Eastern (NASDAQ:EML) Share Price Crosses Above 200 Day Moving Average – Time to Sell?

Eastern Company (The) (NASDAQ:EML) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $20.19 and traded as high as $23.99. Eastern shares last traded at $23.73, with a volume of 63,899 shares changing hands.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Eastern in a report on Wednesday. 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, Based on data from MarketBeat, the company presently has an average rating of “Hold”.

Eastern Trading Up 1.0%

The firm has a market capitalization of $146.77 million, a P/E ratio of 25.35 and a beta of 0.87. The company has a current ratio of 3.52, a quick ratio of 1.64 and a debt-to-equity ratio of 0.29. The stock has a 50 day simple moving average of $21.89 and a 200-day simple moving average of $20.26.

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

Eastern Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 15th were issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Friday, May 15th. Eastern’s dividend payout ratio (DPR) is currently 45.83%.

Insider Transactions at Eastern

In other news, Director John Everets bought 1,310 shares of the stock in a transaction that occurred on Tuesday, June 16th. The shares were bought at an average price of $21.40 per share, for a total transaction of $28,034.00. Following the purchase, the director owned 142,504 shares in the company, valued at $3,049,585.60. This represents a 0.93% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Peggy Scott acquired 1,176 shares of the stock in a transaction dated Tuesday, June 16th. The stock was acquired at an average price of $21.40 per share, for a total transaction of $25,166.40. Following the completion of the transaction, the director directly owned 26,262 shares of the company’s stock, valued at approximately $562,006.80. This represents a 4.69% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased 13,264 shares of company stock valued at $285,179 over the last quarter. 18.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Eastern

Institutional investors and hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC boosted its position in shares of Eastern by 15.6% during the first quarter. Renaissance Technologies LLC now owns 133,237 shares of the industrial products company’s stock worth $2,697,000 after acquiring an additional 18,000 shares during the last quarter. Sei Investments Co. bought a new stake in Eastern in the 1st quarter valued at $940,000. Fifth Third Bancorp purchased a new stake in Eastern in the 1st quarter worth $73,000. Osaic Holdings Inc. lifted its stake in Eastern by 3,259.7% in the 4th quarter. Osaic Holdings Inc. now owns 13,674 shares of the industrial products company’s stock worth $269,000 after purchasing an additional 13,267 shares in the last quarter. Finally, Barclays PLC boosted its holdings in shares of Eastern by 10.9% during the 4th 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. Institutional investors own 76.99% of the company’s stock.

About Eastern

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.