Eastern (NASDAQ:EML) Raised to “Buy” at Wall Street Zen

Eastern (NASDAQ:EML) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday.

Separately, Weiss Ratings restated a “hold (c)” rating on shares of Eastern in a research report on Wednesday, June 24th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock has an average rating of “Hold”.

Eastern Stock Performance

Shares of NASDAQ:EML opened at $25.41 on Friday. The business’s fifty day moving average price is $24.68 and its two-hundred day moving average price is $21.86. Eastern has a fifty-two week low of $17.61 and a fifty-two week high of $29.91. The stock has a market capitalization of $152.97 million, a price-to-earnings ratio of 18.96 and a beta of 0.84. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.80 and a quick ratio of 1.32.

Eastern (NASDAQ:EML) last posted its quarterly earnings data on Tuesday, August 11th. The industrial products company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.52). Eastern had a return on equity of 3.38% and a net margin of 3.44%.The firm had revenue of $61.82 million for the quarter, compared to analyst estimates of $73.69 million.

Insider Buying and Selling

In related news, Director James A. Mitarotonda bought 3,736 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were acquired at an average price of $21.73 per share, for a total transaction of $81,183.28. Following the completion of the acquisition, the director owned 650,000 shares of the company’s stock, valued at approximately $14,124,500. The trade was a 0.58% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John Everets acquired 1,310 shares of the company’s stock in a transaction dated Tuesday, June 16th. The shares were bought at an average price of $21.40 per share, for a total transaction of $28,034.00. Following the purchase, the director owned 142,504 shares in the company, valued at approximately $3,049,585.60. This represents a 0.93% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders bought 13,264 shares of company stock worth $285,179. 18.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Eastern

Institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. lifted its position in Eastern by 43.4% during the first quarter. Goldman Sachs Group Inc. now owns 20,533 shares of the industrial products company’s stock worth $520,000 after purchasing an additional 6,219 shares during the period. Empowered Funds LLC raised its position in Eastern by 7.1% in the first quarter. Empowered Funds LLC now owns 31,855 shares of the industrial products company’s stock valued at $807,000 after purchasing an additional 2,100 shares during the last quarter. Strs Ohio bought a new position in Eastern in the 1st quarter valued at approximately $127,000. Geode Capital Management LLC boosted its position in Eastern by 6.3% during the 2nd quarter. Geode Capital Management LLC now owns 138,918 shares of the industrial products company’s stock worth $3,171,000 after buying an additional 8,205 shares during the period. Finally, First Trust Advisors LP grew its holdings in Eastern by 3.5% during the 2nd quarter. First Trust Advisors LP now owns 18,455 shares of the industrial products company’s stock worth $421,000 after acquiring an additional 617 shares during the last quarter. Institutional investors own 76.99% of the company’s stock.

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.