Caesarstone (NASDAQ:CSTE) Raised to “Buy” at StockNews.com

StockNews.com upgraded shares of Caesarstone (NASDAQ:CSTE) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning.

Separately, Benchmark reduced their price objective on shares of Caesarstone from $8.00 to $6.00 and set a buy rating on the stock in a research note on Thursday, August 8th.

Caesarstone Trading Down 1.5 %

Shares of CSTE stock opened at $4.48 on Wednesday. The stock has a market cap of $154.70 million, a P/E ratio of -1.41 and a beta of 0.13. Caesarstone has a 1 year low of $3.50 and a 1 year high of $6.81. The stock has a 50 day simple moving average of $5.15 and a 200 day simple moving average of $5.19.

Caesarstone (NASDAQ:CSTE) last released its earnings results on Wednesday, August 7th. The construction company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.02). The company had revenue of $119.43 million for the quarter, compared to the consensus estimate of $123.85 million. Caesarstone had a negative net margin of 12.91% and a negative return on equity of 8.21%.

Institutional Investors Weigh In On Caesarstone

Large investors have recently modified their holdings of the business. Essex Investment Management Co. LLC lifted its position in shares of Caesarstone by 89.7% during the 1st quarter. Essex Investment Management Co. LLC now owns 329,827 shares of the construction company’s stock worth $1,349,000 after buying an additional 155,956 shares during the last quarter. Gladius Capital Management LP acquired a new position in Caesarstone during the second quarter worth about $28,000. Rhumbline Advisers bought a new position in shares of Caesarstone in the second quarter worth about $107,000. Bank of New York Mellon Corp acquired a new stake in shares of Caesarstone in the 2nd quarter valued at approximately $293,000. Finally, Acadian Asset Management LLC bought a new stake in shares of Caesarstone during the 2nd quarter valued at approximately $106,000. Institutional investors and hedge funds own 33.70% of the company’s stock.

About Caesarstone

Caesarstone Ltd., together with its subsidiaries, designs, develops, manufactures, and markets engineered stone and other materials under the Caesarstone brand in the United States, Canada, Latin America, Australia, Asia, Europe, the Middle East and Africa, and Israel. The company's engineered stone slabs are primarily used as indoor and outdoor kitchen countertops in the renovation and remodeling, and residential construction sectors.