Eastern (NASDAQ:EML) Stock Price Crosses Above Two Hundred Day Moving Average – Time to Sell?

Eastern Company (The) (NASDAQ:EML)’s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $19.81 and traded as high as $20.80. Eastern shares last traded at $20.80, with a volume of 7,134 shares.

Wall Street Analysts Forecast Growth

Separately, Royal Bank Of Canada lowered shares of Eastern from a “moderate buy” rating to a “hold” rating in a research note on Monday, April 13th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has a consensus rating of “Hold”.

Eastern Stock Up 0.1%

The firm’s 50 day moving average is $21.20 and its two-hundred day moving average is $19.81. The firm has a market cap of $126.87 million, a P/E ratio of 21.92 and a beta of 0.88. The company has a current ratio of 3.52, a quick ratio of 1.64 and a debt-to-equity ratio of 0.29.

Eastern (NASDAQ:EML) last released its quarterly earnings data on Tuesday, May 12th. The industrial products company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.39). Eastern had a return on equity of 5.46% and a net margin of 2.41%.The firm had revenue of $59.68 million for the quarter, compared to the consensus estimate of $67.74 million.

Eastern Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Friday, May 15th will be paid a $0.11 dividend. The ex-dividend date of this dividend is Friday, May 15th. This represents a $0.44 dividend on an annualized basis and a yield of 2.1%. Eastern’s payout ratio is presently 45.83%.

Insider Buying and Selling

In related news, Director John Everets purchased 1,339 shares of the business’s stock in a transaction on Monday, March 16th. The shares were purchased at an average price of $20.93 per share, with a total value of $28,025.27. Following the completion of the purchase, the director owned 141,194 shares in the company, valued at $2,955,190.42. This represents a 0.96% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director James A. Mitarotonda purchased 5,067 shares of the business’s stock in a transaction on Friday, March 6th. The stock was bought at an average cost of $18.29 per share, for a total transaction of $92,675.43. Following the purchase, the director owned 640,000 shares of the company’s stock, valued at approximately $11,705,600. This represents a 0.80% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders acquired 17,680 shares of company stock worth $347,161. Insiders own 18.40% of the company’s stock.

Institutional Trading of Eastern

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Renaissance Technologies LLC raised its holdings in shares of Eastern by 15.6% in the first quarter. Renaissance Technologies LLC now owns 133,237 shares of the industrial products company’s stock valued at $2,697,000 after purchasing an additional 18,000 shares during the last quarter. Sei Investments Co. acquired a new stake in shares of Eastern in the first quarter valued at approximately $940,000. Fifth Third Bancorp acquired a new stake in shares of Eastern in the first quarter valued at approximately $73,000. Osaic Holdings Inc. raised its holdings in shares of Eastern by 3,259.7% in the fourth quarter. Osaic Holdings Inc. now owns 13,674 shares of the industrial products company’s stock valued at $269,000 after purchasing an additional 13,267 shares during the last quarter. Finally, Barclays PLC raised its holdings in shares of Eastern by 10.9% in the fourth quarter. Barclays PLC now owns 9,002 shares of the industrial products company’s stock valued at $177,000 after purchasing an additional 886 shares during the last quarter. 76.99% of the stock is currently owned by institutional investors and hedge funds.

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.