Caesarstone Ltd. (NASDAQ:CSTE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Monday.
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 have also weighed in on CSTE. Stifel Nicolaus lowered shares of Caesarstone from a “buy” rating to a “hold” rating and cut their price objective for the company from $48.00 to $30.00 in a research report on Thursday, November 3rd. Chardan Capital dropped their price target on shares of Caesarstone from $44.00 to $39.00 and set a “buy” rating on the stock in a research report on Monday, November 7th. Finally, J P Morgan Chase & Co lowered shares of Caesarstone from an “overweight” rating to a “neutral” rating in a research report on Wednesday, November 2nd. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Caesarstone has a consensus rating of “Hold” and a consensus target price of $38.40.
Shares of Caesarstone (NASDAQ:CSTE) traded up 3.23% during mid-day trading on Monday, hitting $35.20. 330,867 shares of the company’s stock traded hands. The stock has a market cap of $1.21 billion, a P/E ratio of 16.38 and a beta of 1.88. Caesarstone has a 1-year low of $26.35 and a 1-year high of $43.50. The stock has a 50 day moving average price of $29.85 and a 200-day moving average price of $33.78.
Caesarstone (NASDAQ:CSTE) last issued its quarterly earnings data on Wednesday, February 8th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.10. The firm had revenue of $135 million for the quarter, compared to analyst estimates of $126.22 million. Caesarstone had a net margin of 13.90% and a return on equity of 17.98%. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.55 earnings per share. Equities research analysts anticipate that Caesarstone will post $2.14 EPS for the current fiscal year.
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Institutional investors have recently added to or reduced their stakes in the stock. Capital Fund Management S.A. purchased a new position in Caesarstone during the third quarter worth approximately $709,000. Vaughan Nelson Investment Management L.P. increased its stake in shares of Caesarstone by 10.4% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 1,565,990 shares of the company’s stock valued at $59,055,000 after buying an additional 146,915 shares during the last quarter. Harbour Capital Advisors LLC bought a new stake in shares of Caesarstone during the second quarter valued at about $638,000. Schwab Charles Investment Management Inc. bought a new stake in shares of Caesarstone during the second quarter valued at about $1,273,000. Finally, Stifel Financial Corp increased its stake in shares of Caesarstone by 61.0% in the second quarter. Stifel Financial Corp now owns 25,390 shares of the company’s stock valued at $882,000 after buying an additional 9,618 shares during the last quarter. 60.17% of the stock is currently owned by institutional investors.
Caesarstone Company Profile
Caesarstone Ltd. is a manufacturer of engineered quartz surfaces. The Company’s engineered quartz surfaces are installed as countertops in residential kitchens. Its products are used as kitchen countertops in the renovation, remodeling and residential construction end markets. The other applications of its products include vanity tops, wall panels, back splashes, floor tiles, stairs, and other interior surfaces that are used in a range of residential and non-residential applications.
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