Eastern (NASDAQ:EML) Cut to Hold at Royal Bank Of Canada

Royal Bank Of Canada downgraded shares of Eastern (NASDAQ:EML) from a moderate buy rating to a hold rating in a report released on Monday,Zacks.com reports.

Several other research analysts also recently commented on the company. Wall Street Zen raised Eastern to a “hold” rating in a research note on Saturday, January 10th. Weiss Ratings reissued a “hold (c)” rating on shares of Eastern in a research note on Monday, December 29th. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has a consensus rating of “Hold”.

Eastern Trading Up 2.4%

EML opened at $22.34 on Monday. Eastern has a twelve month low of $17.61 and a twelve month high of $26.77. The company has a 50-day simple moving average of $19.74 and a 200 day simple moving average of $19.86. The company has a quick ratio of 1.55, a current ratio of 3.59 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $134.93 million, a price-to-earnings ratio of 19.09 and a beta of 0.89.

Eastern (NASDAQ:EML) last posted its quarterly earnings data on Tuesday, March 3rd. The industrial products company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.05). Eastern had a return on equity of 6.52% and a net margin of 2.90%.

Insider Activity

In other news, Director John Everets acquired 1,339 shares of the stock in a transaction dated Monday, March 16th. The stock was bought at an average price of $20.93 per share, with a total value of $28,025.27. Following the completion of the purchase, the director directly owned 141,194 shares of the company’s stock, valued at $2,955,190.42. This represents a 0.96% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James A. Mitarotonda acquired 5,067 shares of the stock in a transaction dated Friday, March 6th. The stock was purchased at an average cost of $18.29 per share, with a total value of $92,675.43. Following the purchase, the director directly owned 640,000 shares of the company’s stock, valued at $11,705,600. This trade represents a 0.80% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have acquired 17,680 shares of company stock valued at $347,161. Insiders own 18.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Osaic Holdings Inc. increased its stake in shares of Eastern by 3,259.7% in the fourth quarter. Osaic Holdings Inc. now owns 13,674 shares of the industrial products company’s stock valued at $269,000 after buying an additional 13,267 shares during the period. Barclays PLC increased its stake in shares of Eastern by 10.9% in the fourth quarter. Barclays PLC now owns 9,002 shares of the industrial products company’s stock valued at $177,000 after buying an additional 886 shares during the period. State Street Corp increased its position in Eastern by 3.6% during the 4th quarter. State Street Corp now owns 74,569 shares of the industrial products company’s stock valued at $1,468,000 after purchasing an additional 2,575 shares during the period. Wells Fargo & Company MN increased its position in Eastern by 6.2% during the 4th quarter. Wells Fargo & Company MN now owns 133,039 shares of the industrial products company’s stock valued at $2,620,000 after purchasing an additional 7,779 shares during the period. Finally, Barington Companies Management LLC increased its position in Eastern by 0.8% during the 4th quarter. Barington Companies Management LLC now owns 634,933 shares of the industrial products company’s stock valued at $12,502,000 after purchasing an additional 4,833 shares during the period. Institutional investors and hedge funds own 76.99% of the company’s stock.

Eastern Company Profile

Eastern (NASDAQ:EML), based in West Haven, Connecticut, is a diversified industrial manufacturer specializing in secure hardware and metal finishing services. The company operates through two primary segments: Industrial Hardware Products and Security Products, complemented by a Metal Coatings division. Its Industrial Hardware Products segment produces cold-headed fasteners, forgings, hinges and precision components for heavy commercial vehicles, hydraulic cylinders and industrial machinery.

The Security Products segment designs and manufactures a wide range of lock and latch solutions, including padlocks, door hardware, cabinet locks and rental security towers for commercial and institutional applications.