Caesarstone (NASDAQ:CSTE) Cut to Hold at StockNews.com

Caesarstone (NASDAQ:CSTE) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

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

Caesarstone Trading Down 8.9 %

Shares of NASDAQ:CSTE opened at $3.87 on Tuesday. The company has a 50 day moving average of $4.45 and a 200 day moving average of $5.11. The stock has a market cap of $133.63 million, a P/E ratio of -2.02 and a beta of 0.14. Caesarstone has a 12 month low of $3.50 and a 12 month high of $6.81.

Institutional Trading of Caesarstone

Hedge funds have recently bought and sold shares of the company. Global Alpha Capital Management Ltd. grew its position in Caesarstone by 1.6% during the third quarter. Global Alpha Capital Management Ltd. now owns 3,019,248 shares of the construction company’s stock valued at $13,768,000 after acquiring an additional 48,200 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Caesarstone during the second quarter worth about $293,000. BNP Paribas Financial Markets grew its stake in shares of Caesarstone by 1,206.4% in the third quarter. BNP Paribas Financial Markets now owns 46,704 shares of the construction company’s stock worth $213,000 after purchasing an additional 43,129 shares during the last quarter. Empowered Funds LLC purchased a new position in Caesarstone during the 3rd quarter valued at about $164,000. Finally, Acadian Asset Management LLC bought a new position in Caesarstone during the 2nd quarter valued at approximately $106,000. Institutional investors 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.