Eastern (NASDAQ:EML) Receives New Coverage from Analysts at StockNews.com

Posted by Defense World Staff on Jul 21st, 2023

Research analysts at StockNews.com began coverage on shares of Eastern (NASDAQ:EML – Get Free Report) in a research note issued on Friday. The brokerage set a “buy” rating on the industrial products company’s stock.

Eastern Stock Performance

NASDAQ:EML opened at $18.86 on Friday. Eastern has a twelve month low of $15.30 and a twelve month high of $24.35. The company has a quick ratio of 1.42, a current ratio of 2.69 and a debt-to-equity ratio of 0.40. The stock’s 50-day simple moving average is $17.58 and its 200 day simple moving average is $19.15. The firm has a market capitalization of $117.50 million, a PE ratio of 12.09 and a beta of 1.06.

Eastern (NASDAQ:EML – Get Free Report) last issued its earnings results on Tuesday, May 9th. The industrial products company reported $0.36 earnings per share (EPS) for the quarter. Eastern had a return on equity of 8.57% and a net margin of 3.43%. The business had revenue of $72.50 million during the quarter.

Insiders Place Their Bets

In other news, Director Charles W. Henry bought 2,000 shares of Eastern stock in a transaction that occurred on Friday, May 12th. The shares were acquired at an average price of $16.60 per share, with a total value of $33,200.00. Following the completion of the purchase, the director now directly owns 1,000 shares in the company, valued at $16,600. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 16.31% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Eastern

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Barington Capital Group L.P. boosted its stake in shares of Eastern by 0.4% in the 1st quarter. Barington Capital Group L.P. now owns 630,100 shares of the industrial products company’s stock worth $12,274,000 after buying an additional 2,332 shares during the last quarter. Gamco Investors INC. ET AL increased its stake in Eastern by 0.3% in the 1st quarter. Gamco Investors INC. ET AL now owns 556,193 shares of the industrial products company’s stock worth $12,954,000 after buying an additional 1,450 shares in the last quarter. Forager Capital Management LLC lifted its position in shares of Eastern by 12.7% in the first quarter. Forager Capital Management LLC now owns 523,082 shares of the industrial products company’s stock valued at $10,200,000 after acquiring an additional 58,941 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Eastern by 0.3% in the third quarter. Dimensional Fund Advisors LP now owns 417,769 shares of the industrial products company’s stock worth $7,248,000 after acquiring an additional 1,070 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in Eastern by 1.3% in the 1st quarter. Renaissance Technologies LLC now owns 127,037 shares of the industrial products company’s stock worth $2,475,000 after purchasing an additional 1,600 shares in the last quarter. 68.72% of the stock is owned by hedge funds and other institutional investors.

About Eastern

(Get Free Report)

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.