Caesarstone Ltd. (CSTE) Cut to “Neutral” at Chardan Capital

Caesarstone Ltd. (NASDAQ:CSTE) was downgraded by equities researchers at Chardan Capital from a “buy” rating to a “neutral” rating in a report released on Thursday, May 11th, MarketBeat Ratings reports. They presently have a $43.00 price objective on the construction company’s stock, up from their previous price objective of $39.00. Chardan Capital’s price target points to a potential upside of 26.47% from the stock’s current price.

A number of other research analysts also recently issued reports on the stock. Stifel Nicolaus raised shares of Caesarstone from a “hold” rating to a “buy” rating and boosted their price objective for the company from $33.00 to $47.00 in a research report on Friday, March 24th. TheStreet raised shares of Caesarstone from a “c” rating to a “b-” rating in a research report on Tuesday, April 11th. Finally, Zacks Investment Research raised shares of Caesarstone from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 11th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. Caesarstone has a consensus rating of “Hold” and an average price target of $42.75.

Shares of Caesarstone (CSTE) opened at 34.00 on Thursday. Caesarstone has a 12-month low of $26.35 and a 12-month high of $44.00. The firm has a 50-day moving average of $38.50 and a 200-day moving average of $33.95. The company has a market cap of $1.17 billion, a P/E ratio of 16.46 and a beta of 2.02.

Caesarstone (NASDAQ:CSTE) last issued its earnings results on Wednesday, May 10th. The construction company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.27 by $0.04. Caesarstone had a net margin of 13.29% and a return on equity of 17.19%. The company had revenue of $136.40 million for the quarter, compared to the consensus estimate of $124.97 million. During the same period in the previous year, the firm earned $0.38 earnings per share. The firm’s revenue for the quarter was up 16.7% on a year-over-year basis. Analysts predict that Caesarstone will post $2.06 EPS for the current year.

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Hedge funds have recently made changes to their positions in the stock. Bamco Inc. NY boosted its stake in shares of Caesarstone by 1.5% in the third quarter. Bamco Inc. NY now owns 3,146,475 shares of the construction company’s stock worth $118,654,000 after buying an additional 47,874 shares during the period. Joho Capital LLC boosted its stake in shares of Caesarstone by 13.2% in the third quarter. Joho Capital LLC now owns 1,374,627 shares of the construction company’s stock worth $51,837,000 after buying an additional 160,000 shares during the period. Frontier Capital Management Co. LLC boosted its stake in shares of Caesarstone by 12.5% in the first quarter. Frontier Capital Management Co. LLC now owns 1,102,478 shares of the construction company’s stock worth $39,965,000 after buying an additional 122,089 shares during the period. BlackRock Fund Advisors boosted its stake in shares of Caesarstone by 7.0% in the third quarter. BlackRock Fund Advisors now owns 713,056 shares of the construction company’s stock worth $26,889,000 after buying an additional 46,349 shares during the period. Finally, Systematic Financial Management LP boosted its stake in shares of Caesarstone by 17.4% in the fourth quarter. Systematic Financial Management LP now owns 708,932 shares of the construction company’s stock worth $20,311,000 after buying an additional 105,183 shares during the period. Hedge funds and other institutional investors own 58.63% of the company’s stock.

About Caesarstone

Caesarstone Ltd., formerly Caesarstone Sdot-Yam Ltd., is a manufacturer of engineered quartz surfaces. The Company’s products consist of engineered quartz, which are installed as countertops in residential kitchens. Its products are primarily used as kitchen countertops in the renovation, remodeling and residential construction end markets.

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