Eastern (NASDAQ:EML) Stock Price Crosses Below Two Hundred Day Moving Average – Here’s What Happened

The Eastern Company (NASDAQ:EML) shares passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $29.22 and traded as low as $28.05. Eastern shares last traded at $28.06, with a volume of 3,541 shares changing hands.

Analysts Set New Price Targets

Separately, StockNews.com downgraded shares of Eastern from a “strong-buy” rating to a “buy” rating in a report on Wednesday.

Eastern Price Performance

The business has a 50 day simple moving average of $27.40 and a 200-day simple moving average of $29.23. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.42 and a current ratio of 2.64. The firm has a market capitalization of $178.97 million, a price-to-earnings ratio of -28.12 and a beta of 0.98.

Eastern Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 14th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 1.52%. The ex-dividend date is Friday, February 14th. Eastern’s payout ratio is presently -42.72%.

Institutional Investors Weigh In On Eastern

Several institutional investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC lifted its stake in Eastern by 218.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,120 shares of the industrial products company’s stock valued at $30,000 after buying an additional 768 shares during the last quarter. Deutsche Bank AG purchased a new stake in Eastern during the fourth quarter worth $43,000. MetLife Investment Management LLC boosted its position in Eastern by 129.1% during the third quarter. MetLife Investment Management LLC now owns 3,086 shares of the industrial products company’s stock worth $100,000 after purchasing an additional 1,739 shares in the last quarter. Barclays PLC boosted its position in Eastern by 13.8% during the fourth quarter. Barclays PLC now owns 7,824 shares of the industrial products company’s stock worth $207,000 after purchasing an additional 949 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its position in shares of Eastern by 12.3% in the fourth quarter. BNP Paribas Financial Markets now owns 8,346 shares of the industrial products company’s stock valued at $222,000 after acquiring an additional 915 shares in the last quarter. Hedge funds and other institutional investors own 76.99% of the company’s stock.

About Eastern

The Eastern Company designs, manufactures, and sells engineered solutions to industrial markets in the United States and internationally. The company offers turnkey returnable packaging solutions, which are used in the assembly processes of vehicles, aircraft, and durable goods, as well as in production processes of plastic packaging products, packaged consumer goods, and pharmaceuticals; designs and manufactures blow mold tools and injection blow mold tooling products, and 2-step stretch blow molds and related components for the stretch blow molding industry; and supplies blow molds and change parts to the food, beverage, healthcare, and chemical industries.