Eastern (NASDAQ:EML) Stock Price Passes Above 200 Day Moving Average of $28.68

Shares of The Eastern Company (NASDAQ:EML) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $28.68 and traded as high as $29.52. Eastern shares last traded at $29.40, with a volume of 12,688 shares trading hands.

Analyst Ratings Changes

Separately, StockNews.com raised shares of Eastern from a “buy” rating to a “strong-buy” rating in a report on Friday, August 2nd.

Eastern Price Performance

The stock’s 50-day moving average price is $28.85 and its 200 day moving average price is $28.68. The firm has a market capitalization of $183.28 million, a price-to-earnings ratio of 18.61 and a beta of 1.02. The company has a quick ratio of 1.35, a current ratio of 2.60 and a debt-to-equity ratio of 0.29.

Eastern (NASDAQ:EML) last issued its earnings results on Tuesday, August 6th. The industrial products company reported $0.56 EPS for the quarter. The business had revenue of $73.15 million during the quarter. Eastern had a net margin of 4.40% and a return on equity of 9.05%.

Eastern Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Thursday, August 15th will be issued a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.50%. The ex-dividend date of this dividend is Thursday, August 15th. Eastern’s dividend payout ratio is currently 27.85%.

Institutional Investors Weigh In On Eastern

A number of hedge funds have recently modified their holdings of the company. Victory Capital Management Inc. purchased a new position in shares of Eastern in the second quarter valued at approximately $1,190,000. American Century Companies Inc. acquired a new stake in Eastern in the second quarter valued at approximately $632,000. Bank of New York Mellon Corp raised its holdings in 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 valued at $1,331,000 after acquiring an additional 14,373 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Eastern by 2.3% in the second quarter. Dimensional Fund Advisors LP now owns 386,281 shares of the industrial products company’s stock valued at $9,838,000 after acquiring an additional 8,835 shares in the last quarter. Finally, LSV Asset Management raised its holdings in Eastern by 38.6% in the second quarter. LSV Asset Management now owns 20,150 shares of the industrial products company’s stock valued at $513,000 after acquiring an additional 5,610 shares in the last quarter. Hedge funds and other 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.