Short Interest in The Eastern Company (NASDAQ:EML) Decreases By 5.3%

The Eastern Company (NASDAQ:EML - Get Free Report) saw a significant decline in short interest during the month of December. As of December 15th, there was short interest totalling 46,500 shares, a decline of 5.3% from the November 30th total of 49,100 shares. Based on an average trading volume of 18,900 shares, the days-to-cover ratio is currently 2.5 days. Approximately 0.8% of the company's stock are sold short.

Institutional Trading of Eastern

Several hedge funds and other institutional investors have recently made changes to their positions in EML. MetLife Investment Management LLC grew its holdings in Eastern by 129.1% during the third quarter. MetLife Investment Management LLC now owns 3,086 shares of the industrial products company's stock worth $100,000 after acquiring an additional 1,739 shares during the period. Acadian Asset Management LLC purchased a new stake in shares of Eastern during the 2nd quarter worth $110,000. Rhumbline Advisers acquired a new position in shares of Eastern during the 2nd quarter worth $134,000. Barclays PLC increased its holdings in shares of Eastern by 277.7% in the 3rd quarter. Barclays PLC now owns 6,875 shares of the industrial products company's stock valued at $223,000 after purchasing an additional 5,055 shares in the last quarter. Finally, HighTower Advisors LLC acquired a new stake in shares of Eastern in the third quarter valued at about $231,000. Hedge funds and other institutional investors own 76.99% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded shares of Eastern from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, December 18th.

Eastern Stock Performance

Shares of EML traded up $0.19 during mid-day trading on Wednesday, hitting $26.54. 7,336 shares of the company's stock were exchanged, compared to its average volume of 22,923. The company has a current ratio of 2.64, a quick ratio of 1.42 and a debt-to-equity ratio of 0.37. Eastern has a fifty-two week low of $20.50 and a fifty-two week high of $35.78. The business's 50 day moving average is $28.86 and its two-hundred day moving average is $29.21. The firm has a market capitalization of $164.10 million, a P/E ratio of -25.77 and a beta of 0.98.

Eastern Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 15th were paid a $0.11 dividend. The ex-dividend date was Friday, November 15th. This represents a $0.44 annualized dividend and a yield of 1.66%. Eastern's dividend payout ratio is currently -42.72%.

About Eastern

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