Caesarstone Ltd. (CSTE) Stock Rating Lowered by J P Morgan Chase & Co

Caesarstone Ltd. (NASDAQ:CSTE) was downgraded by equities researchers at J P Morgan Chase & Co from a “neutral” rating to an “underweight” rating in a report issued on Thursday.

A number of other analysts also recently weighed in on the stock. Zacks Investment Research raised shares of Caesarstone from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a report on Wednesday, October 4th. BidaskClub downgraded shares of Caesarstone from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $47.00 price target on shares of Caesarstone in a report on Thursday, August 3rd. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $38.20.

Caesarstone (NASDAQ:CSTE) last issued its quarterly earnings results on Wednesday, November 1st. The construction company reported $0.37 earnings per share for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.22). Caesarstone had a net margin of 11.21% and a return on equity of 14.21%. The company had revenue of $154.68 million during the quarter, compared to the consensus estimate of $153.75 million. During the same period last year, the company earned $0.70 earnings per share. Caesarstone’s revenue for the quarter was up 7.2% on a year-over-year basis.

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Hedge funds have recently made changes to their positions in the company. Penserra Capital Management LLC raised its stake in shares of Caesarstone by 13.0% in the 2nd quarter. Penserra Capital Management LLC now owns 3,328 shares of the construction company’s stock valued at $116,000 after buying an additional 384 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of Caesarstone by 63.5% in the 2nd quarter. SG Americas Securities LLC now owns 4,577 shares of the construction company’s stock valued at $160,000 after buying an additional 1,778 shares in the last quarter. Sensato Investors LLC acquired a new position in shares of Caesarstone in the 2nd quarter valued at $207,000. HighTower Advisors LLC acquired a new position in shares of Caesarstone in the 1st quarter valued at $214,000. Finally, Trexquant Investment LP acquired a new position in shares of Caesarstone in the 2nd quarter valued at $219,000. Institutional investors own 52.58% of the company’s stock.

Caesarstone Company Profile

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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