Eastern (NASDAQ:EML) Earns Buy Rating from Analysts at StockNews.com

Jun 30, 2023

StockNews.com assumed coverage on shares of Eastern (NASDAQ:EML - Get Free Report) in a note issued to investors on Wednesday. The brokerage set a "buy" rating on the industrial products company's stock.

Shares of NASDAQ:EML opened at $18.03 on Wednesday. The company has a market cap of $112.48 million, a price-to-earnings ratio of 15.95 and a beta of 1.06. The firm's 50-day simple moving average is $18.24 and its 200-day simple moving average is $18.44. The company has a quick ratio of 1.49, a current ratio of 2.89 and a debt-to-equity ratio of 0.41. Eastern has a fifty-two week low of $15.30 and a fifty-two week high of $24.35.

Eastern (NASDAQ:EML - Get Free Report) last released its quarterly earnings data on Tuesday, August 8th. The industrial products company reported $0.40 EPS for the quarter. The firm had revenue of $68.34 million for the quarter. Eastern had a net margin of 2.51% and a return on equity of 7.50%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. UBS Group AG raised its position in shares of Eastern by 13.0% in the fourth quarter. UBS Group AG now owns 4,559 shares of the industrial products company's stock valued at $88,000 after buying an additional 524 shares during the last quarter. Gabelli Funds LLC raised its position in shares of Eastern by 0.3% in the second quarter. Gabelli Funds LLC now owns 175,100 shares of the industrial products company's stock valued at $3,168,000 after buying an additional 533 shares during the last quarter. State Street Corp raised its position in shares of Eastern by 3.9% in the first quarter. State Street Corp now owns 17,120 shares of the industrial products company's stock valued at $399,000 after buying an additional 640 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Eastern by 1.3% in the first quarter. Geode Capital Management LLC now owns 53,996 shares of the industrial products company's stock valued at $1,052,000 after buying an additional 676 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position 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 valued at $7,248,000 after buying an additional 1,070 shares during the last quarter. Institutional investors and hedge funds own 69.20% of the company's stock.

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.

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