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

The Eastern Company (NASDAQ:EMLGet Free Report) saw a significant increase in short interest during the month of May. As of May 31st, there was short interest totalling 53,100 shares, an increase of 17.0% from the May 15th total of 45,400 shares. Approximately 0.9% of the company’s stock are short sold. Based on an average daily trading volume, of 22,900 shares, the days-to-cover ratio is presently 2.3 days.

Eastern Stock Down 4.1 %

Shares of EML stock opened at $25.41 on Tuesday. The stock has a 50 day moving average of $29.42 and a 200 day moving average of $26.45. The company has a current ratio of 2.63, a quick ratio of 1.35 and a debt-to-equity ratio of 0.30. The stock has a market cap of $158.30 million, a P/E ratio of 16.08 and a beta of 1.08. Eastern has a twelve month low of $16.10 and a twelve month high of $35.78.

Eastern (NASDAQ:EMLGet Free Report) last announced its quarterly earnings results on Monday, May 6th. The industrial products company reported $0.31 earnings per share for the quarter. The company had revenue of $67.93 million during the quarter. Eastern had a return on equity of 8.44% and a net margin of 3.69%.

Eastern Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Wednesday, May 15th were given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 1.73%. The ex-dividend date of this dividend was Tuesday, May 14th. Eastern’s dividend payout ratio is currently 27.85%.

Analyst Ratings Changes

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

Get Our Latest Stock Report on Eastern

Insider Buying and Selling at Eastern

In other Eastern news, CEO Mark Anthony Hernandez purchased 2,341 shares of the firm’s stock in a transaction on Thursday, May 16th. The stock was bought at an average cost of $28.99 per share, for a total transaction of $67,865.59. Following the completion of the purchase, the chief executive officer now owns 35,249 shares in the company, valued at approximately $1,021,868.51. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 17.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Ancora Advisors LLC grew its holdings in Eastern by 1.8% in the first quarter. Ancora Advisors LLC now owns 69,047 shares of the industrial products company’s stock valued at $2,354,000 after purchasing an additional 1,250 shares during the period. Empowered Funds LLC grew its holdings in Eastern by 7.3% in the first quarter. Empowered Funds LLC now owns 15,356 shares of the industrial products company’s stock valued at $523,000 after purchasing an additional 1,050 shares during the period. Victory Capital Management Inc. acquired a new stake in Eastern in the fourth quarter valued at approximately $75,000. Finally, Minerva Advisors LLC grew its holdings in Eastern by 3.5% in the third quarter. Minerva Advisors LLC now owns 427,460 shares of the industrial products company’s stock valued at $7,695,000 after purchasing an additional 14,284 shares during the period. 76.99% of the stock is currently owned by hedge funds and other institutional investors.

About Eastern

(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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