Caesarstone (NASDAQ:CSTE) Lowered to “Hold” at Zacks Investment Research

Caesarstone (NASDAQ:CSTE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “CaesarStone Ltd manufactures engineered quartz surfaces for residential and commercial buildings as countertops, vanities, wall cladding, floors and other interior surfaces. The company’s product consists of Classico, Supernatural, Motivo and Concetto. CaesarStone Ltd, formerly known as Caesarstone Sdot-Yam Ltd., is based in MP Menashe, Israel. “

A number of other equities analysts also recently weighed in on CSTE. ValuEngine raised Caesarstone from a “hold” rating to a “buy” rating in a research report on Friday, June 28th. BidaskClub raised Caesarstone from a “sell” rating to a “hold” rating in a research report on Thursday, August 8th. Finally, Stifel Nicolaus raised Caesarstone from a “hold” rating to a “buy” rating and boosted their price target for the stock from $17.00 to $19.00 in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. Caesarstone currently has a consensus rating of “Hold” and a consensus price target of $16.33.

Shares of NASDAQ:CSTE traded up $0.09 during midday trading on Tuesday, reaching $16.00. The company had a trading volume of 61,000 shares, compared to its average volume of 120,759. The company has a debt-to-equity ratio of 0.15, a quick ratio of 1.98 and a current ratio of 3.24. The company’s 50 day moving average is $14.97. The firm has a market capitalization of $563.56 million, a PE ratio of 22.22 and a beta of 1.60. Caesarstone has a 1-year low of $12.49 and a 1-year high of $21.80.

Caesarstone (NASDAQ:CSTE) last announced its quarterly earnings results on Wednesday, August 7th. The construction company reported $0.19 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.05. The firm had revenue of $141.07 million for the quarter, compared to the consensus estimate of $147.02 million. Caesarstone had a return on equity of 3.80% and a net margin of 3.20%. The business’s revenue was down 5.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.43 earnings per share. On average, analysts expect that Caesarstone will post 0.68 earnings per share for the current year.

Large investors have recently modified their holdings of the company. Truvestments Capital LLC bought a new stake in shares of Caesarstone during the first quarter worth approximately $27,000. Quantamental Technologies LLC bought a new stake in shares of Caesarstone during the first quarter worth approximately $31,000. Bank of Montreal Can boosted its holdings in shares of Caesarstone by 233.7% during the second quarter. Bank of Montreal Can now owns 2,683 shares of the construction company’s stock worth $40,000 after acquiring an additional 1,879 shares during the period. Public Employees Retirement Association of Colorado boosted its stake in shares of Caesarstone by 67.9% in the first quarter. Public Employees Retirement Association of Colorado now owns 4,366 shares of the construction company’s stock valued at $68,000 after buying an additional 1,766 shares during the period. Finally, BNP Paribas Arbitrage SA boosted its stake in shares of Caesarstone by 505.6% in the first quarter. BNP Paribas Arbitrage SA now owns 4,772 shares of the construction company’s stock valued at $74,000 after buying an additional 3,984 shares during the period. Institutional investors own 45.56% of the company’s stock.

About Caesarstone

Caesarstone Ltd., together with its subsidiaries, manufactures and sells engineered quartz surfaces under the Caesarstone brand in the United States, Australia, Canada, Israel, Europe, and internationally. Its engineered quartz slabs are used as countertops in residential kitchens, as well as serve the renovation and remodeling market.

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