Eastern (NASDAQ:EML) Share Price Passes Below 200-Day Moving Average – Here’s Why

The Eastern Company (NASDAQ:EML)’s share price crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $29.33 and traded as low as $26.17. Eastern shares last traded at $26.66, with a volume of 9,518 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, StockNews.com downgraded shares of Eastern from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, December 18th.

Eastern Stock Up 0.3 %

The company has a debt-to-equity ratio of 0.37, a current ratio of 2.64 and a quick ratio of 1.42. The company has a market capitalization of $164.84 million, a price-to-earnings ratio of -25.88 and a beta of 0.99. The firm has a 50-day moving average price of $27.93 and a two-hundred day moving average price of $29.33.

Eastern Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 15th were given a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date of this dividend was Friday, November 15th. Eastern’s dividend payout ratio (DPR) is currently -42.72%.

Institutional Investors Weigh In On Eastern

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. MetLife Investment Management LLC increased its position in shares of Eastern by 129.1% in the third quarter. MetLife Investment Management LLC now owns 3,086 shares of the industrial products company’s stock valued at $100,000 after acquiring an additional 1,739 shares during the last quarter. Acadian Asset Management LLC acquired a new position in Eastern during the second quarter valued at approximately $110,000. Rhumbline Advisers bought a new position in Eastern in the second quarter valued at approximately $134,000. Barclays PLC increased its position in shares of Eastern by 277.7% during the 3rd quarter. Barclays PLC now owns 6,875 shares of the industrial products company’s stock worth $223,000 after purchasing an additional 5,055 shares during the last quarter. Finally, HighTower Advisors LLC bought a new stake in shares of Eastern during the 3rd quarter worth approximately $231,000. 76.99% of the stock is owned by institutional investors.

Eastern Company Profile

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.