StockNews.com Upgrades Caesarstone (NASDAQ:CSTE) to “Buy”

Caesarstone (NASDAQ:CSTE) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday.

Caesarstone Trading Up 1.7 %

NASDAQ:CSTE opened at $4.78 on Tuesday. The business’s fifty day moving average price is $4.37 and its 200 day moving average price is $4.82. The firm has a market capitalization of $165.06 million, a price-to-earnings ratio of -2.38 and a beta of 0.17. Caesarstone has a 1-year low of $3.55 and a 1-year high of $6.81.

Institutional Trading of Caesarstone

Several institutional investors have recently made changes to their positions in CSTE. Bank of New York Mellon Corp purchased a new stake in Caesarstone in the 2nd quarter worth approximately $293,000. Rhumbline Advisers purchased a new stake in shares of Caesarstone during the second quarter worth $107,000. Acadian Asset Management LLC acquired a new stake in Caesarstone during the second quarter valued at $106,000. Empowered Funds LLC purchased a new position in Caesarstone in the third quarter valued at about $164,000. Finally, Global Alpha Capital Management Ltd. increased its position in Caesarstone by 1.6% in the 3rd quarter. Global Alpha Capital Management Ltd. now owns 3,019,248 shares of the construction company’s stock worth $13,768,000 after purchasing an additional 48,200 shares during the last quarter. 33.70% of the stock is currently owned by institutional investors and hedge funds.

Caesarstone Company Profile

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.