Short Interest in Caesarstone Ltd. (NASDAQ:CSTE) Declines By 35.9%

Caesarstone Ltd. (NASDAQ:CSTE) saw a large drop in short interest in the month of June. As of June 30th, there was short interest totalling 599,163 shares, a drop of 35.9% from the June 15th total of 934,240 shares. Based on an average daily volume of 326,869 shares, the short-interest ratio is presently 1.8 days. Currently, 2.6% of the shares of the company are short sold.

Shares of Caesarstone (NASDAQ:CSTE) traded down 1.97% on Tuesday, reaching $29.80. 186,387 shares of the company were exchanged. The company has a market capitalization of $1.02 billion, a P/E ratio of 17.03 and a beta of 2.08. The stock has a 50 day moving average of $34.77 and a 200-day moving average of $35.20. Caesarstone has a 52-week low of $26.35 and a 52-week high of $44.00.

Caesarstone (NASDAQ:CSTE) last issued its earnings results on Wednesday, August 2nd. The construction company reported $0.42 earnings per share for the quarter, missing the 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 company had revenue of $148.90 million for the quarter, compared to analyst estimates of $148.35 million. During the same quarter in the previous year, the company posted $0.73 earnings per share. The company’s quarterly revenue was up 4.6% compared to the same quarter last year. On average, analysts predict that Caesarstone will post $1.94 EPS for the current fiscal year.

Several brokerages have weighed in on CSTE. BidaskClub downgraded Caesarstone from a “buy” rating to a “hold” rating in a research report on Saturday, June 17th. Stifel Nicolaus restated a “buy” rating and set a $47.00 target price on shares of Caesarstone in a research report on Thursday, August 3rd. Zacks Investment Research cut Caesarstone from a “hold” rating to a “sell” rating in a research report on Monday, May 15th. TheStreet cut Caesarstone from a “b-” rating to a “c+” rating in a research report on Wednesday, June 28th. Finally, Credit Suisse Group initiated coverage on Caesarstone in a research report on Thursday, June 22nd. They set a “neutral” rating and a $37.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $38.20.

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. bought a new position in shares of Caesarstone during the second quarter valued at $225,000. Renaissance Group LLC bought a new position in shares of Caesarstone during the second quarter valued at $432,000. Penserra Capital Management LLC raised its position in shares of Caesarstone by 13.0% in the second 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. Prudential Financial Inc. bought a new position in shares of Caesarstone during the second quarter valued at $504,000. Finally, Analyst IMS Investment Management Services Ltd. raised its position in shares of Caesarstone by 0.3% in the second quarter. Analyst IMS Investment Management Services Ltd. now owns 132,815 shares of the construction company’s stock valued at $4,655,000 after buying an additional 441 shares during the last quarter. Institutional investors own 57.48% of the company’s stock.

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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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