SHELTON, CT - The Eastern Company (NASDAQ:EML) has declared its regular quarterly cash dividend of eleven cents ($0.11) per share. The payout, which is part of a longstanding tradition, will be made on March 15, 2024, to shareholders of record as of February 15, 2024. This marks the company's 334th consecutive quarterly dividend, underscoring its commitment to returning value to its shareholders.
The Eastern Company, known for managing industrial businesses that design, manufacture, and sell engineered solutions, operates in various sectors poised for long-term macroeconomic growth. With a footprint spanning the U.S., Canada, Mexico, Taiwan, and China, Eastern has positioned itself in markets that are expected to expand over time.
The information in this article is based on a press release statement from The Eastern Company.
InvestingPro Insights
The Eastern Company (NASDAQ:EML) continues to demonstrate its dedication to shareholder returns, not only through its impressive streak of 334 consecutive quarterly dividends but also by maintaining a robust financial posture. InvestingPro data highlights a market capitalization of $150.84 million and a price-to-earnings (P/E) ratio that has improved to 26.06 in the last twelve months as of Q3 2023. This suggests a company that is managing its earnings growth efficiently in relation to its share price.
InvestingPro Tips further underscore the company’s financial health, with a high shareholder yield and a valuation that implies a strong free cash flow yield. Moreover, the company's ability to cover its short-term obligations with liquid assets provides additional confidence in its financial stability. Notably, Eastern has not only been profitable over the last twelve months but has also seen a substantial return over the last three months, with a price total return of 36.6%.
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