Caesarstone Ltd (CSTE) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Caesarstone Ltd (NASDAQ:CSTE) from a hold rating to a sell rating in a research report sent to investors on Monday morning.

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. “

CSTE has been the topic of several other reports. Stifel Nicolaus raised shares of Caesarstone from a hold rating to a buy rating and upped their price target for the stock from $33.00 to $47.00 in a research report on Friday, March 24th. Chardan Capital lowered shares of Caesarstone from a buy rating to a neutral rating and upped their price target for the stock from $39.00 to $43.00 in a research report on Thursday, May 11th. Finally, TheStreet raised shares of Caesarstone from a c rating to a b- rating in a research report on Tuesday, April 11th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $42.75.

Shares of Caesarstone (NASDAQ:CSTE) traded up 1.15% on Monday, reaching $39.75. 26,187 shares of the company traded hands. The stock has a 50 day moving average of $38.37 and a 200 day moving average of $32.78. Caesarstone has a 52-week low of $26.35 and a 52-week high of $44.00. The stock has a market cap of $1.36 billion, a price-to-earnings ratio of 19.24 and a beta of 1.88.

Caesarstone (NASDAQ:CSTE) last posted its quarterly earnings results on Wednesday, May 10th. The construction company reported $0.31 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.04. Caesarstone had a net margin of 13.90% and a return on equity of 17.98%. The firm had revenue of $136.40 million for the quarter, compared to analyst estimates of $124.97 million. During the same period in the prior year, the firm posted $0.38 earnings per share. The company’s quarterly revenue was up 16.7% compared to the same quarter last year. On average, analysts expect that Caesarstone will post $2.02 earnings per share for the current year.

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A number of hedge funds have recently bought and sold shares of the company. Highbridge Capital Management LLC bought a new position in shares of Caesarstone during the fourth quarter valued at $311,000. Migdal Insurance & Financial Holdings Ltd. raised its position in shares of Caesarstone by 6.8% in the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 468,700 shares of the construction company’s stock valued at $13,428,000 after buying an additional 30,000 shares during the last quarter. Joho Capital LLC raised its position in shares of Caesarstone by 13.2% in the third quarter. Joho Capital LLC now owns 1,374,627 shares of the construction company’s stock valued at $51,837,000 after buying an additional 160,000 shares during the last quarter. Public Employees Retirement Association of Colorado raised its position in shares of Caesarstone by 7,626.5% in the third quarter. Public Employees Retirement Association of Colorado now owns 301,335 shares of the construction company’s stock valued at $11,363,000 after buying an additional 297,435 shares during the last quarter. Finally, Oxford Asset Management raised its position in shares of Caesarstone by 372.6% in the fourth quarter. Oxford Asset Management now owns 62,944 shares of the construction company’s stock valued at $1,803,000 after buying an additional 49,626 shares during the last quarter. 60.17% of the stock is currently owned by hedge funds and other institutional investors.

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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