Zacks: Brokerages Expect Caesarstone Ltd. (CSTE) Will Post Quarterly Sales of $150.58 Million
Brokerages expect Caesarstone Ltd. (NASDAQ:CSTE) to report sales of $150.58 million for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for Caesarstone’s earnings. The highest sales estimate is $150.89 million and the lowest is $150.26 million. Caesarstone posted sales of $144.31 million during the same quarter last year, which suggests a positive year over year growth rate of 4.3%. The company is scheduled to report its next quarterly earnings results before the market opens on Wednesday, November 1st.
On average, analysts expect that Caesarstone will report full-year sales of $150.58 million for the current fiscal year, with estimates ranging from $585.08 million to $586.24 million. For the next fiscal year, analysts anticipate that the firm will post sales of $634.56 million per share, with estimates ranging from $620.10 million to $646.68 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that follow Caesarstone.
Caesarstone (NASDAQ:CSTE) last posted 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 during the quarter, compared to the consensus estimate of $148.35 million. During the same period in the prior year, the firm posted $0.73 EPS. The firm’s quarterly revenue was up 4.6% on a year-over-year basis.
A number of research firms recently commented on CSTE. Stifel Nicolaus restated a “buy” rating and set a $47.00 price target on shares of Caesarstone in a research report on Thursday, August 3rd. BidaskClub lowered Caesarstone from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. TheStreet lowered Caesarstone from a “b-” rating to a “c+” rating in a research report on Wednesday, June 28th. Finally, Zacks Investment Research lowered Caesarstone from a “buy” rating to a “hold” rating in a research report on Tuesday, October 10th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $38.20.
Institutional investors and hedge funds have recently made changes to their positions in the business. Penserra Capital Management LLC boosted its position in 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 buying an additional 384 shares during the last quarter. SG Americas Securities LLC boosted its position in Caesarstone by 63.5% in the 2nd quarter. SG Americas Securities LLC now owns 4,577 shares of the construction company’s stock valued at $160,000 after buying an additional 1,778 shares during the last quarter. FNY Partners Fund LP bought a new position in Caesarstone in the 1st quarter valued at $181,000. Sensato Investors LLC bought a new position in Caesarstone in the 2nd quarter valued at $207,000. Finally, HighTower Advisors LLC bought a new position in Caesarstone in the 1st quarter valued at $214,000. Hedge funds and other institutional investors own 52.87% of the company’s stock.
Shares of Caesarstone (CSTE) opened at 29.45 on Friday. Caesarstone has a 1-year low of $26.35 and a 1-year high of $44.00. The company has a market cap of $1.01 billion, a P/E ratio of 16.83 and a beta of 2.07. The stock has a 50 day moving average price of $29.27 and a 200-day moving average price of $33.86.
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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