Caesarstone (NASDAQ:CSTE) Issues Quarterly Earnings Results, Beats Estimates By $0.16 EPS

Caesarstone (NASDAQ:CSTE) announced its earnings results on Thursday. The construction company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.26) by $0.16, FiscalAI reports. The firm had revenue of $96.55 million during the quarter, compared to the consensus estimate of $102.50 million. Caesarstone had a negative net margin of 37.37% and a negative return on equity of 32.36%.

Caesarstone Stock Up 4.5%

Shares of Caesarstone stock traded up $0.10 during trading hours on Friday, hitting $2.30. The company’s stock had a trading volume of 32,920 shares, compared to its average volume of 108,584. Caesarstone has a 1-year low of $0.56 and a 1-year high of $2.62. The business has a fifty day moving average of $2.08 and a 200 day moving average of $1.75. The company has a market capitalization of $79.51 million, a PE ratio of -0.56 and a beta of 0.37.

Hedge Funds Weigh In On Caesarstone

Several hedge funds and other institutional investors have recently made changes to their positions in CSTE. Pitcairn Co. acquired a new position in shares of Caesarstone in the 2nd quarter valued at approximately $31,000. Virtu Financial LLC acquired a new stake in shares of Caesarstone during the fourth quarter worth approximately $30,000. Qube Research & Technologies Ltd acquired a new stake in shares of Caesarstone during the second quarter worth approximately $56,000. Citadel Advisors LLC increased its stake in shares of Caesarstone by 163.7% in the third quarter. Citadel Advisors LLC now owns 63,589 shares of the construction company’s stock worth $101,000 after buying an additional 39,474 shares during the last quarter. Finally, Jane Street Group LLC bought a new stake in shares of Caesarstone in the second quarter worth $263,000. Institutional investors and hedge funds own 33.70% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on CSTE. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Caesarstone in a research note on Thursday. Wall Street Zen raised shares of Caesarstone from a “strong sell” rating to a “hold” rating in a research note on Saturday. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company presently has an average rating of “Sell”.

About Caesarstone

Caesarstone Ltd. is an Israel-based manufacturer specializing in engineered quartz surfaces for residential and commercial applications. The company’s core business centers on the design, production and marketing of quartz slabs and tiles used for kitchen countertops, bathroom vanities, flooring and wall cladding. Caesarstone’s products combine natural quartz with resins and pigments to deliver durable, low-maintenance surfaces known for their aesthetic versatility and resistance to scratches, stains and heat.

Founded in 1987 and headquartered at Kibbutz Sdot Yam, Israel, Caesarstone has grown into a global brand with distribution in over 50 countries.