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

Eastern (NASDAQ:EML) was downgraded by StockNews.com from a “strong-buy” rating to a “buy” rating in a note issued to investors on Wednesday.

Eastern Stock Performance

Eastern stock opened at $29.08 on Wednesday. Eastern has a fifty-two week low of $22.96 and a fifty-two week high of $35.78. The firm’s 50 day simple moving average is $27.40 and its 200-day simple moving average is $29.23. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.64 and a quick ratio of 1.42. The company has a market cap of $179.71 million, a P/E ratio of -28.23 and a beta of 0.98.

Hedge Funds Weigh In On Eastern

Several institutional investors and hedge funds have recently bought and sold shares of the business. Empowered Funds LLC lifted its position in shares of Eastern by 72.7% in the third quarter. Empowered Funds LLC now owns 28,388 shares of the industrial products company’s stock worth $921,000 after purchasing an additional 11,952 shares in the last quarter. Segall Bryant & Hamill LLC acquired a new position in Eastern in the 3rd quarter valued at approximately $1,667,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in Eastern by 45.3% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 13,522 shares of the industrial products company’s stock worth $439,000 after buying an additional 4,218 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Eastern by 719.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 7,431 shares of the industrial products company’s stock valued at $241,000 after buying an additional 6,524 shares during the period. Finally, MetLife Investment Management LLC grew its holdings in shares of Eastern by 129.1% during the 3rd quarter. MetLife Investment Management LLC now owns 3,086 shares of the industrial products company’s stock valued at $100,000 after acquiring an additional 1,739 shares in the last quarter. Hedge funds and other institutional investors own 76.99% of the company’s stock.

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.