Frederick D. DiSanto, a director at Eastern Co. (NASDAQ:EML), a small-cap industrial company with a market capitalization of $179 million, recently made a purchase of the company’s common stock, according to a recent SEC filing. InvestingPro analysis shows the company maintains strong liquidity with a current ratio of 2.64. On December 13, DiSanto acquired 654 shares at a price of $28.62 per share, totaling approximately $18,717. Following this transaction, DiSanto now holds 68,162 shares directly. The stock, which has gained nearly 34% year-to-date, shows promising fundamentals according to InvestingPro, which highlights the company’s 54-year track record of consistent dividend payments and profitable operations over the last twelve months.
In addition to his direct holdings, DiSanto has a pecuniary interest in shares held by Ancora Catalyst Fund LP and Ancora Merlin Fund LP, as noted in the filing. These shares are indirectly owned due to his role as Chairman and CEO of Ancora Alternatives LLC, which acts as the General Partner of these funds. For deeper insights into EML’s financial health and valuation metrics, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Eastern Company has reported significant improvements in its Q3 financial results, with net sales rising by 15% to $71.3 million and net income reaching $4.7 million, or $0.75 per diluted share. The company also announced the appointment of a new CEO, Ryan Schroeder, and the divestiture of the Big 3 Mold business. The company’s financial results indicate a focus on strengthening its position in the commercial vehicle, automotive, and other industrial markets. Notably, Eastern Company’s gross margin improved due to better pricing and cost-saving initiatives. The firm’s backlog also increased by 13% to $97.2 million. Despite these positive developments, Eastern Company recognized a loss of $19.2 million net of tax from the write-down of the Big 3 Mold business. Following these recent developments, the new leadership is anticipated to drive long-term, sustained growth.
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