Caesarstone (NASDAQ:CSTE) Lifted to “Hold” at ValuEngine

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ValuEngine upgraded shares of Caesarstone (NASDAQ:CSTE) from a sell rating to a hold rating in a report issued on Monday, September 17th.

Other equities research analysts have also issued research reports about the company. BidaskClub raised Caesarstone from a sell rating to a hold rating in a report on Thursday, August 23rd. Zacks Investment Research raised Caesarstone from a sell rating to a hold rating in a report on Tuesday, July 10th. Finally, Credit Suisse Group set a $13.00 price objective on Caesarstone and gave the company a sell rating in a report on Friday, July 6th. Four analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $21.33.

Shares of NASDAQ CSTE traded up $0.24 during midday trading on Monday, reaching $16.90. 166,287 shares of the company were exchanged, compared to its average volume of 302,655. The company has a quick ratio of 1.85, a current ratio of 3.11 and a debt-to-equity ratio of 0.02. Caesarstone has a 1 year low of $12.50 and a 1 year high of $29.70. The firm has a market cap of $637.17 million, a P/E ratio of 12.71 and a beta of 1.92.

Caesarstone (NASDAQ:CSTE) last announced its quarterly earnings data on Wednesday, August 8th. The construction company reported $0.43 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.18. Caesarstone had a return on equity of 5.64% and a net margin of 2.28%. The company had revenue of $149.24 million for the quarter, compared to analyst estimates of $152.22 million. During the same quarter in the previous year, the company earned $0.49 EPS. The firm’s revenue for the quarter was up .2% compared to the same quarter last year. As a group, analysts anticipate that Caesarstone will post 0.77 earnings per share for the current year.

Several large investors have recently made changes to their positions in CSTE. BlackRock Inc. boosted its stake in shares of Caesarstone by 17.2% during the 2nd quarter. BlackRock Inc. now owns 1,635,202 shares of the construction company’s stock worth $24,692,000 after acquiring an additional 240,340 shares in the last quarter. Global Alpha Capital Management Ltd. boosted its stake in shares of Caesarstone by 36.2% during the 2nd quarter. Global Alpha Capital Management Ltd. now owns 639,813 shares of the construction company’s stock worth $9,661,000 after acquiring an additional 170,000 shares in the last quarter. Hawk Ridge Capital Management LP purchased a new stake in shares of Caesarstone during the 1st quarter worth approximately $2,844,000. Federated Investors Inc. PA purchased a new stake in shares of Caesarstone during the 1st quarter worth approximately $2,352,000. Finally, Formula Growth Ltd. boosted its stake in shares of Caesarstone by 15.6% during the 2nd quarter. Formula Growth Ltd. now owns 644,599 shares of the construction company’s stock worth $9,733,000 after acquiring an additional 87,025 shares in the last quarter. 47.27% of the stock is currently owned by institutional investors and hedge funds.

About Caesarstone

Caesarstone Ltd., together with its subsidiaries, manufactures and sells engineered quartz surfaces under the Caesarstone brand in the United States, Australia, Canada, Israel, Europe, and internationally. Its engineered quartz slabs are used as countertops in residential kitchens, as well as serve the renovation and remodeling market.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

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