Caesarstone Ltd (NASDAQ:CSTE) was the target of some unusual options trading activity on Thursday. Investors bought 1,567 call options on the company. This is an increase of 2,857% compared to the typical volume of 53 call options.
Several institutional investors and hedge funds have recently bought and sold shares of CSTE. Koch Industries Inc. bought a new position in shares of Caesarstone in the second quarter worth approximately $234,000. Formula Growth Ltd. boosted its position in shares of Caesarstone by 135.4% in the third quarter. Formula Growth Ltd. now owns 243,398 shares of the construction company’s stock worth $7,253,000 after purchasing an additional 140,000 shares during the period. Migdal Insurance & Financial Holdings Ltd. boosted its position in shares of Caesarstone by 29.1% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 598,060 shares of the construction company’s stock worth $20,962,000 after purchasing an additional 134,860 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Caesarstone by 1,234.7% in the second quarter. Ameriprise Financial Inc. now owns 142,320 shares of the construction company’s stock worth $4,988,000 after purchasing an additional 131,657 shares during the period. Finally, Elk Creek Partners LLC boosted its position in shares of Caesarstone by 22.2% in the third quarter. Elk Creek Partners LLC now owns 372,740 shares of the construction company’s stock worth $11,108,000 after purchasing an additional 67,637 shares during the period. Institutional investors and hedge funds own 49.64% of the company’s stock.
A number of analysts have commented on the stock. Zacks Investment Research raised shares of Caesarstone from a “hold” rating to a “buy” rating and set a $34.00 target price for the company in a report on Wednesday, October 4th. JPMorgan Chase & Co. cut shares of Caesarstone from a “neutral” rating to an “underweight” rating and set a $25.00 target price for the company. in a report on Thursday, November 2nd. BidaskClub raised shares of Caesarstone from a “strong sell” rating to a “sell” rating in a report on Tuesday, January 9th. Finally, Chardan Capital reaffirmed a “neutral” rating and set a $32.00 target price (down from $43.00) on shares of Caesarstone in a report on Tuesday, November 7th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. Caesarstone has a consensus rating of “Hold” and a consensus target price of $35.00.
Caesarstone (NASDAQ:CSTE) last posted its quarterly earnings results on Wednesday, November 1st. The construction company reported $0.19 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.53 by ($0.34). Caesarstone had a return on equity of 10.46% and a net margin of 8.33%. equities research analysts predict that Caesarstone will post 1.24 EPS for the current year.
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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