Caesarstone Ltd. (CSTE) Lifted to “Buy” at Zacks Investment Research
Caesarstone Ltd. (NASDAQ:CSTE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The firm currently has a $34.00 target price on the construction company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 12.96% from the stock’s current price.
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. “
Several other brokerages also recently weighed in on CSTE. BidaskClub downgraded shares of Caesarstone from a “strong-buy” rating to a “buy” rating in a report on Friday, June 9th. Stifel Nicolaus reissued a “buy” rating and set a $47.00 price target on shares of Caesarstone in a report on Thursday, August 3rd. TheStreet cut shares of Caesarstone from a “b-” rating to a “c+” rating in a report on Wednesday, June 28th. Finally, Credit Suisse Group started coverage on shares of Caesarstone in a research report on Thursday, June 22nd. They issued a “neutral” rating and a $37.00 price objective for the company. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. Caesarstone currently has a consensus rating of “Hold” and a consensus target price of $38.20.
Caesarstone (NASDAQ CSTE) traded down 0.33% on Wednesday, reaching $30.10. 70,086 shares of the company’s stock were exchanged. The firm has a 50-day moving average price of $29.13 and a 200-day moving average price of $34.34. The company has a market capitalization of $1.03 billion, a P/E ratio of 17.20 and a beta of 2.07. 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 data on Wednesday, August 2nd. The construction company reported $0.42 EPS for the quarter, missing the Zacks’ consensus estimate of $0.56 by ($0.14). Caesarstone had a return on equity of 14.21% and a net margin of 11.21%. The firm had revenue of $148.90 million for the quarter, compared to analysts’ expectations of $148.35 million. During the same quarter in the previous year, the company posted $0.73 EPS. The firm’s quarterly revenue was up 4.6% compared to the same quarter last year. Equities research analysts expect that Caesarstone will post $1.94 earnings per share for the current year.
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Several hedge funds and other institutional investors have recently modified their holdings of CSTE. Rhumbline Advisers grew its stake in shares of Caesarstone by 1.1% during the 2nd quarter. Rhumbline Advisers now owns 25,918 shares of the construction company’s stock worth $908,000 after purchasing an additional 279 shares during the period. Penserra Capital Management LLC increased its holdings in shares of Caesarstone by 13.0% in the 2nd quarter. Penserra Capital Management LLC now owns 3,328 shares of the construction company’s stock valued at $116,000 after purchasing an additional 384 shares in the last quarter. Analyst IMS Investment Management Services Ltd. increased its holdings in shares of Caesarstone by 0.3% in the 2nd quarter. Analyst IMS Investment Management Services Ltd. now owns 132,815 shares of the construction company’s stock valued at $4,655,000 after purchasing an additional 441 shares in the last quarter. American International Group Inc. increased its holdings in shares of Caesarstone by 7.1% in the 1st quarter. American International Group Inc. now owns 14,676 shares of the construction company’s stock valued at $532,000 after purchasing an additional 971 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Caesarstone by 1.8% in the 1st quarter. Bank of New York Mellon Corp now owns 64,418 shares of the construction company’s stock valued at $2,335,000 after purchasing an additional 1,150 shares in the last quarter. Institutional investors own 52.87% of the company’s stock.
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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