Eastern (NASDAQ:EML) Stock Price Passes Above 200-Day Moving Average – Here’s What Happened

Shares of Eastern Company (The) (NASDAQ:EML) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $19.83 and traded as high as $21.65. Eastern shares last traded at $21.65, with a volume of 12,954 shares.

Eastern News Roundup

Here are the key news stories impacting Eastern this week:

• Neutral Sentiment: Eastern’s latest short-interest report showed 0 shares short and no meaningful change in bearish positioning, which may slightly reduce concerns about downside pressure but is unlikely to be a major stock catalyst.
• Neutral Sentiment: Recent headlines mentioning “Eastern” mostly refer to unrelated companies such as China Eastern Airlines, Virgin Galactic, and other non-EML entities, so they do not appear to directly affect Eastern Company’s fundamentals.

Wall Street Analysts Forecast Growth

Separately, Royal Bank Of Canada downgraded Eastern from a “moderate buy” rating to a “hold” rating in a report on Monday, April 13th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Hold”.

Eastern Trading Up 1.5%

The company has a market cap of $130.55 million, a price-to-earnings ratio of 22.55 and a beta of 0.88. The firm has a 50-day moving average price of $21.25 and a 200 day moving average price of $19.83. The company has a current ratio of 3.52, a quick ratio of 1.64 and a debt-to-equity ratio of 0.29.

Eastern (NASDAQ:EML) last issued its earnings results on Tuesday, May 12th. The industrial products company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.39). Eastern had a return on equity of 5.46% and a net margin of 2.41%.The firm had revenue of $59.68 million during the quarter, compared to analyst estimates of $67.74 million.

Eastern Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, May 15th will be given a dividend of $0.11 per share. The ex-dividend date is Friday, May 15th. This represents a $0.44 dividend on an annualized basis and a yield of 2.0%. Eastern’s payout ratio is currently 45.83%.

Insider Buying and Selling

In related news, Director James A. Mitarotonda acquired 5,067 shares of Eastern stock in a transaction that occurred on Friday, March 6th. The stock was acquired at an average price of $18.29 per share, for a total transaction of $92,675.43. Following the transaction, the director directly owned 640,000 shares of the company’s stock, valued at $11,705,600. This trade represents a 0.80% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John Everets acquired 1,339 shares of Eastern stock in a transaction that occurred on Monday, March 16th. The shares were bought at an average price of $20.93 per share, with a total value of $28,025.27. Following the transaction, the director directly owned 141,194 shares in the company, valued at approximately $2,955,190.42. This trade represents a 0.96% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 17,680 shares of company stock valued at $347,161 in the last 90 days. Insiders own 18.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Barington Companies Management LLC boosted its position in Eastern by 0.8% during the 4th quarter. Barington Companies Management LLC now owns 634,933 shares of the industrial products company’s stock worth $12,502,000 after acquiring an additional 4,833 shares during the period. Minerva Advisors LLC boosted its position in Eastern by 1.0% during the 3rd quarter. Minerva Advisors LLC now owns 530,053 shares of the industrial products company’s stock worth $12,435,000 after acquiring an additional 5,000 shares during the period. Gamco Investors INC. ET AL boosted its position in Eastern by 0.7% during the 4th quarter. Gamco Investors INC. ET AL now owns 515,545 shares of the industrial products company’s stock worth $10,151,000 after acquiring an additional 3,827 shares during the period. Dimensional Fund Advisors LP boosted its position in Eastern by 0.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 388,292 shares of the industrial products company’s stock worth $7,645,000 after acquiring an additional 1,571 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in Eastern by 0.3% during the 3rd quarter. Russell Investments Group Ltd. now owns 257,126 shares of the industrial products company’s stock worth $6,032,000 after acquiring an additional 775 shares during the period. Institutional investors and hedge funds own 76.99% of the company’s stock.

Eastern Company Profile

Eastern (NASDAQ:EML), based in West Haven, Connecticut, is a diversified industrial manufacturer specializing in secure hardware and metal finishing services. The company operates through two primary segments: Industrial Hardware Products and Security Products, complemented by a Metal Coatings division. Its Industrial Hardware Products segment produces cold-headed fasteners, forgings, hinges and precision components for heavy commercial vehicles, hydraulic cylinders and industrial machinery.

The Security Products segment designs and manufactures a wide range of lock and latch solutions, including padlocks, door hardware, cabinet locks and rental security towers for commercial and institutional applications.