Frederick DiSanto, a director at Eastern Co (NASDAQ:EML), recently acquired 354 shares of the company's common stock. The transaction, dated November 26, 2024, was executed at a price of $27.99 per share, bringing the total purchase to $9,908. The stock has since appreciated to $29.73, reflecting the company's strong performance with a remarkable 60% return over the past year. According to InvestingPro analysis, the company's stock is currently trading near its Fair Value. Following this transaction, DiSanto holds 67,508 shares directly. Additionally, he has indirect ownership interests in 43,797 shares through Ancora Catalyst Fund LP and 11,970 shares through Ancora Merlin Fund LP, where he serves as Chairman and CEO of Ancora Alternatives LLC, the General Partner of both funds. The company, with a market capitalization of $184 million, boasts a strong financial position with a current ratio of 2.64 and has maintained dividend payments for 54 consecutive years. InvestingPro subscribers can access additional insights and detailed analysis in the comprehensive Pro Research Report, which covers key metrics and growth indicators for this dividend stalwart.
In other recent news, the Eastern Company reported significant growth in its third-quarter financial results, with net sales rising by 15% to $71.3 million and net income increasing to $4.7 million. This improvement is attributed to strategic business decisions, including the appointment of a new CEO, Ryan Schroeder, and the divestiture of the Big 3 Mold business. These developments are part of the company's focus on strengthening its position in the commercial vehicle, automotive, and other industrial markets. The company also reported an increase in its backlog by 13% to $97.2 million and repurchased 50,000 shares of common stock during the quarter. Despite these positive strides, the Eastern Company recognized a loss of $19.2 million net of tax from the write-down of the Big 3 Mold business and experienced increased selling and administrative expenses. The new leadership is anticipated to drive long-term, sustained growth, although specific short-term goals were not disclosed. These are the recent developments for the Eastern Company.
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