Zacks Investment Research upgraded shares of Caesarstone (NASDAQ:CSTE) from a hold rating to a buy rating in a research note released on Tuesday, Zacks.com reports. The firm currently has $18.00 price objective on the construction company’s stock.
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 analysts also recently issued reports on the stock. BidaskClub downgraded shares of Caesarstone from a buy rating to a hold rating in a research report on Friday, March 15th. Credit Suisse Group set a $12.00 price target on shares of Caesarstone and gave the stock a sell rating in a research report on Friday, January 11th. Finally, ValuEngine downgraded shares of Caesarstone from a hold rating to a sell rating in a research report on Wednesday, January 9th.
Shares of NASDAQ CSTE opened at $15.57 on Tuesday. The stock has a market cap of $531.60 million, a P/E ratio of 23.44 and a beta of 1.67. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.80 and a current ratio of 3.20. Caesarstone has a 12-month low of $12.49 and a 12-month high of $21.80.
Caesarstone (NASDAQ:CSTE) last issued its quarterly earnings results on Wednesday, May 1st. The construction company reported $0.08 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.09. The business had revenue of $128.00 million for the quarter, compared to the consensus estimate of $132.66 million. Caesarstone had a net margin of 3.96% and a return on equity of 4.78%. The firm’s quarterly revenue was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.10 EPS. On average, sell-side analysts forecast that Caesarstone will post 0.7 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Truvestments Capital LLC acquired a new position in Caesarstone during the 1st quarter valued at about $27,000. Quantamental Technologies LLC acquired a new position in Caesarstone during the 1st quarter valued at about $31,000. Public Employees Retirement Association of Colorado lifted its position in Caesarstone by 67.9% during the 1st quarter. Public Employees Retirement Association of Colorado now owns 4,366 shares of the construction company’s stock valued at $68,000 after purchasing an additional 1,766 shares during the period. BNP Paribas Arbitrage SA lifted its position in Caesarstone by 505.6% during the 1st quarter. BNP Paribas Arbitrage SA now owns 4,772 shares of the construction company’s stock valued at $74,000 after purchasing an additional 3,984 shares during the period. Finally, SG Americas Securities LLC acquired a new position in Caesarstone during the 1st quarter valued at about $132,000. Institutional investors and hedge funds own 49.53% of the company’s stock.
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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