Eastern (NASDAQ:EML) Upgraded to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Eastern from “hold” to “buy,” although Weiss Ratings maintained a “hold (c)” rating and the broader analyst consensus remains “Hold.”
• Eastern shares opened at $25.41, with a market capitalization of approximately $153 million; the stock has traded between $17.61 and $29.91 over the past year.
• The company missed quarterly expectations, reporting $0.15 EPS versus the $0.67 consensus and revenue of $61.82 million versus estimates of $73.69 million. Insiders bought $285,179 of stock over the past 90 days, while institutional investors own 76.99% of shares.

Eastern (NASDAQ:EML - Get Free Report) was upgraded by Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Saturday.

Separately, Weiss Ratings reissued a "hold (c)" rating on shares of Eastern in a report on Wednesday, June 24th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock presently has an average rating of "Hold".

Eastern Trading Down 1.0%

NASDAQ EML opened at $25.41 on Friday. Eastern has a 12-month low of $17.61 and a 12-month high of $29.91. The company has a fifty day simple moving average of $24.68 and a two-hundred day simple moving average of $21.83. The company has a current ratio of 2.80, a quick ratio of 1.64 and a debt-to-equity ratio of 0.34. The stock has a market cap of $152.97 million, a P/E ratio of 18.96 and a beta of 0.84.

Eastern (NASDAQ:EML - Get Free Report) last released its earnings results on Tuesday, August 11th. The industrial products company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.67 by ($0.52). The firm had revenue of $61.82 million during the quarter, compared to analyst estimates of $73.69 million. Eastern had a net margin of 3.44% and a return on equity of 3.38%.

Insider Buying and Selling

In related news, Director Peggy Scott purchased 1,176 shares of the business's stock in a transaction on Tuesday, June 16th. The shares were bought at an average cost of $21.40 per share, with a total value of $25,166.40. Following the transaction, the director owned 26,262 shares of the company's stock, valued at approximately $562,006.80. This trade represents a 4.69% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Everets acquired 1,310 shares of Eastern stock in a transaction on Tuesday, June 16th. The shares were bought at an average price of $21.40 per share, with a total value of $28,034.00. Following the purchase, the director directly owned 142,504 shares in the company, valued at approximately $3,049,585.60. The trade was a 0.93% increase in their position. The SEC filing for this purchase provides additional information. Insiders acquired a total of 13,264 shares of company stock valued at $285,179 over the last 90 days. Insiders own 18.40% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Tieton Capital Management LLC purchased a new stake in shares of Eastern during the second quarter worth approximately $6,049,000. Ancora Advisors LLC purchased a new position in Eastern in the 2nd quarter valued at $1,938,000. De Lisle Partners LLP acquired a new stake in Eastern during the 2nd quarter worth $1,336,000. Sei Investments Co. purchased a new stake in shares of Eastern during the first quarter worth $940,000. Finally, BlackRock Inc. purchased a new stake in shares of Eastern during the second quarter worth $1,128,000. 76.99% of the stock is owned by hedge funds and other institutional investors.

Eastern Company Profile

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source