Eastern (NASDAQ:EML) Stock Crosses Below Two Hundred Day Moving Average of $20.22

Shares of The Eastern Company (NASDAQ:EML – Get Rating) passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $20.22 and traded as low as $16.60. Eastern shares last traded at $16.65, with a volume of 4,775 shares trading hands.

Analysts Set New Price Targets

Separately, StockNews.com initiated coverage on shares of Eastern in a research report on Friday. They issued a “buy” rating on the stock.

Eastern Trading Down 1.6 %

The company has a quick ratio of 1.42, a current ratio of 2.69 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $103.73 million, a price-to-earnings ratio of 10.67 and a beta of 1.05. The company has a 50-day moving average price of $17.90 and a 200-day moving average price of $20.22.

Eastern (NASDAQ:EML – Get Rating) last issued its quarterly earnings results on Tuesday, March 14th. The industrial products company reported $0.11 earnings per share (EPS) for the quarter. Eastern had a return on equity of 8.57% and a net margin of 3.43%. The firm had revenue of $69.10 million for the quarter.

Eastern Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Monday, May 15th will be paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date is Friday, May 12th. Eastern’s dividend payout ratio is 28.21%.

Insider Activity at Eastern

In other Eastern news, Director Charles W. Henry purchased 2,000 shares of the company’s stock in a transaction that occurred on Friday, May 12th. The stock was purchased at an average cost of $16.60 per share, with a total value of $33,200.00. Following the acquisition, the director now directly owns 1,000 shares of the company’s stock, valued at approximately $16,600. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 16.31% of the stock is owned by insiders.

Institutional Trading of Eastern

Several hedge funds have recently modified their holdings of EML. Geode Capital Management LLC boosted its stake in shares of Eastern by 1.3% in the 1st quarter. Geode Capital Management LLC now owns 53,996 shares of the industrial products company’s stock valued at $1,052,000 after purchasing an additional 676 shares during the last quarter. State Street Corp grew its holdings in Eastern by 3.9% during the 1st quarter. State Street Corp now owns 17,120 shares of the industrial products company’s stock worth $399,000 after acquiring an additional 640 shares during the period. Bank of America Corp DE raised its position in shares of Eastern by 469.8% during the 1st quarter. Bank of America Corp DE now owns 17,168 shares of the industrial products company’s stock valued at $334,000 after acquiring an additional 14,155 shares during the last quarter. Royal Bank of Canada lifted its stake in shares of Eastern by 7.3% in the 3rd quarter. Royal Bank of Canada now owns 16,200 shares of the industrial products company’s stock valued at $281,000 after purchasing an additional 1,100 shares during the period. Finally, Susquehanna International Group LLP bought a new position in shares of Eastern in the 1st quarter worth $245,000. 67.54% of the stock is owned by institutional investors.

Eastern Company Profile

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The Eastern Co engages in the design, manufacture and sale of industrial hardware, security products and metal products. It operates through the following segments: Engineered Solutions and Diversified Products. The Engineered Solutions segment consists of Big 3 Precision. The Diversified Products segment consists of Frazer & Jones, Greenwald Industries, and Argo EMS.