Eastern (NASDAQ:EML) Announces Quarterly Earnings Results, Misses Estimates By $0.29 EPS

Eastern (NASDAQ:EML) posted its earnings results on Tuesday. The industrial products company reported $0.60 EPS for the quarter, missing the consensus estimate of $0.89 by ($0.29), Zacks reports. Eastern had a net margin of 3.44% and a return on equity of 3.38%. The business had revenue of $74.98 million during the quarter, compared to analysts’ expectations of $78.55 million.

Eastern Stock Up 8.2%

Shares of Eastern stock traded up $2.23 during trading hours on Tuesday, hitting $29.48. The company had a trading volume of 12,515 shares, compared to its average volume of 19,149. The company’s 50-day moving average is $25.56 and its two-hundred day moving average is $22.89. Eastern has a twelve month low of $17.61 and a twelve month high of $29.91. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.80 and a quick ratio of 1.32. The company has a market cap of $177.47 million, a P/E ratio of 22.00 and a beta of 0.89.

Eastern Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Monday, November 16th will be issued a $0.11 dividend. The ex-dividend date is Monday, November 16th. This represents a $0.44 annualized dividend and a dividend yield of 1.5%. Eastern’s dividend payout ratio is presently 32.84%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Eastern in a research report on Monday, September 21st. Wall Street Zen raised Eastern from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Two research analysts have rated the stock with a Hold rating. Based on data from MarketBeat, the company presently has a consensus rating of “Hold”.

About Eastern

The Eastern Company (NASDAQ: EML) is a diversified manufacturer of engineered products serving industrial, security and transportation markets. The company develops and produces products used in commercial vehicles, industrial equipment, specialty vehicles and other applications where security, access control and engineered components are required. Its product offerings include locks, latches, access hardware and other security-related components, as well as vehicle mirrors and related equipment.