Eastern (NASDAQ:EML) Share Price Crosses Above 200-Day Moving Average – Time to Sell?

Eastern Company (The) (NASDAQ:EML) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $20.83 and traded as high as $26.36. Eastern shares last traded at $25.93, with a volume of 22,484 shares traded.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Royal Bank Of Canada lowered Eastern from a “moderate buy” rating to a “hold” rating in a research report on Monday, April 13th. Weiss Ratings reissued a “hold (c)” rating on shares of Eastern in a research note on Wednesday, June 24th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Hold”.

Eastern Trading Up 2.8%

The stock has a market cap of $157.26 million, a price-to-earnings ratio of 27.17 and a beta of 0.82. The business’s 50 day moving average is $23.06 and its 200 day moving average is $20.87. The company has a debt-to-equity ratio of 0.29, a current ratio of 3.52 and a quick ratio of 1.64.

Eastern (NASDAQ:EML) last posted its quarterly earnings results on Tuesday, May 12th. The industrial products company reported $0.11 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.39). The business had revenue of $59.68 million during the quarter, compared to analyst estimates of $67.74 million. Eastern had a net margin of 2.41% and a return on equity of 5.46%.

Eastern Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 15th were issued a dividend of $0.11 per share. The ex-dividend date of this dividend was Friday, May 15th. This represents a $0.44 annualized dividend and a dividend yield of 1.7%. Eastern’s dividend payout ratio (DPR) is presently 45.83%.

Insider Buying and Selling

In other news, Director Peggy Scott purchased 1,176 shares of the business’s stock in a transaction on Tuesday, June 16th. The shares were bought at an average price of $21.40 per share, with a total value of $25,166.40. Following the completion of the transaction, the director directly owned 26,262 shares in the company, valued at approximately $562,006.80. This represents a 4.69% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Everets bought 1,310 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was acquired at an average cost of $21.40 per share, for a total transaction of $28,034.00. Following the completion of the acquisition, the director directly owned 142,504 shares in the company, valued at approximately $3,049,585.60. This trade represents a 0.93% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought 13,264 shares of company stock worth $285,179 in the last quarter. 18.40% of the stock is owned by insiders.

Hedge Funds Weigh In On Eastern

Several institutional investors have recently bought and sold shares of the company. Sei Investments Co. acquired a new position in shares of Eastern during the first quarter worth about $940,000. Renaissance Technologies LLC raised its holdings in Eastern by 15.6% during the first quarter. Renaissance Technologies LLC now owns 133,237 shares of the industrial products company’s stock worth $2,697,000 after purchasing an additional 18,000 shares during the last quarter. Osaic Holdings Inc. boosted its position in shares of 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 buying an additional 13,267 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Eastern in the third quarter valued at about $206,000. Finally, Millennium Management LLC acquired a new stake in Eastern during the 3rd quarter valued at $202,000. 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.