Eastern Company Director Acquires 1,467 Shares Amid Market Fluctuations

James Mitarotonda, a director at Eastern Company (NASDAQ:EML), purchased 1,467 shares of the company on November 12, 2023, at an average price of $19.54 per share. The total transaction value was approximately $28,665.18. With this acquisition, Mitarotonda now holds 631,567 shares, amounting to a total value of $12,340,819.18, which represents a 0.23% increase in his ownership stake.

This transaction was disclosed in a filing with the Securities and Exchange Commission, underscoring the transparency in share dealings by company officials.

Market Performance and Financial Overview

On Friday, November 10, 2023, shares of Eastern Company dipped by $0.29, closing at $19.49. Trading volume reached 7,091 shares, compared to the average volume of 10,044 shares. Over the past year, Eastern’s stock has experienced a low of $19.06 and a high of $31.67. The company currently has a market capitalization of $118.28 million and a debt-to-equity ratio of 0.28.

In its most recent earnings report on November 4, 2023, Eastern reported earnings of $0.13 per share, falling short of the consensus estimate of $0.77 by $0.64. Revenue for the quarter was $55.34 million, compared to the anticipated $73.41 million. The company reported a negative net margin of 3.06%, alongside a return on equity of 10.44%.

Institutional Investments and Analyst Ratings

Recent movements among institutional investors indicate growing interest in Eastern Company. Minerva Advisors LLC increased its stake by 1.0% during the third quarter, now owning 530,053 shares valued at $12,435,000. Similarly, Gamco Investors INC. ET AL raised its holdings by 1.8% in the second quarter, acquiring an additional 8,999 shares to bring its total to 511,218 shares, valued at $11,666,000.

As of now, the stock has a consensus rating of “Hold” according to data from MarketBeat.com. Weiss Ratings reaffirmed this rating in a report released on November 9, 2023.

With approximately 76.99% of the stock held by institutional investors, Eastern Company continues to attract significant attention in the industrial products sector. The company specializes in engineered solutions for various markets, including packaging for consumer goods, pharmaceuticals, and the automotive industry.

As the market continues to fluctuate, the implications of Mitarotonda’s recent stock purchase may reflect confidence in the company’s long-term prospects.