The Eastern Company (NASDAQ:EML) Sees Large Increase in Short Interest

The Eastern Company (NASDAQ:EMLGet Free Report) was the target of a large increase in short interest in March. As of March 15th, there was short interest totalling 39,600 shares, an increase of 5.9% from the February 29th total of 37,400 shares. Currently, 0.7% of the company’s stock are short sold. Based on an average daily trading volume, of 7,600 shares, the days-to-cover ratio is presently 5.2 days.

Eastern Stock Down 2.5 %

EML opened at $31.86 on Thursday. Eastern has a 1-year low of $16.10 and a 1-year high of $35.78. The company has a current ratio of 2.63, a quick ratio of 1.24 and a debt-to-equity ratio of 0.32. The stock has a market capitalization of $197.85 million, a price-to-earnings ratio of 23.26 and a beta of 1.15. The business has a 50 day moving average of $26.52 and a 200-day moving average of $22.03.

Eastern Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 15th were given a $0.11 dividend. The ex-dividend date was Wednesday, February 14th. This represents a $0.44 annualized dividend and a dividend yield of 1.38%. Eastern’s dividend payout ratio is 32.12%.

Institutional Investors Weigh In On Eastern

Several hedge funds have recently modified their holdings of EML. Northern Trust Corp raised its stake in shares of Eastern by 3.0% in the fourth quarter. Northern Trust Corp now owns 15,663 shares of the industrial products company’s stock valued at $345,000 after purchasing an additional 452 shares in the last quarter. UBS Group AG raised its stake in shares of Eastern by 13.0% in the fourth quarter. UBS Group AG now owns 4,559 shares of the industrial products company’s stock valued at $88,000 after purchasing an additional 524 shares in the last quarter. State Street Corp raised its stake in shares of Eastern by 3.9% in the first quarter. State Street Corp now owns 17,120 shares of the industrial products company’s stock valued at $399,000 after purchasing an additional 640 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Eastern by 1.3% in the first quarter. Geode Capital Management LLC now owns 53,996 shares of the industrial products company’s stock valued at $1,052,000 after purchasing an additional 676 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Eastern by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 264,398 shares of the industrial products company’s stock valued at $5,817,000 after purchasing an additional 769 shares in the last quarter. 76.99% of the stock is owned by institutional investors.

Analysts Set New Price Targets

EML has been the subject of a number of recent analyst reports. TheStreet raised Eastern from a “c” rating to a “b-” rating in a research report on Wednesday, March 20th. StockNews.com raised Eastern from a “buy” rating to a “strong-buy” rating in a research report on Thursday, March 14th.

View Our Latest Stock 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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