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

The Eastern Company (NASDAQ:EMLGet Rating) was the recipient of a large drop in short interest in December. As of December 30th, there was short interest totalling 48,100 shares, a drop of 5.7% from the December 15th total of 51,000 shares. Based on an average daily volume of 7,500 shares, the days-to-cover ratio is currently 6.4 days. Currently, 0.8% of the company’s stock are sold short.

Wall Street Analyst Weigh In

Separately, StockNews.com began coverage on Eastern in a research note on Wednesday, January 18th. They set a “buy” rating on the stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in EML. Gamco Investors INC. ET AL grew its position in shares of Eastern by 0.3% in the 1st quarter. Gamco Investors INC. ET AL now owns 556,193 shares of the industrial products company’s stock valued at $12,954,000 after buying an additional 1,450 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Eastern by 0.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 412,367 shares of the industrial products company’s stock worth $9,604,000 after purchasing an additional 3,207 shares during the period. Wells Fargo & Company MN raised its stake in shares of Eastern by 24.6% during the 2nd quarter. Wells Fargo & Company MN now owns 118,122 shares of the industrial products company’s stock worth $2,403,000 after purchasing an additional 23,344 shares during the period. Ancora Advisors LLC raised its stake in Eastern by 5.8% in the 1st quarter. Ancora Advisors LLC now owns 63,797 shares of the industrial products company’s stock valued at $1,710,000 after acquiring an additional 3,500 shares during the period. Finally, State Street Corp raised its stake in Eastern by 3.9% in the 1st 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 period. 67.54% of the stock is currently owned by institutional investors.

Eastern Trading Up 1.2 %

NASDAQ:EML opened at $22.37 on Monday. Eastern has a 12 month low of $17.10 and a 12 month high of $25.52. The company’s 50 day moving average is $21.61 and its 200-day moving average is $20.66. The firm has a market cap of $139.03 million, a price-to-earnings ratio of 8.84 and a beta of 1.01. The company has a quick ratio of 1.49, a current ratio of 2.92 and a debt-to-equity ratio of 0.54.

Eastern (NASDAQ:EMLGet Rating) last posted its quarterly earnings results on Monday, November 7th. The industrial products company reported $0.65 earnings per share for the quarter. Eastern had a net margin of 5.87% and a return on equity of 12.32%. The firm had revenue of $71.64 million for the quarter.

Eastern Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 15th. Shareholders of record on Tuesday, November 15th were paid a $0.11 dividend. The ex-dividend date of this dividend was Monday, November 14th. This represents a $0.44 annualized dividend and a yield of 1.97%. Eastern’s payout ratio is currently 17.39%.

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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