Eastern (NASDAQ:EML) Lowered to Hold Rating by Royal Bank Of Canada

Key Points

• Royal Bank of Canada downgraded Eastern (NASDAQ:EML) from "moderate buy" to "hold," and MarketBeat's consensus rating for the stock is currently Hold.
• Eastern missed quarterly expectations, reporting EPS of $0.31 vs. the $0.36 consensus, and the stock trades around $21.82 with a market cap of $131.8M, a P/E of 18.65, and a 12‑month range of $17.61–$26.77.
• Company insiders have been buying recently—directors purchased shares in March and insiders acquired 17,680 shares (~$347k) in the past 90 days, bringing insider ownership to 18.4%.

Eastern (NASDAQ:EML - Get Free Report) was downgraded by analysts at Royal Bank Of Canada from a "moderate buy" rating to a "hold" rating in a report issued on Monday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the company. Wall Street Zen raised Eastern to a "hold" rating in a report on Saturday, January 10th. Weiss Ratings reissued a "hold (c)" rating on shares of Eastern in a report on Monday, December 29th. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Hold".

Eastern Trading Down 2.1%

NASDAQ:EML opened at $21.82 on Monday. Eastern has a twelve month low of $17.61 and a twelve month high of $26.77. The company has a quick ratio of 1.55, a current ratio of 3.59 and a debt-to-equity ratio of 0.30. The business has a 50 day moving average price of $19.66 and a two-hundred day moving average price of $19.85. The company has a market cap of $131.79 million, a P/E ratio of 18.65 and a beta of 0.89.

Eastern (NASDAQ:EML - Get Free Report) last released its quarterly earnings results on Tuesday, March 3rd. The industrial products company reported $0.31 earnings per share for the quarter, missing analysts' consensus estimates of $0.36 by ($0.05). Eastern had a return on equity of 6.52% and a net margin of 2.90%.

Insider Buying and Selling at Eastern

In other Eastern news, Director James A. Mitarotonda purchased 2,000 shares of the business's stock in a transaction on Wednesday, March 18th. The stock was acquired at an average price of $20.11 per share, with a total value of $40,220.00. Following the acquisition, the director directly owned 644,342 shares of the company's stock, valued at $12,957,717.62. This trade represents a 0.31% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director John Everets purchased 1,339 shares of the business's stock in a transaction on Monday, March 16th. The shares were acquired at an average cost of $20.93 per share, with a total value of $28,025.27. Following the acquisition, the director directly owned 141,194 shares in the company, valued at approximately $2,955,190.42. The trade was a 0.96% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have acquired a total of 17,680 shares of company stock valued at $347,161 in the last ninety days. Insiders own 18.40% of the company's stock.

Institutional Trading of Eastern

Several hedge funds have recently added to or reduced their stakes in the company. Teton Advisors LLC acquired a new position in Eastern in the 3rd quarter valued at $3,293,000. GatePass Capital LLC raised its stake in Eastern by 87.8% in the 3rd quarter. GatePass Capital LLC now owns 33,800 shares of the industrial products company's stock worth $793,000 after purchasing an additional 15,800 shares in the last quarter. Osaic Holdings Inc. raised its stake in 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 purchasing an additional 13,267 shares in the last quarter. LSV Asset Management raised its stake in Eastern by 71.5% in the 3rd quarter. LSV Asset Management now owns 23,403 shares of the industrial products company's stock worth $549,000 after purchasing an additional 9,753 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in Eastern in the 3rd quarter worth about $206,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.