Eastern (NASDAQ:EML) Stock Passes Above 200-Day Moving Average - What's Next?

Key Points

• Eastern Company's stock price has recently crossed above its 200-day moving average of $23.59, trading as high as $24.50 before closing at $24.07.
• The company reported earnings per share (EPS) of $0.57 for the recent quarter, surpassing expectations and generating revenue of $70.16 million.
• Eastern has declared a quarterly dividend of $0.11 per share, with a dividend yield of 1.7%, payable on September 15th to stockholders of record.

Eastern Company (The) (NASDAQ:EML - Get Free Report)'s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $23.59 and traded as high as $24.50. Eastern shares last traded at $24.07, with a volume of 4,652 shares traded.

Eastern Price Performance

The firm has a market cap of $154.03 million, a PE ratio of -19.13 and a beta of 1.00. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.33 and a current ratio of 2.67. The stock's fifty day moving average price is $23.39 and its 200-day moving average price is $23.58.

Eastern (NASDAQ:EML - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The industrial products company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.54 by $0.03. The firm had revenue of $70.16 million during the quarter, compared to analysts' expectations of $68.87 million. Eastern had a positive return on equity of 10.44% and a negative net margin of 3.06%.

Eastern Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 15th will be given a $0.11 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $0.44 annualized dividend and a dividend yield of 1.7%. Eastern's payout ratio is presently -33.33%.

Insider Transactions at Eastern

In other news, Director Frederick D. Disanto purchased 3,000 shares of the firm's stock in a transaction on Monday, August 18th. The stock was purchased at an average cost of $22.58 per share, with a total value of $67,740.00. Following the purchase, the director owned 86,449 shares in the company, valued at $1,952,018.42. This trade represents a 3.60% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last three months, insiders purchased 8,326 shares of company stock valued at $190,151. Corporate insiders own 17.00% of the company's stock.

Institutional Trading of Eastern

Large investors have recently added to or reduced their stakes in the company. 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 period. Tower Research Capital LLC TRC increased its holdings in Eastern by 218.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,120 shares of the industrial products company's stock worth $30,000 after purchasing an additional 768 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of Eastern by 12.3% in the fourth quarter. BNP Paribas Financial Markets now owns 8,346 shares of the industrial products company's stock valued at $222,000 after purchasing an additional 915 shares during the last quarter. Tower Research Capital LLC TRC increased its position in shares of Eastern by 295.9% during the second quarter. Tower Research Capital LLC TRC now owns 1,738 shares of the industrial products company's stock valued at $40,000 after acquiring an additional 1,299 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of Eastern by 9.7% in the 4th quarter. Bank of America Corp DE now owns 18,088 shares of the industrial products company's stock worth $480,000 after buying an additional 1,593 shares during the last quarter. 76.99% of the stock is owned by institutional investors.

About Eastern

The Eastern Company designs, manufactures, and sells engineered solutions to industrial markets in the United States and internationally. The company offers turnkey returnable packaging solutions, which are used in the assembly processes of vehicles, aircraft, and durable goods, as well as in production processes of plastic packaging products, packaged consumer goods, and pharmaceuticals; designs and manufactures blow mold tools and injection blow mold tooling products, and 2-step stretch blow molds and related components for the stretch blow molding industry; and supplies blow molds and change parts to the food, beverage, healthcare, and chemical industries.