Eastern (NASDAQ:EML) Shares Break Below 200 Day Moving Average – Here’s Why

by · The Cerbat Gem

Eastern Company (The) (NASDAQ:EML – Get Free Report)’s share price crossed below its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $23.85 and traded as low as $23.62. Eastern shares last traded at $23.65, with a volume of 4,542 shares traded.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on EML. Weiss Ratings restated a “hold (c)” rating on shares of Eastern in a report on Monday, September 21st. Wall Street Zen upgraded shares of Eastern from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Two equities research analysts have rated the stock with a Hold rating. According to data from MarketBeat.com, Eastern presently has a consensus rating of “Hold”.

Get Our Latest Stock Analysis on Eastern

Eastern Stock Up 0.6%

The stock has a market cap of $146.35 million, a PE ratio of 18.14 and a beta of 0.87. The business has a 50 day moving average of $25.29 and a 200-day moving average of $23.88. The company has a current ratio of 2.80, a quick ratio of 1.32 and a debt-to-equity ratio of 0.34.

Eastern (NASDAQ:EML – Get Free Report) last posted its quarterly earnings data on Tuesday, August 11th. The industrial products company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.52). Eastern had a net margin of 3.44% and a return on equity of 3.38%. The business had revenue of $61.82 million during the quarter, compared to analyst estimates of $73.69 million.

Hedge Funds Weigh In On Eastern

Institutional investors and hedge funds have recently made changes to their positions in the stock. Empowered Funds LLC purchased a new stake in shares of Eastern in the second quarter valued at about $930,000. Ancora Advisors LLC acquired a new position in shares of Eastern in the second quarter valued at approximately $1,938,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Eastern during the 2nd quarter worth $549,000. De Lisle Partners LLP acquired a new position in Eastern in the second quarter valued at $1,336,000. Finally, Tieton Capital Management LLC purchased a new stake in Eastern in the 2nd quarter valued at about $6,049,000. 76.99% of the stock is owned by institutional investors and hedge funds.

Eastern Company Profile

(Get Free Report)

The Eastern Company (NASDAQ: EML) is a diversified manufacturer of engineered industrial products. Its offerings include locks, latches, access-control hardware, keys, enclosure hardware and other components used in commercial, industrial, transportation and infrastructure applications.

The company serves original equipment manufacturers, distributors and other industrial customers through product lines designed for security, equipment access, vehicle applications and specialized manufacturing needs.

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