Eastern (NASDAQ:EML) Share Price Passes Above Two Hundred Day Moving Average - Here's What Happened

The Eastern Company (NASDAQ:EML - Get Free Report) shares passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred 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.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded Eastern from a "buy" rating to a "strong-buy" rating in a research note on Friday, August 2nd.

Eastern Stock Down 1.6 %

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 stock has a market capitalization of $201.67 million, a PE ratio of 20.47 and a beta of 1.02. The company has a 50 day moving average price of $31.19 and a 200-day moving average price of $29.45.

Eastern (NASDAQ:EML - Get Free Report) last released 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 business 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. Shareholders of record on Thursday, August 15th were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 1.36%. The ex-dividend date was Thursday, August 15th. Eastern's payout ratio is 27.85%.

Hedge Funds Weigh In On Eastern

Hedge funds have recently made changes to their positions in the business. Empowered Funds LLC lifted its stake in shares of 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 purchasing an additional 1,050 shares during the last quarter. Ancora Advisors LLC raised its holdings in shares of Eastern by 1.8% in the first quarter. Ancora Advisors LLC now owns 69,047 shares of the industrial products company's stock worth $2,354,000 after buying an additional 1,250 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Eastern by 37.9% in the second quarter. Bank of New York Mellon Corp now owns 52,259 shares of the industrial products company's stock worth $1,331,000 after buying an additional 14,373 shares during the period. Rhumbline Advisers purchased a new position in Eastern during the 2nd quarter worth $134,000. Finally, Victory Capital Management Inc. purchased a new position in Eastern during the 2nd quarter worth $1,190,000. Institutional investors own 76.99% of the company's stock.

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.