Eastern (NASDAQ:EML) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

Eastern Company (The) (NASDAQ:EML)’s stock price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $19.83 and traded as high as $21.65. Eastern shares last traded at $21.65, with a volume of 12,954 shares trading hands.

Analyst Ratings Changes

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

Eastern Price Performance

The stock’s 50-day moving average price is $21.28 and its 200-day moving average price is $19.84. The company has a market capitalization of $129.83 million, a price-to-earnings ratio of 22.43 and a beta of 0.88. The company has a quick ratio of 1.64, a current ratio of 3.52 and a debt-to-equity ratio of 0.29.

Eastern (NASDAQ:EML) last announced its earnings results on Tuesday, May 12th. The industrial products company reported $0.11 earnings per share (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 company had revenue of $59.68 million for the quarter, compared to analyst estimates of $67.74 million.

Eastern Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, May 15th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Friday, May 15th. Eastern’s dividend payout ratio is presently 45.83%.

Insider Buying and Selling

In related news, Director James A. Mitarotonda bought 5,067 shares of Eastern stock in a transaction dated Friday, March 6th. The shares were bought at an average cost of $18.29 per share, for a total transaction of $92,675.43. Following the completion of the transaction, the director owned 640,000 shares of the company’s stock, valued at approximately $11,705,600. This trade represents a 0.80% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director John Everets purchased 1,339 shares of the company’s stock in a transaction that occurred 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 completion of the purchase, the director owned 141,194 shares of the company’s stock, valued at $2,955,190.42. The trade was a 0.96% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought 17,680 shares of company stock worth $347,161 over the last quarter. 18.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Eastern

Institutional investors and hedge funds have recently modified their holdings of the business. BNP Paribas Financial Markets raised its stake in shares of Eastern by 82.9% during the third quarter. BNP Paribas Financial Markets now owns 1,273 shares of the industrial products company’s stock worth $30,000 after buying an additional 577 shares during the last quarter. Focus Partners Wealth bought a new stake in shares of Eastern during the third quarter worth approximately $40,000. Tower Research Capital LLC TRC increased its position 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. bought a new stake in shares of Eastern during the second quarter worth $70,000. Finally, Fifth Third Bancorp bought a new stake in shares of Eastern during the first quarter worth $73,000. 76.99% of the stock is owned by institutional investors.

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.