Eastern (NASDAQ:EML) Shares Pass Above 200-Day Moving Average – Should You Sell?

Eastern Company (The) (NASDAQ:EML) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $20.19 and traded as high as $23.99. Eastern shares last traded at $23.73, with a volume of 63,899 shares trading hands.

Analysts Set New Price Targets

Separately, Royal Bank Of Canada downgraded Eastern from a “moderate buy” rating to a “hold” rating in a research note on Monday, April 13th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company has a consensus rating of “Hold”.

Eastern Stock Performance

The company has a market capitalization of $143.09 million, a P/E ratio of 24.72 and a beta of 0.87. The business has a 50-day moving average of $21.80 and a 200-day moving average of $20.19. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.52 and a quick ratio of 1.64.

Eastern (NASDAQ:EML) last posted its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $67.74 million.

Eastern Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 15th were issued a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Friday, May 15th. Eastern’s dividend payout ratio (DPR) is 45.83%.

Insider Buying and Selling

In other news, Director John Everets acquired 1,310 shares of Eastern stock in a transaction that occurred on Tuesday, June 16th. The shares were bought at an average cost of $21.40 per share, with a total value of $28,034.00. Following the transaction, the director directly owned 142,504 shares of the company’s stock, valued at $3,049,585.60. This trade represents a 0.93% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director James A. Mitarotonda acquired 3,736 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was purchased at an average cost of $21.73 per share, with a total value of $81,183.28. Following the purchase, the director owned 650,000 shares of the company’s stock, valued at $14,124,500. The trade was a 0.58% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders bought 13,264 shares of company stock valued at $285,179. Company insiders own 18.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Teton Advisors LLC purchased a new stake in shares of Eastern in the third quarter worth approximately $3,293,000. Minerva Advisors LLC boosted its holdings in Eastern by 1.0% during the 3rd quarter. Minerva Advisors LLC now owns 530,053 shares of the industrial products company’s stock valued at $12,435,000 after acquiring an additional 5,000 shares during the period. Focus Partners Wealth purchased a new position in Eastern during the 3rd quarter valued at $40,000. Tower Research Capital LLC TRC grew its position in Eastern by 295.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,738 shares of the industrial products company’s stock valued at $40,000 after acquiring an additional 1,299 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its position in Eastern by 82.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,273 shares of the industrial products company’s stock valued at $30,000 after acquiring an additional 577 shares during the last quarter. Institutional investors own 76.99% of the company’s stock.

About Eastern

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.