Eastern (NASDAQ:EML) Stock Price Passes Below 200-Day Moving Average – What’s Next?

Eastern Company (The) (NASDAQ:EML) 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 changing hands.

Analysts Set New Price Targets

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

Eastern Price Performance

The company’s fifty day moving average price is $20.01 and its two-hundred day moving average price is $22.24. The company has a quick ratio of 1.30, a current ratio of 2.99 and a debt-to-equity ratio of 0.27. The company has a market cap of $116.51 million, a price-to-earnings ratio of 15.48 and a beta of 1.00.

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

Eastern Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Stockholders of record on Friday, February 13th will be issued a $0.11 dividend. The ex-dividend date is Friday, February 13th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.3%. Eastern’s dividend payout ratio (DPR) is 35.48%.

Insider Transactions at Eastern

In other news, Director Frederick D. Disanto bought 2,925 shares of the company’s stock in a transaction dated Wednesday, November 19th. The shares were bought at an average cost of $18.82 per share, with a total value of $55,048.50. Following the acquisition, the director owned 96,851 shares in the company, valued at $1,822,735.82. This trade represents a 3.11% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John Everets acquired 1,435 shares of the company’s stock in a transaction on Tuesday, December 16th. The stock was acquired at an average price of $19.55 per share, for a total transaction of $28,054.25. Following the purchase, the director directly owned 139,855 shares of the company’s stock, valued at approximately $2,734,165.25. This trade represents a 1.04% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 17,619 shares of company stock worth $343,224 in the last three months. Insiders own 17.00% of the company’s stock.

Institutional Investors Weigh In On Eastern

A number of hedge funds and other institutional investors have recently made changes to their positions in EML. BNP Paribas Financial Markets raised its holdings 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 valued at $30,000 after purchasing an additional 577 shares during the period. Focus Partners Wealth bought a new stake in Eastern during the third quarter worth $40,000. Tower Research Capital LLC TRC grew its stake in Eastern by 295.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,738 shares of the industrial products company’s stock valued at $40,000 after purchasing an additional 1,299 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Eastern during the 2nd quarter valued at $70,000. Finally, Strs Ohio bought a new stake in shares of Eastern during the 1st quarter worth $127,000. 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.