Zacks Investment Research Downgrades Caesarstone (NASDAQ:CSTE) to Hold

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Zacks Investment Research lowered shares of Caesarstone (NASDAQ:CSTE) from a buy rating to a hold rating in a research report released on Tuesday, 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. “

Several other research firms have also issued reports on CSTE. Stifel Nicolaus upgraded shares of Caesarstone from a hold rating to a buy rating and boosted their target price for the company from $17.00 to $19.00 in a report on Thursday, August 8th. ValuEngine upgraded shares of Caesarstone from a hold rating to a buy rating in a report on Friday, June 28th. Finally, BidaskClub upgraded shares of Caesarstone from a sell rating to a hold rating in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company’s stock. Caesarstone currently has a consensus rating of Hold and an average price target of $16.33.

CSTE stock opened at $16.00 on Tuesday. The firm has a market capitalization of $563.56 million, a price-to-earnings ratio of 22.22 and a beta of 1.60. 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 12-month low of $12.49 and a 12-month high of $21.80. The firm has a fifty day moving average price of $14.97.

Caesarstone (NASDAQ:CSTE) last released its earnings results on Wednesday, August 7th. The construction company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.05. The business had revenue of $141.07 million for the quarter, compared to analyst estimates of $147.02 million. Caesarstone had a net margin of 3.20% and a return on equity of 3.80%. Caesarstone’s revenue for the quarter was down 5.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.43 earnings per share. Equities analysts anticipate that Caesarstone will post 0.68 earnings per share for the current year.

Hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC grew its stake in shares of Caesarstone by 6.1% in the fourth quarter. Geode Capital Management LLC now owns 102,911 shares of the construction company’s stock worth $1,397,000 after purchasing an additional 5,901 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Caesarstone by 37.1% in the fourth quarter. Bank of America Corp DE now owns 19,742 shares of the construction company’s stock worth $268,000 after purchasing an additional 5,338 shares during the last quarter. Legal & General Group Plc grew its stake in shares of Caesarstone by 10.4% in the fourth quarter. Legal & General Group Plc now owns 8,616 shares of the construction company’s stock worth $117,000 after purchasing an additional 813 shares during the last quarter. Norges Bank bought a new stake in shares of Caesarstone in the fourth quarter worth $3,974,000. Finally, Truvestments Capital LLC bought a new stake in shares of Caesarstone in the first quarter worth $27,000. Institutional investors and hedge funds own 45.56% of the company’s stock.

About Caesarstone

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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