Eastern (NASDAQ:EML) Shares Cross Below Two Hundred Day Moving Average – Here’s What Happened

Eastern Company (The) (NASDAQ:EML)’s stock price crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $22.24 and traded as low as $19.10. Eastern shares last traded at $19.1950, with a volume of 66,462 shares traded.

Analysts Set New Price Targets

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of Eastern in a report on Monday. One research analyst has rated the stock with a Hold rating, According to MarketBeat.com, Eastern presently has an average rating of “Hold”.

Eastern Stock Performance

The company’s 50-day moving average price is $20.00 and its two-hundred day moving average price is $22.22. The company has a market cap of $124.19 million, a P/E ratio of 16.50 and a beta of 1.00. The company has a current ratio of 2.99, a quick ratio of 1.30 and a debt-to-equity ratio of 0.27.

Eastern (NASDAQ:EML) last released its earnings results on Tuesday, November 4th. The industrial products company reported $0.13 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.64). The business had revenue of $55.34 million during the quarter, compared to the consensus estimate of $73.41 million. Eastern had a return on equity of 7.18% and a net margin of 2.96%.

Eastern Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 13th 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 2.2%. The ex-dividend date is Friday, February 13th. Eastern’s dividend payout ratio is 35.48%.

Insider Transactions at Eastern

In related news, Director Frederick D. Disanto bought 2,925 shares of Eastern stock in a transaction dated Wednesday, November 19th. The stock was acquired at an average cost of $18.82 per share, with a total value of $55,048.50. Following the completion of the acquisition, the director directly owned 96,851 shares in the company, valued at approximately $1,822,735.82. This trade represents a 3.11% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director James A. Mitarotonda purchased 1,839 shares of the firm’s stock in a transaction that occurred on Tuesday, December 16th. The stock was bought at an average price of $19.55 per share, with a total value of $35,952.45. Following the transaction, the director directly owned 42,794 shares in the company, valued at $836,622.70. This trade represents a 4.49% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 17,619 shares of company stock valued at $343,224 in the last three months. 17.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in EML. BNP Paribas Financial Markets lifted its position in shares of Eastern by 82.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,273 shares of the industrial products company’s stock valued at $30,000 after acquiring an additional 577 shares in the last quarter. Gabelli Funds LLC lifted its holdings in shares of Eastern by 0.4% in the third quarter. Gabelli Funds LLC now owns 165,000 shares of the industrial products company’s stock valued at $3,871,000 after purchasing an additional 600 shares in the last quarter. First Trust Advisors LP boosted its position in shares of Eastern by 3.5% in the second quarter. First Trust Advisors LP now owns 18,455 shares of the industrial products company’s stock worth $421,000 after buying an additional 617 shares during the period. Russell Investments Group Ltd. grew its holdings in shares of Eastern by 0.3% during the third quarter. Russell Investments Group Ltd. now owns 257,126 shares of the industrial products company’s stock valued at $6,032,000 after buying an additional 775 shares in the last quarter. Finally, Bridgeway Capital Management LLC grew its holdings in shares of Eastern by 1.6% during the third quarter. Bridgeway Capital Management LLC now owns 67,001 shares of the industrial products company’s stock valued at $1,572,000 after buying an additional 1,025 shares in the last quarter. 76.99% of the stock is currently 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.