Eastern (NASDAQ:EML) Share Price Passes Above 200-Day Moving Average – What’s Next?

Eastern Company (The) (NASDAQ:EML) shares passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $21.26 and traded as high as $24.44. Eastern shares last traded at $24.41, with a volume of 8,207 shares changing hands.

Analyst Ratings Changes

EML has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Eastern in a research note on Wednesday, June 24th. Royal Bank Of Canada lowered 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 MarketBeat.com, Eastern presently has a consensus rating of “Hold”.

Eastern Price Performance

The company has a debt-to-equity ratio of 0.29, a current ratio of 3.52 and a quick ratio of 1.64. The stock has a 50 day moving average price of $23.91 and a 200-day moving average price of $21.35. The stock has a market capitalization of $145.20 million, a price-to-earnings ratio of 25.08 and a beta of 0.82.

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 net margin of 2.41% and a return on equity of 5.46%. The firm had revenue of $59.68 million during the quarter, compared to analyst estimates of $67.74 million.

Eastern Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Friday, August 14th will be given a dividend of $0.11 per share. The ex-dividend date is Friday, August 14th. This represents a $0.44 dividend on an annualized basis and a yield of 1.8%. Eastern’s payout ratio is presently 45.83%.

Insider Activity

In related news, Director Peggy Scott bought 1,176 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was acquired at an average cost of $21.40 per share, with a total value of $25,166.40. Following the purchase, the director directly owned 26,262 shares of the company’s stock, valued at $562,006.80. The trade was a 4.69% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director James A. Mitarotonda purchased 1,679 shares of Eastern stock in a transaction dated Tuesday, June 16th. The shares were purchased at an average cost of $21.40 per share, for a total transaction of $35,930.60. Following the transaction, the director owned 46,190 shares in the company, valued at approximately $988,466. This trade represents a 3.77% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased 13,264 shares of company stock worth $285,179 over the last ninety days. Corporate insiders own 18.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Millennium Management LLC acquired a new position in shares of Eastern during the third quarter worth about $202,000. Barclays PLC raised its holdings in Eastern by 10.9% in the fourth quarter. Barclays PLC now owns 9,002 shares of the industrial products company’s stock valued at $177,000 after acquiring an additional 886 shares in the last quarter. Strs Ohio acquired a new stake in Eastern in the first quarter valued at approximately $127,000. Deutsche Bank AG purchased a new position in Eastern in the fourth quarter worth approximately $98,000. Finally, Raymond James Financial Inc. purchased a new position in Eastern in the second quarter worth approximately $70,000. 76.99% of the stock is currently owned by hedge funds and other institutional investors.

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.