James Mitarotonda, a director at the Eastern Company (NASDAQ: EML), acquired 933 shares of the company’s stock on November 13, 2023, for a total investment of $18,464.07. The shares were purchased at an average price of $19.79 each, marking a modest increase in Mitarotonda’s holdings.
Following this transaction, he now directly owns 632,500 shares, valued at approximately $12,517,175. This purchase reflects a 0.15% increase in his position within the company. The acquisition details were disclosed in a legal filing with the Securities and Exchange Commission.
Current Market Performance
As of Monday, Eastern Company shares opened at $19.49, representing a decline of 1.5%. The company’s market capitalization stands at $118.28 million, with a price-to-earnings ratio of -14.77 and a beta of 0.98. Over the past year, Eastern’s stock has fluctuated between a 52-week low of $19.06 and a high of $31.67. The firm maintains a debt-to-equity ratio of 0.28, a quick ratio of 1.33, and a current ratio of 2.67. The average price over the last 50 days is $22.46, while the 200-day moving average is $22.91.
Recently, Eastern reported its quarterly earnings on November 4, 2023. The industrial products company posted earnings of $0.13 per share, falling significantly short of the consensus estimate of $0.77 by $0.64. The company generated revenues of $55.34 million, which also lagged behind analyst expectations of $73.41 million. Despite these figures, Eastern achieved a return on equity of 10.44% but experienced a negative net margin of 3.06%.
Institutional Investment Trends
Recent trading activity indicates notable movements among institutional investors and hedge funds regarding Eastern’s stock. Minerva Advisors LLC increased its holdings by 1.0% in the first quarter, now owning 505,987 shares valued at $12,812,000. Koss Olinger Consulting LLC made a new investment in Eastern worth approximately $591,000.
Additionally, Goldman Sachs Group Inc. raised its stake by 43.4%, bringing its total to 20,533 shares valued at $520,000. Empowered Funds LLC also expanded its position by 7.1%, owning 31,855 shares valued at $807,000. Institutional investors currently hold 76.99% of Eastern’s stock, reflecting significant confidence in the company.
Analysts have maintained a cautious outlook on Eastern Company, with Weiss Ratings reaffirming a “hold (c)” rating in a research note issued recently. According to data from MarketBeat.com, the consensus rating for the stock remains a “Hold,” indicating a wait-and-see approach among market observers.
The Eastern Company designs, manufactures, and markets engineered solutions for industrial sectors both in the United States and globally. Its offerings include turnkey returnable packaging solutions utilized in various manufacturing processes, alongside blow mold tooling products for industries ranging from food and beverage to healthcare and chemicals.
