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Aug 09, 2023

Eastern (NASDAQ:EML) Coverage Initiated at StockNews.com

Equities research analysts at StockNews.com assumed coverage on shares of Eastern (NASDAQ:EML - Get Free Report) in a research note issued on Tuesday. The brokerage set a "buy" rating on the

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

NASDAQ:EML opened at $17.80 on Tuesday. The stock's 50-day moving average is $18.31 and its 200-day moving average is $18.63. The stock has a market cap of $111.07 million, a P/E ratio of 15.75 and a beta of 1.06. Eastern has a 1-year low of $15.30 and a 1-year high of $24.35. The company has a current ratio of 2.89, a quick ratio of 1.49 and a debt-to-equity ratio of 0.41.

A number of hedge funds have recently bought and sold shares of the company. UBS Group AG increased its stake in shares of Eastern by 13.0% in the 4th quarter. UBS Group AG now owns 4,559 shares of the industrial products company's stock valued at $88,000 after acquiring an additional 524 shares in the last quarter. EA Series Trust bought a new stake in Eastern in the second quarter valued at $221,000. Susquehanna International Group LLP bought a new position in shares of Eastern during the 1st quarter worth about $245,000. Royal Bank of Canada grew its stake in shares of Eastern by 7.3% in the 3rd quarter. Royal Bank of Canada now owns 16,200 shares of the industrial products company's stock valued at $281,000 after buying an additional 1,100 shares during the period. Finally, State Street Corp increased its position in Eastern by 3.9% in the 1st 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 in the last quarter. Institutional investors own 68.72% 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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