Eastern (NASDAQ:EML) Shares Pass Above 200 Day Moving Average – Here’s What Happened

The Eastern Company (NASDAQ:EML) shares passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $29.43 and traded as high as $33.35. Eastern shares last traded at $32.88, with a volume of 28,598 shares traded.

Wall Street Analysts Forecast Growth

Separately, StockNews.com upgraded Eastern from a “buy” rating to a “strong-buy” rating in a report on Friday, August 2nd.

Eastern Stock Down 0.3 %

The company has a debt-to-equity ratio of 0.29, a current ratio of 2.60 and a quick ratio of 1.35. The firm has a market cap of $201.11 million, a PE ratio of 20.42 and a beta of 1.02. The business has a fifty day moving average price of $31.26 and a two-hundred day moving average price of $29.47.

Eastern (NASDAQ:EML) last issued its earnings results on Tuesday, August 6th. The industrial products company reported $0.56 EPS for the quarter. Eastern had a return on equity of 9.05% and a net margin of 4.40%. The firm had revenue of $73.15 million for the quarter.

Eastern Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Thursday, August 15th were paid a dividend of $0.11 per share. The ex-dividend date was Thursday, August 15th. This represents a $0.44 annualized dividend and a dividend yield of 1.36%. Eastern’s dividend payout ratio (DPR) is presently 27.85%.

Institutional Trading of Eastern

Several large investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its stake in shares of Eastern by 2.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 386,281 shares of the industrial products company’s stock worth $9,838,000 after acquiring an additional 8,835 shares in the last quarter. Ancora Advisors LLC lifted its position in shares of Eastern by 1.8% during the 1st quarter. Ancora Advisors LLC now owns 69,047 shares of the industrial products company’s stock worth $2,354,000 after purchasing an additional 1,250 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Eastern by 37.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 52,259 shares of the industrial products company’s stock worth $1,331,000 after purchasing an additional 14,373 shares during the last quarter. Victory Capital Management Inc. acquired a new position in shares of Eastern during the 2nd quarter worth about $1,190,000. Finally, American Century Companies Inc. acquired a new position in shares of Eastern during the 2nd quarter worth about $632,000. Institutional investors own 76.99% of the company’s stock.

Eastern Company Profile

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.