Caesarstone (NASDAQ:CSTE) Downgraded by Zacks Investment Research to Strong Sell

Caesarstone (NASDAQ:CSTE) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Monday, 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. “

CSTE has been the subject of a number of other research reports. BidaskClub lowered Caesarstone from a “buy” rating to a “hold” rating in a research note on Friday, November 1st. ValuEngine lowered Caesarstone from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, October 2nd. Finally, Stifel Nicolaus upgraded Caesarstone from a “hold” rating to a “buy” rating and increased their target price for the company from $17.00 to $19.00 in a research note on Thursday, August 8th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company. Caesarstone presently has a consensus rating of “Hold” and a consensus target price of $16.33.

Shares of Caesarstone stock traded down $0.42 during trading hours on Monday, reaching $15.61. The stock had a trading volume of 7,223 shares, compared to its average volume of 120,507. The firm has a 50 day simple moving average of $16.78 and a two-hundred day simple moving average of $15.43. The firm has a market capitalization of $585.41 million, a price-to-earnings ratio of 21.68 and a beta of 1.50. The company has a current ratio of 3.24, a quick ratio of 1.98 and a debt-to-equity ratio of 0.15. Caesarstone has a 1 year low of $12.49 and a 1 year high of $17.85.

Caesarstone (NASDAQ:CSTE) last released its quarterly earnings data on Wednesday, November 6th. The construction company reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.02). Caesarstone had a return on equity of 3.80% and a net margin of 3.20%. The firm had revenue of $142.90 million during the quarter, compared to analysts’ expectations of $146.17 million. During the same quarter last year, the business earned $0.31 earnings per share. The business’s revenue for the quarter was down 3.2% compared to the same quarter last year. Sell-side analysts forecast that Caesarstone will post 0.73 EPS for the current year.

Several hedge funds have recently bought and sold shares of CSTE. Harel Insurance Investments & Financial Services Ltd. grew 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 buying an additional 1,810 shares in the last quarter. Strs Ohio grew 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 buying an additional 10,500 shares in the last quarter. Municipal Employees Retirement System of Michigan acquired a new stake in shares of Caesarstone in the second quarter valued at about $548,000. Public Employees Retirement Association of Colorado grew 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 buying an additional 1,301 shares in the last quarter. Finally, Global Alpha Capital Management Ltd. grew its stake in shares of Caesarstone by 59.5% in the second quarter. Global Alpha Capital Management Ltd. now owns 889,037 shares of the construction company’s stock valued at $13,362,000 after buying an additional 331,724 shares in the last quarter. Institutional investors and hedge funds own 45.66% 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.

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