Eastern (NASDAQ:EML) Lowered to Hold Rating by Royal Bank Of Canada

Eastern (NASDAQ:EML) was downgraded by analysts at Royal Bank Of Canada from a “moderate buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the company. Wall Street Zen raised Eastern to a “hold” rating in a report on Saturday, January 10th. Weiss Ratings reissued a “hold (c)” rating on shares of Eastern in a report on Monday, December 29th. Two 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 Down 2.1%

NASDAQ:EML opened at $21.82 on Monday. Eastern has a twelve month low of $17.61 and a twelve month high of $26.77. The company has a quick ratio of 1.55, a current ratio of 3.59 and a debt-to-equity ratio of 0.30. The business has a 50 day moving average price of $19.66 and a two-hundred day moving average price of $19.85. The company has a market cap of $131.79 million, a P/E ratio of 18.65 and a beta of 0.89.

Eastern (NASDAQ:EML) last released its quarterly earnings results on Tuesday, March 3rd. The industrial products company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Eastern had a return on equity of 6.52% and a net margin of 2.90%.

Insider Buying and Selling at Eastern

In other Eastern news, Director James A. Mitarotonda purchased 2,000 shares of the business’s stock in a transaction on Wednesday, March 18th. The stock was acquired at an average price of $20.11 per share, with a total value of $40,220.00. Following the acquisition, the director directly owned 644,342 shares of the company’s stock, valued at $12,957,717.62. This trade represents a 0.31% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director John Everets purchased 1,339 shares of the business’s stock in a transaction on Monday, March 16th. The shares were acquired at an average cost of $20.93 per share, with a total value of $28,025.27. Following the acquisition, the director directly owned 141,194 shares in the company, valued at approximately $2,955,190.42. The trade was a 0.96% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have acquired a total of 17,680 shares of company stock valued at $347,161 in the last ninety days. Insiders own 18.40% of the company’s stock.

Institutional Trading of Eastern

Several hedge funds have recently added to or reduced their stakes in the company. Teton Advisors LLC acquired a new position in Eastern in the 3rd quarter valued at $3,293,000. GatePass Capital LLC raised its stake in Eastern by 87.8% in the 3rd quarter. GatePass Capital LLC now owns 33,800 shares of the industrial products company’s stock worth $793,000 after purchasing an additional 15,800 shares in the last quarter. Osaic Holdings Inc. raised its stake in Eastern by 3,259.7% in the 4th quarter. Osaic Holdings Inc. now owns 13,674 shares of the industrial products company’s stock worth $269,000 after purchasing an additional 13,267 shares in the last quarter. LSV Asset Management raised its stake in Eastern by 71.5% in the 3rd quarter. LSV Asset Management now owns 23,403 shares of the industrial products company’s stock worth $549,000 after purchasing an additional 9,753 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in Eastern in the 3rd quarter worth about $206,000. 76.99% of the stock is owned by institutional investors and hedge funds.

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.