StockNews.com cut shares of Caesarstone (NASDAQ:CSTE – Free Report) from a buy rating to a hold rating in a research report released on Thursday morning.
Separately, Benchmark decreased their target price on shares of Caesarstone from $8.00 to $6.00 and set a buy rating on the stock in a research report on Thursday, August 8th.
Get Our Latest Analysis on CSTE
Caesarstone Stock Performance
Caesarstone (NASDAQ:CSTE – Get Free Report) last released its earnings results on Wednesday, August 7th. The construction company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.02). Caesarstone had a negative net margin of 12.91% and a negative return on equity of 8.21%. The business had revenue of $119.43 million during the quarter, compared to analyst estimates of $123.85 million.
Hedge Funds Weigh In On Caesarstone
A number of large investors have recently modified their holdings of CSTE. Acadian Asset Management LLC acquired a new stake in shares of Caesarstone in the second quarter worth $106,000. Rhumbline Advisers acquired a new position in shares of Caesarstone during the second quarter worth about $107,000. Bank of New York Mellon Corp purchased a new stake in shares of Caesarstone in the second quarter worth about $293,000. Gladius Capital Management LP acquired a new stake in shares of Caesarstone in the second quarter valued at about $28,000. Finally, Marquette Asset Management LLC raised its holdings in shares of Caesarstone by 19.8% during the 1st quarter. Marquette Asset Management LLC now owns 36,291 shares of the construction company’s stock valued at $148,000 after buying an additional 6,006 shares during the period. 33.70% of the stock is currently owned by hedge funds and other institutional investors.
Caesarstone Company Profile
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.
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