Zacks Investment Research Upgrades Caesarstone (NASDAQ:CSTE) to “Buy”

Caesarstone (NASDAQ:CSTE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday, Zacks.com reports. The brokerage currently has a $18.00 target price on the construction company’s stock. Zacks Investment Research‘s price target points to a potential upside of 9.22% from the stock’s previous close.

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 research firms also recently commented on CSTE. Stifel Nicolaus upgraded Caesarstone from a “hold” rating to a “buy” rating and raised their target price for the stock from $17.00 to $19.00 in a research report on Thursday, August 8th. ValuEngine upgraded Caesarstone from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, September 10th. Finally, BidaskClub upgraded Caesarstone from a “sell” rating to a “hold” rating in a research report on Saturday, September 14th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $16.33.

Shares of Caesarstone stock traded up $0.05 during midday trading on Wednesday, hitting $16.48. 65,826 shares of the company were exchanged, compared to its average volume of 123,309. The company has a debt-to-equity ratio of 0.15, a current ratio of 3.24 and a quick ratio of 1.98. The firm has a market cap of $566.83 million, a P/E ratio of 22.89 and a beta of 1.52. Caesarstone has a 52 week low of $12.49 and a 52 week high of $17.95. The firm has a 50 day simple moving average of $15.56 and a 200-day simple moving average of $15.16.

Caesarstone (NASDAQ:CSTE) last posted its earnings results on Wednesday, August 7th. The construction company reported $0.19 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $0.05. The business had revenue of $141.07 million during the quarter, compared to the consensus estimate of $147.02 million. Caesarstone had a return on equity of 3.80% and a net margin of 3.20%. Caesarstone’s revenue was down 5.5% on a year-over-year basis. During the same quarter last year, the company earned $0.43 EPS. Equities research analysts expect that Caesarstone will post 0.7 earnings per share for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its position in Caesarstone by 1.2% in the 2nd quarter. Vanguard Group Inc. now owns 78,774 shares of the construction company’s stock valued at $1,184,000 after purchasing an additional 949 shares during the last quarter. Public Employees Retirement Association of Colorado raised its position in Caesarstone by 29.8% in the 2nd quarter. Public Employees Retirement Association of Colorado now owns 5,667 shares of the construction company’s stock valued at $85,000 after purchasing an additional 1,301 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its position in Caesarstone by 0.3% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 653,597 shares of the construction company’s stock valued at $9,824,000 after purchasing an additional 1,810 shares during the last quarter. Bank of Montreal Can raised its position in Caesarstone by 233.7% in the 2nd quarter. Bank of Montreal Can now owns 2,683 shares of the construction company’s stock valued at $40,000 after purchasing an additional 1,879 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position in Caesarstone by 16.1% in the 2nd quarter. Russell Investments Group Ltd. now owns 18,481 shares of the construction company’s stock valued at $277,000 after purchasing an additional 2,567 shares during the last quarter. Hedge funds and other institutional investors own 45.59% of the company’s stock.

Caesarstone Company Profile

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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