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

The Eastern Company (NASDAQ:EML)’s share price 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 changing hands.

Analyst Ratings Changes

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

Eastern Stock Performance

The firm has a fifty day simple moving average of $31.26 and a 200 day simple moving average of $29.47. The company has a current ratio of 2.60, a quick ratio of 1.35 and a debt-to-equity ratio of 0.29. The stock has a market cap of $201.11 million, a price-to-earnings ratio of 20.42 and a beta of 1.02.

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

Eastern Dividend Announcement

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

Institutional Investors Weigh In On Eastern

Large investors have recently bought and sold shares of the business. Victory Capital Management Inc. bought a new stake in Eastern during the 2nd quarter worth approximately $1,190,000. Ancora Advisors LLC boosted its position in Eastern by 1.8% in the 1st quarter. Ancora Advisors LLC now owns 69,047 shares of the industrial products company’s stock valued at $2,354,000 after buying an additional 1,250 shares during the last quarter. American Century Companies Inc. bought a new position in Eastern in the 2nd quarter valued at $632,000. Empowered Funds LLC boosted its position in Eastern by 7.3% in the 1st quarter. Empowered Funds LLC now owns 15,356 shares of the industrial products company’s stock valued at $523,000 after buying an additional 1,050 shares during the last quarter. Finally, Rhumbline Advisers bought a new position in Eastern in the 2nd quarter valued at $134,000. 76.99% of the stock is currently 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.