Minerva Advisors Updates Eastern Co. (EML) Stake in SC 13G/A Filing
Ticker: EML · Form: SC 13G/A · Filed: Feb 9, 2024 · CIK: 31107
Complexity: simple
Sentiment: neutral
Topics: institutional-ownership, amendment, passive-investing
TL;DR
**Minerva Advisors just updated their Eastern Co. (EML) stake, keep an eye on this activist investor.**
AI Summary
Minerva Advisors LLC, along with its affiliates Minerva Group, LP, Minerva GP, LP, Minerva GP, Inc., and David P. Cohen, filed an amended SC 13G/A on February 9, 2024, indicating their ownership in The Eastern Company (NASDAQ: EML). This filing, dated December 31, 2023, updates their previous disclosures regarding their stake in the company's common stock. This matters to investors because it provides transparency into significant institutional holdings, which can influence stock price and corporate governance, especially when a major investor like Minerva Advisors, known for its activist approach, adjusts its position.
Why It Matters
This filing shows that Minerva Advisors, a notable investment firm, continues to hold a significant position in The Eastern Company, signaling their ongoing interest and potential influence on the company's direction.
Risk Assessment
Risk Level: low — This is a routine update to a passive investment filing, not indicating any immediate high-risk event.
Analyst Insight
Investors should note Minerva Advisors' continued presence as a significant shareholder in The Eastern Company. While this filing doesn't disclose specific changes in share count, it confirms their ongoing interest. Smart investors might monitor future filings for any substantial changes in their stake or any activist actions, as Minerva Advisors has a history of engaging with portfolio companies.
Key Players & Entities
- Minerva Advisors LLC (company) — the primary reporting person filing the SC 13G/A
- The Eastern Company (company) — the issuer of the common stock being reported on
- David P. Cohen (person) — a reporting person associated with Minerva Advisors LLC
- Minerva Group, LP (company) — an affiliate of Minerva Advisors LLC and a reporting person
- Minerva GP, LP (company) — an affiliate of Minerva Advisors LLC and a reporting person
- Minerva GP, Inc. (company) — an affiliate of Minerva Advisors LLC and a reporting person
FAQ
Who filed this SC 13G/A amendment?
The SC 13G/A amendment was filed by Minerva Advisors LLC, along with Minerva Group, LP, Minerva GP, LP, Minerva GP, Inc., and David P. Cohen, as stated in the 'NAMES OF REPORTING PERSONS' section.
What company's stock is the subject of this filing?
The subject company is The Eastern Company, as indicated by 'The Eastern Company (Name of Issuer)' on the Schedule 13G form.
What is the CUSIP number for the securities reported in this filing?
The CUSIP number for the Common Stock, No par value, of The Eastern Company is 276317104, as listed on the cover page of the filing.
What was the 'Date of Event Which Requires Filing of this Statement'?
The 'Date of Event Which Requires Filing of this Statement' was December 31, 2023, as specified on the Schedule 13G form.
Under which rule was this Schedule 13G filed?
This Schedule 13G was filed under Rule 13d-1(c), as indicated by the 'X' next to '[ X ] Rule 13d-1(c)' on the form.
Filing Stats: 1,892 words · 8 min read · ~6 pages · Grade level 8.8 · Accepted 2024-02-09 11:11:17
Filing Documents
- easternco13ga8-2.htm (SC 13G/A) — 59KB
- 0001462390-24-000023.txt ( ) — 61KB
(a)
Item 1(a) Name of Issuer. The Eastern Company
(b)
Item 1(b) Address of Issuer's Principal Executive Offices. 112 Bridge Street Naugatuck, CT 06770
(a)
Item 2(a) Name of Person Filing. Minerva Advisors LLC Minerva Group, LP Minerva GP, LP Minerva GP, Inc. David P. Cohen
(b)
Item 2(b) Address of Principal Business Office or, if none, Residence. 50 Monument Road, Suite 201 Bala Cynwyd, PA 19004
(c)
Item 2(c) Citizenship. David P. Cohen is a U.S. Citizen. Minerva Advisors LLC, Minerva Group, LP, and Minerva GP, LP are organized under Delaware law. Minerva GP, Inc. is organized under Pennsylvania law.
(d)
Item 2(d) Title of Class of Securities. Common Stock, No par value
(e)
Item 2(e) CUSIP Number. 276317104 Item 3 This statement is not filed pursuant to Rules 13d-1(b), 13d-2(b) or 13d-2(c). Item 4 (a) Amount beneficially owned: Minerva Advisors LLC* - 491,594 Minerva Group, LP - 335,567 Minerva GP, LP* - 335,567 Minerva GP, Inc.* - 335,567 David P. Cohen* - 493,844 *Each of these reporting persons is deemed a beneficial owner of the 335,567 shares of the Issuer held by Minerva Group, LP. David P. Cohen is the beneficial owner of the 2,250 shares of the Issuer owned individually and is also deemed a beneficial owner of the 491,594 shares of the Issuer beneficially owned by Minerva Advisors LLC. (b) Percent of Class: Minerva Advisors LLC* - 7.9% Minerva Group, LP - 5.4% Minerva GP, LP* - 5.4% Minerva GP, Inc.* - 5.4% David P. Cohen* - 7.9% *Each of these reporting persons is deemed a beneficial owner of the 5.4% of the shares of the Issuer held by Minerva Group, LP. David P. Cohen is the beneficial owner of 0.04% of the shares of the Issuer owned individually and is also deemed a beneficial owner of the 7.9% of the shares of the Issuer beneficially owned by Minerva Advisors LLC. Based on a total of 6,238,413 shares of the Issuer's Common Stock outstanding as of September 30, 2023, as reported in the Issuer's Quarterly Report on Form 10-Q for the period ended September 30, 2023. (c) Number of Shares as to which the person has: (i) Sole power to vote or to direct the vote: Minerva Advisors LLC* - 335,567 Minerva Group, LP - 335,567 Minerva GP, LP* - 335,567 Minerva GP, Inc.* - 335,567 David P. Cohen* - 337,817 *Each of these reporting persons is deemed a beneficial owner of the 335,567 shares of the Issuer held by Minerva Group, LP. David P. Cohen is also the beneficial owner of 2,250 shares of the Issuer owned individually. (ii) Shared power to vote or to direct the vote: Minerva Advisors LLC - 156,027 David P. Cohen** - 156,027 **David P. Cohen is deemed a beneficial own