Caesarstone (CSTE) Raised to “Buy” at Chardan Capital

Chardan Capital upgraded shares of Caesarstone (NASDAQ:CSTE) from a neutral rating to a buy rating in a report issued on Monday morning, MarketBeat reports. The brokerage currently has $32.00 price target on the construction company’s stock.

A number of other brokerages have also weighed in on CSTE. 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 research note on Wednesday, October 4th. JPMorgan Chase & Co. lowered shares of Caesarstone from a neutral rating to an underweight rating and set a $25.00 price target for the company. in a research note on Thursday, November 2nd. Two analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. Caesarstone has a consensus rating of Hold and an average target price of $35.00.

Shares of Caesarstone (CSTE) traded down $0.45 during trading hours on Monday, hitting $24.90. 156,100 shares of the stock were exchanged, compared to its average volume of 282,471. The firm has a market cap of $855.04, a price-to-earnings ratio of 17.91 and a beta of 2.10. Caesarstone has a 12 month low of $21.15 and a 12 month high of $44.00. The company has a current ratio of 3.31, a quick ratio of 2.20 and a debt-to-equity ratio of 0.02.

A number of hedge funds have recently added to or reduced their stakes in the stock. Migdal Insurance & Financial Holdings Ltd. lifted its stake in Caesarstone by 10.2% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 659,000 shares of the construction company’s stock valued at $19,638,000 after purchasing an additional 60,940 shares during the last quarter. State Street Corp lifted its stake in Caesarstone by 2.1% during the second quarter. State Street Corp now owns 510,307 shares of the construction company’s stock valued at $17,888,000 after purchasing an additional 10,414 shares during the last quarter. Public Employees Retirement Association of Colorado lifted its stake in Caesarstone by 10.1% during the third quarter. Public Employees Retirement Association of Colorado now owns 424,588 shares of the construction company’s stock valued at $12,653,000 after purchasing an additional 38,953 shares during the last quarter. TIAA CREF Investment Management LLC lifted its stake in Caesarstone by 6.9% during the second quarter. TIAA CREF Investment Management LLC now owns 392,021 shares of the construction company’s stock valued at $13,740,000 after purchasing an additional 25,351 shares during the last quarter. Finally, Elk Creek Partners LLC lifted its stake in Caesarstone by 22.2% during the third quarter. Elk Creek Partners LLC now owns 372,740 shares of the construction company’s stock valued at $11,108,000 after purchasing an additional 67,637 shares during the last quarter. 49.64% of the stock is owned by institutional investors and hedge funds.

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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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