Bank of New York Mellon Corp Lowers Stake in Caesarstone Ltd (CSTE)

Bank of New York Mellon Corp reduced its position in Caesarstone Ltd (NASDAQ:CSTE) by 3.1% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 66,109 shares of the construction company’s stock after selling 2,117 shares during the period. Bank of New York Mellon Corp owned 0.19% of Caesarstone worth $1,969,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its stake in shares of Caesarstone by 51.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 25,193 shares of the construction company’s stock valued at $883,000 after buying an additional 8,512 shares during the period. Menta Capital LLC bought a new position in shares of Caesarstone in the 2nd quarter worth $988,000. Wesbanco Bank Inc. bought a new position in shares of Caesarstone in the 3rd quarter worth $482,000. State of New Jersey Common Pension Fund D boosted its position in shares of Caesarstone by 13.4% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 84,500 shares of the construction company’s stock worth $2,518,000 after purchasing an additional 10,000 shares during the last quarter. Finally, Wedge Capital Management L L P NC boosted its position in shares of Caesarstone by 45.9% in the 3rd quarter. Wedge Capital Management L L P NC now owns 51,800 shares of the construction company’s stock worth $1,544,000 after purchasing an additional 16,300 shares during the last quarter. 49.64% of the stock is owned by institutional investors.

Caesarstone Ltd (CSTE) opened at $25.10 on Tuesday. Caesarstone Ltd has a 12-month low of $21.15 and a 12-month high of $44.00. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.31 and a quick ratio of 2.20. The stock has a market capitalization of $861.91, a price-to-earnings ratio of 18.06 and a beta of 2.10.

Several research analysts have recently issued reports on the company. Chardan Capital upgraded Caesarstone from a “neutral” rating to a “buy” rating and set a $32.00 price target on the stock in a research report on Monday. Zacks Investment Research upgraded Caesarstone from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 2nd. Finally, JPMorgan Chase & Co. lowered Caesarstone from a “neutral” rating to an “underweight” rating and set a $25.00 price target on the stock. in a research report on Thursday, November 2nd. Two research analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $35.00.

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Caesarstone 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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Institutional Ownership by Quarter for Caesarstone (NASDAQ:CSTE)

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