average price of $22.58 per share, with a total value of $67,740.00. Following the transaction, the director owned 86,449 shares of the company’s stock, valued at approximately $1,952,018.42. This trade represents a 3.60% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Over the last ninety days, insiders have bought 7,310 shares of company stock valued at $166,533. 17.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Eastern

Institutional investors and hedge funds have recently bought and sold shares of the business. Tower Research Capital LLC TRC raised its stake in Eastern by 295.9% during the second quarter. Tower Research Capital LLC TRC now owns 1,738 shares of the industrial products company’s stock worth $40,000 after acquiring an additional 1,299 shares during the period. Raymond James Financial Inc. acquired a new stake in Eastern during the second quarter worth about $70,000. Strs Ohio acquired a new stake in Eastern during the first quarter worth about $127,000. First Trust Advisors LP raised its stake in Eastern by 3.5% during the second quarter. First Trust Advisors LP now owns 18,455 shares of the industrial products company’s stock worth $421,000 after acquiring an additional 617 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in Eastern by 43.4% during the first quarter. Goldman Sachs Group Inc. now owns 20,533 shares of the industrial products company’s stock worth $520,000 after acquiring an additional 6,219 shares during the period. Institutional investors and hedge funds own 76.99% of the company’s stock.

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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