Caesarstone Ltd. (CSTE) Cut to Hold at BidaskClub

BidaskClub downgraded shares of Caesarstone Ltd. (NASDAQ:CSTE) from a buy rating to a hold rating in a research note published on Saturday morning.

Several other analysts have also issued reports on CSTE. Stifel Nicolaus raised Caesarstone from a hold rating to a buy rating and increased their target price for the stock from $33.00 to $47.00 in a report on Friday, March 24th. Zacks Investment Research raised Caesarstone from a strong sell rating to a hold rating in a report on Tuesday, April 11th. TheStreet raised Caesarstone from a c rating to a b- rating in a report on Tuesday, April 11th. Finally, Chardan Capital lowered Caesarstone from a buy rating to a neutral rating and increased their target price for the stock from $39.00 to $43.00 in a report on Thursday, May 11th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average price target of $42.75.

Shares of Caesarstone (CSTE) traded down 2.30% on Friday, hitting $34.00. The company’s stock had a trading volume of 560,636 shares. The stock’s 50-day moving average price is $38.50 and its 200-day moving average price is $33.95. The firm has a market cap of $1.17 billion, a price-to-earnings ratio of 16.46 and a beta of 2.02. Caesarstone has a 52 week low of $26.35 and a 52 week high of $44.00.

Caesarstone (NASDAQ:CSTE) last issued its quarterly earnings data on Wednesday, May 10th. The construction company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.04. Caesarstone had a return on equity of 17.19% and a net margin of 13.29%. The firm had revenue of $136.40 million for the quarter, compared to analyst estimates of $124.97 million. During the same period in the prior year, the firm posted $0.38 EPS. The company’s revenue for the quarter was up 16.7% on a year-over-year basis. Equities analysts expect that Caesarstone will post $2.06 earnings per share for the current fiscal year.

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Hedge funds have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. bought a new stake in Caesarstone during the fourth quarter valued at about $1,316,000. Pitcairn Co. raised its stake in Caesarstone by 5.5% in the fourth quarter. Pitcairn Co. now owns 7,517 shares of the construction company’s stock valued at $215,000 after buying an additional 389 shares during the period. State Street Corp raised its stake in Caesarstone by 7.3% in the fourth quarter. State Street Corp now owns 486,390 shares of the construction company’s stock valued at $13,937,000 after buying an additional 32,943 shares during the period. Oxford Asset Management raised its stake in Caesarstone by 372.6% in the fourth quarter. Oxford Asset Management now owns 62,944 shares of the construction company’s stock valued at $1,803,000 after buying an additional 49,626 shares during the period. Finally, Dynamic Technology Lab Private Ltd raised its stake in Caesarstone by 109.9% in the fourth quarter. Dynamic Technology Lab Private Ltd now owns 19,386 shares of the construction company’s stock valued at $555,000 after buying an additional 10,148 shares during the period. 58.63% of the stock is currently owned by institutional investors.

About Caesarstone

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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