The Eastern Company (NASDAQ:EML) Short Interest Update

The Eastern Company (NASDAQ:EML – Get Rating) was the target of a significant increase in short interest in May. As of May 31st, there was short interest totalling 51,100 shares, an increase of 26.8% from the May 15th total of 40,300 shares. Approximately 0.9% of the shares of the company are short sold. Based on an average daily volume of 7,400 shares, the days-to-cover ratio is currently 6.9 days.

Separately, StockNews.com assumed coverage on Eastern in a research note on Tuesday. They issued a “buy” rating on the stock.

In related news, Director Frederick D. Disanto bought 2,000 shares of Eastern stock in a transaction that occurred on Friday, May 20th. The stock was purchased at an average cost of $20.92 per share, for a total transaction of $41,840.00. Following the acquisition, the director now owns 23,725 shares in the company, valued at $496,327. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Frederick D. Disanto purchased 1,619 shares of the company’s stock in a transaction on Wednesday, June 1st. The stock was acquired at an average cost of $21.00 per share, for a total transaction of $33,999.00. Following the completion of the transaction, the director now owns 27,144 shares in the company, valued at $570,024. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 6,421 shares of company stock worth $134,009. Company insiders own 16.31% of the company’s stock.

A number of institutional investors have recently modified their holdings of the stock. UBS Group AG grew its holdings in shares of Eastern by 21.2% in the first quarter. UBS Group AG now owns 4,702 shares of the industrial products company’s stock valued at $109,000 after acquiring an additional 822 shares in the last quarter. Morgan Stanley raised its position in shares of Eastern by 50.7% in the second quarter. Morgan Stanley now owns 5,884 shares of the industrial products company’s stock worth $178,000 after buying an additional 1,980 shares in the last quarter. Northern Trust Corp increased its stake in Eastern by 2.8% in the fourth quarter. Northern Trust Corp now owns 15,603 shares of the industrial products company’s stock valued at $391,000 after acquiring an additional 429 shares during the last quarter. State Street Corp increased its stake in 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 acquiring an additional 640 shares during the last quarter. Finally, Susquehanna International Group LLP grew its stake in shares of Eastern by 140.8% during the fourth quarter. Susquehanna International Group LLP now owns 23,237 shares of the industrial products company’s stock valued at $585,000 after buying an additional 13,587 shares during the last quarter. 61.80% of the stock is owned by institutional investors and hedge funds.

EML opened at $19.88 on Friday. Eastern has a 12-month low of $19.74 and a 12-month high of $33.18. The stock has a market cap of $124.05 million, a price-to-earnings ratio of 14.84 and a beta of 0.94. The business has a 50 day moving average of $21.84 and a 200-day moving average of $23.74. The company has a quick ratio of 1.31, a current ratio of 2.66 and a debt-to-equity ratio of 0.57.

Eastern (NASDAQ:EML – Get Rating) last posted its quarterly earnings data on Monday, May 9th. The industrial products company reported $0.46 EPS for the quarter. Eastern had a return on equity of 12.16% and a net margin of 3.32%. The firm had revenue of $69.02 million for the quarter.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 15th. Stockholders of record on Friday, May 13th were paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date was Thursday, May 12th. Eastern’s dividend payout ratio is 32.84%.

About Eastern (Get Rating)

The Eastern Company designs, manufactures, and sells engineered solutions to industrial markets in the United States and internationally. It offers turnkey returnable packaging solutions that are used in the assembly process of vehicles, aircraft, and durable goods, as well as in the production process 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; and supplies blow molds and change parts to the food, beverage, healthcare, and chemical industry.

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