Caesarstone (NASDAQ:CSTE) Lifted to “Buy” at Zacks Investment Research

Caesarstone (NASDAQ:CSTE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, Zacks.com reports. The brokerage currently has a $18.00 price target on the construction company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 11.25% from the company’s current price.

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. “

CSTE has been the topic of a number of other reports. Stifel Nicolaus raised Caesarstone from a “hold” rating to a “buy” rating and lifted their price objective for the company from $17.00 to $19.00 in a report on Thursday, August 8th. ValuEngine downgraded Caesarstone from a “strong-buy” rating to a “buy” rating in a report on Wednesday, October 2nd. Finally, BidaskClub raised Caesarstone from a “sell” rating to a “hold” rating in a report on Saturday, September 14th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $16.33.

NASDAQ CSTE traded down $0.20 during trading on Wednesday, reaching $16.18. 50,900 shares of the company traded hands, compared to its average volume of 123,310. 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 stock’s 50 day moving average price is $15.67 and its two-hundred day moving average price is $15.18. The company has a market cap of $566.83 million, a price-to-earnings ratio of 22.47 and a beta of 1.52. Caesarstone has a 1-year low of $12.49 and a 1-year high of $17.95.

Caesarstone (NASDAQ:CSTE) last released its quarterly earnings data on Wednesday, August 7th. The construction company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.05. The company 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 company’s quarterly revenue was down 5.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.43 earnings per share. Equities research analysts expect that Caesarstone will post 0.7 EPS for the current fiscal year.

Several large investors have recently bought and sold shares of CSTE. Sphera Funds Management LTD. raised its stake in shares of Caesarstone by 1.9% in the first quarter. Sphera Funds Management LTD. now owns 478,114 shares of the construction company’s stock valued at $7,463,000 after acquiring an additional 8,954 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its stake in shares of Caesarstone by 0.3% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 653,597 shares of the construction company’s stock valued at $9,824,000 after acquiring an additional 1,810 shares during the last quarter. Strs Ohio raised its stake in shares of Caesarstone by 40.9% in the second quarter. Strs Ohio now owns 36,200 shares of the construction company’s stock valued at $544,000 after acquiring an additional 10,500 shares during the last quarter. Municipal Employees Retirement System of Michigan bought a new position in shares of Caesarstone in the second quarter valued at approximately $548,000. Finally, Public Employees Retirement Association of Colorado raised its stake in shares of Caesarstone by 29.8% in the second quarter. Public Employees Retirement Association of Colorado now owns 5,667 shares of the construction company’s stock valued at $85,000 after acquiring an additional 1,301 shares during the last quarter. Institutional investors own 45.59% of the company’s stock.

Caesarstone Company Profile

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.

Further Reading: Technical Analysis

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