Eastern Company (The) (NASDAQ:EML) Short Interest Up 46.0% in December

Eastern Company (The) (NASDAQ:EML) was the target of a significant growth in short interest during the month of December. As of December 15th, there was short interest totaling 74,790 shares, a growth of 46.0% from the November 30th total of 51,221 shares. Based on an average daily trading volume, of 11,191 shares, the days-to-cover ratio is currently 6.7 days. Currently, 1.5% of the shares of the company are sold short. Currently, 1.5% of the shares of the company are sold short. Based on an average daily trading volume, of 11,191 shares, the days-to-cover ratio is currently 6.7 days.

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “hold (c)” rating on shares of Eastern in a report on Monday. One investment analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company presently has a consensus rating of “Hold”.

Insider Transactions at Eastern

In other Eastern news, Director James A. Mitarotonda bought 2,433 shares of Eastern stock in a transaction dated Friday, December 12th. The stock was purchased at an average price of $20.14 per share, for a total transaction of $49,000.62. Following the completion of the purchase, the director directly owned 634,933 shares of the company’s stock, valued at approximately $12,787,550.62. This trade represents a 0.38% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Frederick D. Disanto acquired 2,925 shares of the firm’s stock in a transaction that occurred on Wednesday, November 19th. The shares were bought at an average price of $18.82 per share, for a total transaction of $55,048.50. Following the completion of the purchase, the director owned 96,851 shares in the company, valued at $1,822,735.82. This trade represents a 3.11% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders bought 17,619 shares of company stock worth $343,224. 17.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Eastern

Hedge funds have recently modified their holdings of the business. Teton Advisors LLC bought a new position in Eastern in the 3rd quarter worth $3,293,000. Minerva Advisors LLC raised its stake in shares of Eastern by 3.8% in the second quarter. Minerva Advisors LLC now owns 525,053 shares of the industrial products company’s stock worth $11,982,000 after buying an additional 19,066 shares during the period. GatePass Capital LLC raised its stake in shares of Eastern by 87.8% in the third quarter. GatePass Capital LLC now owns 33,800 shares of the industrial products company’s stock worth $793,000 after buying an additional 15,800 shares during the period. Los Angeles Capital Management LLC purchased a new position in shares of Eastern during the 2nd quarter valued at about $326,000. Finally, LSV Asset Management increased its holdings in Eastern by 71.5% in the 3rd quarter. LSV Asset Management now owns 23,403 shares of the industrial products company’s stock worth $549,000 after acquiring an additional 9,753 shares in the last quarter. Institutional investors own 76.99% of the company’s stock.

Eastern Stock Up 2.1%

NASDAQ EML traded up $0.41 during mid-day trading on Wednesday, reaching $19.55. The stock had a trading volume of 11,424 shares, compared to its average volume of 10,556. Eastern has a 1 year low of $18.49 and a 1 year high of $29.55. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.99 and a quick ratio of 1.30. The company has a fifty day moving average price of $19.91 and a 200 day moving average price of $22.15. The stock has a market cap of $118.67 million, a PE ratio of 15.77 and a beta of 1.00.

Eastern (NASDAQ:EML) last announced its earnings results on Tuesday, November 4th. The industrial products company reported $0.13 earnings per share for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.64). The company had revenue of $55.34 million for the quarter, compared to analysts’ expectations of $73.41 million. Eastern had a net margin of 2.96% and a return on equity of 7.18%.

Eastern Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, February 13th will be given a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 2.3%. The ex-dividend date is Friday, February 13th. Eastern’s payout ratio is 35.48%.

Eastern Company Profile

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.