Caesarstone Ltd. (CSTE) Upgraded to Hold at Zacks Investment Research
Caesarstone Ltd. (NASDAQ:CSTE) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “CaesarStone Ltd manufactures engineered quartz surfaces for residential and commercial buildings as countertops, vanities, wall cladding, floors and other interior surfaces. The company’s product consists of Classico, Supernatural, Motivo and Concetto. CaesarStone Ltd, formerly known as Caesarstone Sdot-Yam Ltd., is based in MP Menashe, Israel. “
A number of other equities research analysts have also recently weighed in on the stock. TheStreet cut shares of Caesarstone from a “b-” rating to a “c+” rating in a research report on Wednesday, June 28th. Credit Suisse Group began coverage on shares of Caesarstone in a research report on Thursday, June 22nd. They set a “neutral” rating and a $37.00 price target for the company. BidaskClub cut shares of Caesarstone from a “buy” rating to a “hold” rating in a research report on Saturday, June 17th. Chardan Capital cut shares of Caesarstone from a “buy” rating to a “neutral” rating and lifted their price target for the company from $39.00 to $43.00 in a research report on Thursday, May 11th. Finally, Stifel Nicolaus upgraded shares of Caesarstone from a “hold” rating to a “buy” rating and lifted their price target for the company from $33.00 to $47.00 in a research report on Friday, March 24th. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $40.25.
Caesarstone (NASDAQ:CSTE) traded down 0.43% during midday trading on Tuesday, reaching $34.85. 143,094 shares of the company’s stock traded hands. The company has a market capitalization of $1.20 billion, a price-to-earnings ratio of 16.87 and a beta of 2.09. The firm’s 50-day moving average is $37.02 and its 200-day moving average is $34.31. Caesarstone has a 1-year low of $26.35 and a 1-year high of $44.00.
Caesarstone (NASDAQ:CSTE) last announced its quarterly earnings results on Wednesday, May 10th. The construction company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.04. Caesarstone had a net margin of 13.29% and a return on equity of 17.19%. The business had revenue of $136.40 million during the quarter, compared to analysts’ expectations of $124.97 million. During the same period last year, the business earned $0.38 earnings per share. The business’s revenue for the quarter was up 16.7% on a year-over-year basis. Analysts forecast that Caesarstone will post $2.04 earnings per share for the current year.
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Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its position in Caesarstone by 1.8% in the first quarter. Bank of New York Mellon Corp now owns 64,418 shares of the construction company’s stock valued at $2,335,000 after buying an additional 1,150 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new position in Caesarstone during the first quarter valued at approximately $557,000. LSV Asset Management raised its position in Caesarstone by 39.4% in the first quarter. LSV Asset Management now owns 128,400 shares of the construction company’s stock valued at $4,654,000 after buying an additional 36,300 shares during the last quarter. Wells Fargo & Company MN raised its position in Caesarstone by 7.5% in the first quarter. Wells Fargo & Company MN now owns 29,579 shares of the construction company’s stock valued at $1,072,000 after buying an additional 2,051 shares during the last quarter. Finally, DUPONT CAPITAL MANAGEMENT Corp acquired a new position in Caesarstone during the first quarter valued at approximately $568,000. 58.63% of the stock is owned by institutional investors and hedge funds.
Caesarstone Company Profile
Caesarstone Ltd., formerly Caesarstone Sdot-Yam Ltd., is a manufacturer of engineered quartz surfaces. The Company’s products consist of engineered quartz, which are installed as countertops in residential kitchens. Its products are primarily used as kitchen countertops in the renovation, remodeling and residential construction end markets.
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