Eastern (NASDAQ:EML) Downgraded to Buy Rating by StockNews.com

StockNews.com downgraded shares of Eastern (NASDAQ:EML) from a strong-buy rating to a buy rating in a research report report published on Wednesday.

Eastern Trading Down 3.1 %

Eastern stock opened at $28.19 on Wednesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.42 and a current ratio of 2.64. Eastern has a fifty-two week low of $22.96 and a fifty-two week high of $35.78. The stock has a market cap of $174.21 million, a P/E ratio of -27.37 and a beta of 0.98. The firm’s fifty day moving average price is $27.40 and its 200-day moving average price is $29.23.

Eastern Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 14th will be given a dividend of $0.11 per share. The ex-dividend date is Friday, February 14th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.56%. Eastern’s dividend payout ratio (DPR) is presently -42.72%.

Institutional Investors Weigh In On Eastern

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Empowered Funds LLC raised its position in shares of Eastern by 72.7% during 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 in the last quarter. Segall Bryant & Hamill LLC purchased a new stake in Eastern in the third quarter worth approximately $1,667,000. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Eastern by 45.3% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 13,522 shares of the industrial products company’s stock worth $439,000 after acquiring an additional 4,218 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings 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 during the last quarter. Finally, MetLife Investment Management LLC boosted its stake in shares of Eastern by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 3,086 shares of the industrial products company’s stock valued at $100,000 after purchasing an additional 1,739 shares in the last quarter. 76.99% of the stock is owned by hedge funds and other 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.