Eastern (NASDAQ:EML) Stock Passes Above Two Hundred Day Moving Average – What’s Next?

Eastern Company (The) (NASDAQ:EML) shares passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $20.83 and traded as high as $26.36. Eastern shares last traded at $25.93, with a volume of 22,484 shares.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Eastern in a research note on Wednesday, June 24th. Royal Bank Of Canada cut shares of Eastern from a “moderate buy” rating to a “hold” rating in a report on Monday, April 13th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has an average rating of “Hold”.

Eastern Stock Performance

The firm has a 50 day moving average of $22.99 and a 200-day moving average of $20.83. The stock has a market capitalization of $156.36 million, a PE ratio of 27.01 and a beta of 0.82. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.64 and a current ratio of 3.52.

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

Eastern Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 15th were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, May 15th. Eastern’s dividend payout ratio is 45.83%.

Insider Buying and Selling

In related news, Director James A. Mitarotonda acquired 1,679 shares of the company’s stock in a transaction on Tuesday, June 16th. The shares were purchased at an average price of $21.40 per share, for a total transaction of $35,930.60. Following the purchase, the director owned 46,190 shares in the company, valued at $988,466. This represents a 3.77% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Peggy Scott acquired 1,176 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was bought at an average price of $21.40 per share, for a total transaction of $25,166.40. Following the purchase, the director owned 26,262 shares in the company, valued at approximately $562,006.80. This trade represents a 4.69% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders purchased 13,264 shares of company stock worth $285,179. 18.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Eastern

A number of institutional investors have recently modified their holdings of the stock. BNP Paribas Financial Markets grew its holdings in shares of Eastern by 82.9% during 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 in the last quarter. Focus Partners Wealth acquired a new position in shares of Eastern in the third quarter worth $40,000. Tower Research Capital LLC TRC raised its holdings in shares of Eastern by 295.9% during the second quarter. Tower Research Capital LLC TRC now owns 1,738 shares of the industrial products company’s stock worth $40,000 after acquiring an additional 1,299 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Eastern during the second quarter worth $70,000. Finally, Fifth Third Bancorp acquired a new stake in Eastern during the first quarter valued at $73,000. Institutional investors and hedge funds 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.