Caesarstone (NASDAQ:CSTE) Upgraded by StockNews.com to Buy

StockNews.com upgraded shares of Caesarstone (NASDAQ:CSTE) from a hold rating to a buy rating in a research report released on Wednesday.

Separately, Benchmark reduced their price objective on Caesarstone from $8.00 to $6.00 and set a buy rating for the company in a research note on Thursday, August 8th.

Caesarstone Stock Performance

Shares of CSTE opened at $4.77 on Wednesday. The company’s 50 day simple moving average is $5.17 and its 200-day simple moving average is $5.18. The firm has a market cap of $164.72 million, a PE ratio of -1.50 and a beta of 0.13. Caesarstone has a 12-month low of $3.50 and a 12-month high of $6.81.

Caesarstone (NASDAQ:CSTE) last issued its quarterly earnings data on Wednesday, August 7th. The construction company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.13) by ($0.02). The business had revenue of $119.43 million for the quarter, compared to analysts’ expectations of $123.85 million. Caesarstone had a negative return on equity of 8.21% and a negative net margin of 12.91%.

Hedge Funds Weigh In On Caesarstone

Large investors have recently bought and sold shares of the company. Gladius Capital Management LP purchased a new stake in shares of Caesarstone in the second quarter valued at about $28,000. Acadian Asset Management LLC purchased a new stake in Caesarstone in the 2nd quarter valued at approximately $106,000. Rhumbline Advisers acquired a new position in Caesarstone during the 2nd quarter worth approximately $107,000. Marquette Asset Management LLC raised its stake in shares of Caesarstone by 19.8% during the 1st quarter. Marquette Asset Management LLC now owns 36,291 shares of the construction company’s stock worth $148,000 after buying an additional 6,006 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Caesarstone in the 2nd quarter valued at approximately $293,000. Hedge funds and other institutional investors own 33.70% of the company’s stock.

About Caesarstone

Caesarstone Ltd., together with its subsidiaries, designs, develops, manufactures, and markets engineered stone and other materials under the Caesarstone brand in the United States, Canada, Latin America, Australia, Asia, Europe, the Middle East and Africa, and Israel. The company's engineered stone slabs are primarily used as indoor and outdoor kitchen countertops in the renovation and remodeling, and residential construction sectors.