Caesarstone Ltd. (CSTE) Hits New 52-Week Low Following Weak Earnings

Caesarstone Ltd. (NASDAQ:CSTE) hit a new 52-week low during mid-day trading on Wednesday following a weaker than expected earnings announcement. The stock traded as low as $26.13 and last traded at $26.10, with a volume of 509,244 shares changing hands. The stock had previously closed at $28.30.

The construction company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.59 by ($0.22). The business had revenue of $154.68 million during the quarter, compared to the consensus estimate of $153.75 million. Caesarstone had a net margin of 11.21% and a return on equity of 14.21%. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same period last year, the business posted $0.70 EPS.

CSTE has been the topic of several recent research reports. Zacks Investment Research raised shares of Caesarstone from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 11th. BidaskClub lowered shares of Caesarstone from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $47.00 target price on shares of Caesarstone in a research note on Thursday, August 3rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $38.20.

Institutional investors have recently added to or reduced their stakes in the stock. Penserra Capital Management LLC boosted its stake in Caesarstone by 13.0% during the 2nd quarter. Penserra Capital Management LLC now owns 3,328 shares of the construction company’s stock worth $116,000 after acquiring an additional 384 shares during the last quarter. SG Americas Securities LLC boosted its stake in Caesarstone by 63.5% during the 2nd quarter. SG Americas Securities LLC now owns 4,577 shares of the construction company’s stock worth $160,000 after acquiring an additional 1,778 shares during the last quarter. Sensato Investors LLC bought a new position in Caesarstone during the 2nd quarter worth approximately $207,000. HighTower Advisors LLC bought a new position in Caesarstone during the 1st quarter worth approximately $214,000. Finally, Trexquant Investment LP bought a new position in Caesarstone during the 2nd quarter worth approximately $219,000. 52.58% of the stock is currently owned by institutional investors and hedge funds.

The firm has a 50-day moving average of $29.15 and a 200-day moving average of $33.47. The stock has a market cap of $891.90 million, a price-to-earnings ratio of 14.843 and a beta of 2.07.

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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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