Eastern (NASDAQ:EML) Stock Passes Below Two Hundred Day Moving Average – Here’s What Happened

The Eastern Company (NASDAQ:EML) shares passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $29.39 and traded as low as $27.74. Eastern shares last traded at $27.74, with a volume of 3,415 shares changing hands.

Analysts Set New Price Targets

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

Eastern Trading Down 2.6 %

The firm’s 50 day simple moving average is $27.88 and its two-hundred day simple moving average is $29.38. The stock has a market capitalization of $167.06 million, a P/E ratio of -26.23 and a beta of 0.99. The company has a quick ratio of 1.42, a current ratio of 2.64 and a debt-to-equity ratio of 0.37.

Eastern (NASDAQ:EML) last issued its earnings results on Tuesday, November 5th. The industrial products company reported $0.75 EPS for the quarter. Eastern had a positive return on equity of 10.44% and a negative net margin of 2.26%. The company had revenue of $71.27 million during the quarter.

Institutional Trading of Eastern

Hedge funds and other institutional investors have recently bought and sold shares of the business. Segall Bryant & Hamill LLC bought a new position in shares of Eastern in the third quarter valued at approximately $1,667,000. Empowered Funds LLC raised its position in Eastern by 72.7% in the 3rd quarter. Empowered Funds LLC now owns 28,388 shares of the industrial products company’s stock valued at $921,000 after buying an additional 11,952 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Eastern by 2.3% during the 2nd 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. HighTower Advisors LLC purchased a new position in Eastern during the 3rd quarter worth $231,000. Finally, BNP Paribas Financial Markets grew its stake in shares of Eastern by 719.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 7,431 shares of the industrial products company’s stock worth $241,000 after acquiring an additional 6,524 shares in the last quarter. 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.