Caesarstone (NASDAQ:CSTE) Lifted to Buy at StockNews.com

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

Separately, Benchmark dropped their price target on Caesarstone from $8.00 to $6.00 and set a buy rating for the company in a research report on Thursday, August 8th.

Caesarstone Stock Performance

Shares of CSTE opened at $4.77 on Wednesday. Caesarstone has a twelve month low of $3.50 and a twelve month high of $6.81. The firm has a market capitalization of $164.72 million, a P/E ratio of -1.50 and a beta of 0.13. The firm’s 50-day moving average is $5.17 and its two-hundred day moving average is $5.18.

Caesarstone (NASDAQ:CSTE) last released its quarterly 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 firm had revenue of $119.43 million during the quarter, compared to analyst estimates of $123.85 million. Caesarstone had a negative return on equity of 8.21% and a negative net margin of 12.91%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CSTE. Essex Investment Management Co. LLC grew its holdings in Caesarstone by 89.7% during the 1st quarter. Essex Investment Management Co. LLC now owns 329,827 shares of the construction company’s stock valued at $1,349,000 after buying an additional 155,956 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Caesarstone in the second quarter valued at $293,000. Acadian Asset Management LLC acquired a new stake in shares of Caesarstone during the second quarter valued at $106,000. Rhumbline Advisers purchased a new stake in Caesarstone during the 2nd quarter worth about $107,000. Finally, Marquette Asset Management LLC raised its stake in Caesarstone by 19.8% in the 1st quarter. Marquette Asset Management LLC now owns 36,291 shares of the construction company’s stock valued at $148,000 after purchasing an additional 6,006 shares during the last quarter. 33.70% of the stock is currently owned by institutional investors and hedge funds.

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.