Eastern (NASDAQ:EML) Stock Price Passes Below 200 Day Moving Average – Here’s What Happened

The Eastern Company (NASDAQ:EML)’s share price passed 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.

Wall Street Analyst Weigh In

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

Eastern Trading Up 0.3 %

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

Eastern Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 15th were paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date was Friday, November 15th. Eastern’s dividend payout ratio is presently -42.72%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Segall Bryant & Hamill LLC bought a new stake in shares of Eastern during the third quarter worth approximately $1,667,000. Victory Capital Management Inc. acquired a new stake in Eastern during the 2nd quarter worth approximately $1,190,000. Geode Capital Management LLC boosted its stake in Eastern by 0.4% in the 3rd quarter. Geode Capital Management LLC now owns 127,108 shares of the industrial products company’s stock valued at $4,126,000 after purchasing an additional 449 shares during the period. State Street Corp grew its holdings in Eastern by 8.3% in the 3rd quarter. State Street Corp now owns 68,301 shares of the industrial products company’s stock valued at $2,216,000 after buying an additional 5,225 shares in the last quarter. Finally, HighTower Advisors LLC bought a new position in Eastern during the 3rd quarter worth $231,000. Institutional investors and hedge funds 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.