Eastern Company Director Acquires 1,467 Shares for $28,665

James Mitarotonda, a director at the Eastern Company (NASDAQ: EML), has purchased 1,467 shares of the company’s stock in a transaction dated November 12, 2023. The shares were acquired at an average price of $19.54 each, totaling approximately $28,665. Following this transaction, Mitarotonda now owns 631,567 shares, which are valued at around $12,340,819.

The recent acquisition marks a 0.23% increase in Mitarotonda’s ownership stake in Eastern Company. This information was disclosed in a filing with the Securities & Exchange Commission, which provides transparency regarding insider trading activities.

Market Performance and Analyst Ratings

On November 10, 2023, shares of Eastern Company traded down by $0.29, reaching a price of $19.49. Trading volume was recorded at 7,091 shares against an average volume of 10,044 shares. Over the past year, Eastern’s stock has fluctuated, with a low of $19.06 and a high of $31.67. The company currently maintains a market capitalization of $118.28 million.

In terms of financial metrics, Eastern Company has a debt-to-equity ratio of 0.28, a quick ratio of 1.33, and a current ratio of 2.67. As of their latest earnings report issued on November 4, 2023, the company reported earnings per share (EPS) of $0.13, falling short of analyst expectations which anticipated $0.77. Revenue for the quarter was reported at $55.34 million, significantly below the consensus estimate of $73.41 million.

Analysts from Weiss Ratings reaffirmed a “hold (c)” rating for Eastern shares, reflecting a cautious outlook on the stock. According to data from MarketBeat.com, the consensus rating among analysts remains a “Hold,” indicating a neutral stance on the stock’s future performance.

Institutional Investment Insights

Recent activity among institutional investors has seen fluctuations in their holdings of Eastern Company shares. For instance, Minerva Advisors LLC increased its stake by 1.0% during the third quarter, now holding 530,053 shares valued at approximately $12.43 million. Similarly, Gamco Investors INC. ET AL raised its holdings by 1.8%, bringing their total to 511,218 shares, valued at around $11.67 million.

Other notable changes include Russell Investments Group Ltd., which boosted its position by 0.3%, and Gabelli Funds LLC, which increased its stake by 0.4%. Currently, institutional investors and hedge funds own 76.99% of Eastern Company’s stock, reflecting strong institutional interest in the firm.

Eastern Company operates in the industrial sector, focusing on engineering solutions for various markets both domestically and internationally. The company specializes in producing turnkey returnable packaging solutions, critical in assembly processes for vehicles, aircraft, and durable goods, as well as in the manufacturing of plastic packaging products.

As the company navigates its recent performance challenges, the ongoing interest from institutional investors may provide a stabilizing influence as it seeks to enhance shareholder value in the future.