Caesarstone (CSTE) Downgraded by BidaskClub

Caesarstone (NASDAQ:CSTE) was downgraded by stock analysts at BidaskClub from a “hold” rating to a “sell” rating in a report released on Tuesday.

CSTE has been the topic of several other research reports. ValuEngine raised Caesarstone from a “sell” rating to a “hold” rating in a research note on Monday, September 17th. Credit Suisse Group set a $13.00 price target on Caesarstone and gave the stock a “sell” rating in a research note on Friday, July 6th. Finally, Zacks Investment Research raised Caesarstone from a “sell” rating to a “hold” rating in a research note on Tuesday, July 10th. Four investment analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $21.33.

Shares of CSTE opened at $17.25 on Tuesday. Caesarstone has a twelve month low of $12.50 and a twelve month high of $29.90. The company has a market capitalization of $637.17 million, a price-to-earnings ratio of 12.97 and a beta of 1.92. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.85 and a current ratio of 3.11.

Caesarstone (NASDAQ:CSTE) last announced its quarterly earnings data on Wednesday, August 8th. The construction company reported $0.43 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.18. Caesarstone had a return on equity of 5.64% and a net margin of 2.28%. The company had revenue of $149.24 million for the quarter, compared to analyst estimates of $152.22 million. During the same quarter in the previous year, the company earned $0.49 EPS. The firm’s revenue for the quarter was up .2% compared to the same quarter last year. Analysts expect that Caesarstone will post 0.77 EPS for the current year.

Several large investors have recently made changes to their positions in CSTE. Bank of New York Mellon Corp raised its stake in shares of Caesarstone by 8.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 70,509 shares of the construction company’s stock valued at $1,065,000 after purchasing an additional 5,649 shares in the last quarter. Formula Growth Ltd. raised its stake in Caesarstone by 15.6% during the second quarter. Formula Growth Ltd. now owns 644,599 shares of the construction company’s stock worth $9,733,000 after acquiring an additional 87,025 shares during the period. Federated Investors Inc. PA raised its stake in Caesarstone by 24.1% during the second quarter. Federated Investors Inc. PA now owns 148,469 shares of the construction company’s stock worth $2,242,000 after acquiring an additional 28,787 shares during the period. FMR LLC acquired a new stake in Caesarstone during the second quarter worth about $151,000. Finally, BlackRock Inc. raised its stake in Caesarstone by 17.2% during the second quarter. BlackRock Inc. now owns 1,635,202 shares of the construction company’s stock worth $24,692,000 after acquiring an additional 240,340 shares during the period. 47.27% of the stock is currently owned by institutional investors and hedge funds.

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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