Caesarstone Ltd. (CSTE) Lowered to “Hold” at Zacks Investment Research
Caesarstone Ltd. (NASDAQ:CSTE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note 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. “
Other research analysts have also issued research reports about the company. BidaskClub lowered Caesarstone from a “buy” rating to a “hold” rating in a research report on Saturday, June 17th. Stifel Nicolaus reaffirmed a “buy” rating and set a $47.00 price target on shares of Caesarstone in a research report on Thursday, August 3rd. TheStreet lowered Caesarstone from a “b-” rating to a “c+” rating in a research report on Wednesday, June 28th. Finally, Credit Suisse Group assumed coverage on Caesarstone in a research report on Thursday, June 22nd. They set a “neutral” rating and a $37.00 price target on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $38.20.
Caesarstone (NASDAQ CSTE) traded up 0.86% during trading on Tuesday, reaching $29.35. The company had a trading volume of 121,980 shares. The company has a 50 day moving average price of $29.17 and a 200 day moving average price of $34.24. The company has a market capitalization of $1.01 billion, a PE ratio of 16.77 and a beta of 2.08. Caesarstone has a 52-week low of $26.35 and a 52-week high of $44.00.
Caesarstone (NASDAQ:CSTE) last announced its earnings results on Wednesday, August 2nd. The construction company reported $0.42 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.56 by ($0.14). Caesarstone had a net margin of 11.21% and a return on equity of 14.21%. The firm had revenue of $148.90 million during the quarter, compared to analyst estimates of $148.35 million. During the same period in the prior year, the business posted $0.73 EPS. The firm’s quarterly revenue was up 4.6% compared to the same quarter last year. On average, equities analysts forecast that Caesarstone will post $1.94 EPS for the current fiscal year.
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Hedge funds have recently bought and sold shares of the stock. Penserra Capital Management LLC increased its holdings in shares of Caesarstone by 13.0% during the 2nd quarter. Penserra Capital Management LLC now owns 3,328 shares of the construction company’s stock worth $116,000 after acquiring an additional 384 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of Caesarstone by 63.5% during the 2nd quarter. SG Americas Securities LLC now owns 4,577 shares of the construction company’s stock worth $160,000 after acquiring an additional 1,778 shares during the last quarter. FNY Partners Fund LP acquired a new position in shares of Caesarstone during the 1st quarter worth approximately $181,000. Sensato Investors LLC acquired a new position in shares of Caesarstone during the 2nd quarter worth approximately $207,000. Finally, HighTower Advisors LLC acquired a new position in shares of Caesarstone during the 1st quarter worth approximately $214,000. 52.87% of the stock is currently owned by institutional investors and hedge funds.
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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