Eastern (NASDAQ:EML) Upgraded by Wall Street Zen to “Hold” Rating

Wall Street Zen upgraded shares of Eastern (NASDAQ:EML) to a hold rating in a research note published on Saturday.

Separately, Weiss Ratings restated a “hold (c)” rating on shares of Eastern in a report on Monday, December 29th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company currently has an average rating of “Hold”.

Eastern Stock Performance

EML opened at $18.18 on Friday. The business’s 50-day simple moving average is $19.53 and its 200 day simple moving average is $21.91. Eastern has a 52-week low of $18.11 and a 52-week high of $29.55. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 2.99. The firm has a market capitalization of $110.33 million, a PE ratio of 14.66 and a beta of 0.98.

Eastern (NASDAQ:EML) last posted its quarterly earnings results on Tuesday, November 4th. The industrial products company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.77 by ($0.64). Eastern had a return on equity of 7.18% and a net margin of 2.96%.The company had revenue of $55.34 million for the quarter, compared to analyst estimates of $73.41 million.

Eastern Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, February 13th will be given a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Friday, February 13th. Eastern’s payout ratio is 35.48%.

Insider Buying and Selling at Eastern

In related news, Director John Everets bought 1,435 shares of Eastern stock in a transaction that occurred on Tuesday, December 16th. The stock was acquired at an average price of $19.55 per share, with a total value of $28,054.25. Following the acquisition, the director owned 139,855 shares of the company’s stock, valued at approximately $2,734,165.25. This represents a 1.04% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Frederick D. Disanto purchased 2,925 shares of the firm’s stock in a transaction that occurred on Wednesday, November 19th. The stock was bought at an average price of $18.82 per share, for a total transaction of $55,048.50. Following the purchase, the director owned 96,851 shares in the company, valued at $1,822,735.82. The trade was a 3.11% increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 17,619 shares of company stock worth $343,224 over the last ninety days. Insiders own 17.00% of the company’s stock.

Hedge Funds Weigh In On Eastern

Institutional investors and hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets lifted its holdings in Eastern by 82.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,273 shares of the industrial products company’s stock worth $30,000 after purchasing an additional 577 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Eastern by 295.9% during the second quarter. Tower Research Capital LLC TRC now owns 1,738 shares of the industrial products company’s stock worth $40,000 after buying an additional 1,299 shares in the last quarter. Focus Partners Wealth acquired a new stake in shares of Eastern during the third quarter worth $40,000. Raymond James Financial Inc. bought a new stake in shares of Eastern in the second quarter valued at about $70,000. Finally, Strs Ohio acquired a new position in shares of Eastern in the first quarter valued at about $127,000. Institutional investors and hedge funds own 76.99% of the company’s stock.

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.