Eastern Company (The) (NASDAQ:EML - Get Free Report)'s share price passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $24.83 and traded as low as $23.65. Eastern shares last traded at $24.00, with a volume of 10,231 shares changing hands.
Wall Street Analysts Forecast Growth
Separately, Wall Street Zen lowered Eastern from a "strong-buy" rating to a "buy" rating in a report on Thursday, May 8th.
Read Our Latest Research Report on Eastern
Eastern Stock Up 1.7%
The company has a quick ratio of 1.37, a current ratio of 2.77 and a debt-to-equity ratio of 0.33. The company has a 50-day simple moving average of $23.01 and a two-hundred day simple moving average of $24.83. The stock has a market cap of $147.60 million, a P/E ratio of -18.18 and a beta of 1.08.
Eastern (NASDAQ:EML - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The industrial products company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.41 by ($0.10). Eastern had a positive return on equity of 10.22% and a negative net margin of 3.01%. The firm had revenue of $63.31 million during the quarter, compared to analysts' expectations of $71.33 million.
Eastern Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Thursday, May 15th were given a dividend of $0.11 per share. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $0.44 annualized dividend and a dividend yield of 1.83%. Eastern's dividend payout ratio (DPR) is presently -33.33%.
Insiders Place Their Bets
In related news, Director Frederick D. Disanto acquired 2,000 shares of the firm's stock in a transaction dated Friday, May 30th. The shares were purchased at an average price of $22.87 per share, with a total value of $45,740.00. Following the completion of the purchase, the director directly owned 75,123 shares of the company's stock, valued at $1,718,063.01. This represents a 2.74% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders bought a total of 8,447 shares of company stock valued at $193,379 over the last 90 days. 17.00% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Eastern
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Koss Olinger Consulting LLC bought a new position in shares of Eastern in the 1st quarter worth $591,000. Citadel Advisors LLC acquired a new stake in Eastern in the fourth quarter worth about $340,000. JPMorgan Chase & Co. boosted its holdings in Eastern by 165.2% in the fourth quarter. JPMorgan Chase & Co. now owns 19,221 shares of the industrial products company's stock worth $510,000 after acquiring an additional 11,974 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Eastern by 3.9% during the fourth quarter. Russell Investments Group Ltd. now owns 256,278 shares of the industrial products company's stock worth $6,802,000 after purchasing an additional 9,524 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Eastern by 43.4% during the first quarter. Goldman Sachs Group Inc. now owns 20,533 shares of the industrial products company's stock worth $520,000 after purchasing an additional 6,219 shares during the period. Hedge funds and other institutional investors own 76.99% of the company's stock.
About Eastern
(
Get Free Report)
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.
Recommended Stories
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Eastern, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Eastern wasn't on the list.
While Eastern currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Enter your email to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
