Caesarstone (CSTE) Rating Lowered to Sell at BidaskClub

BidaskClub downgraded shares of Caesarstone (NASDAQ:CSTE) from a hold rating to a sell rating in a report published on Tuesday morning.

Several other analysts also recently commented on CSTE. Credit Suisse Group set a $13.00 target price on Caesarstone and gave the company a sell rating in a research note on Friday, July 6th. Zacks Investment Research upgraded Caesarstone from a sell rating to a hold rating in a research note on Tuesday, July 10th. Finally, ValuEngine upgraded Caesarstone from a strong sell rating to a sell rating in a research note on Wednesday, August 8th. Four equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. The company has a consensus rating of Hold and an average price target of $21.33.

Shares of CSTE opened at $16.90 on Tuesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.11 and a quick ratio of 1.85. The stock has a market capitalization of $637.17 million, a PE ratio of 12.71 and a beta of 1.92. Caesarstone has a one year low of $12.50 and a one year high of $29.70.

Caesarstone (NASDAQ:CSTE) last issued its earnings results on Wednesday, August 8th. The construction company reported $0.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.18. The company had revenue of $149.24 million during the quarter, compared to the consensus estimate of $152.22 million. Caesarstone had a return on equity of 5.64% and a net margin of 2.28%. The firm’s revenue for the quarter was up .2% compared to the same quarter last year. During the same period last year, the business posted $0.49 EPS. On average, sell-side analysts forecast that Caesarstone will post 0.77 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently modified their holdings of the company. Schwab Charles Investment Management Inc. lifted its position in Caesarstone by 11.1% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 41,000 shares of the construction company’s stock valued at $806,000 after acquiring an additional 4,100 shares in the last quarter. Stifel Financial Corp lifted its position in Caesarstone by 49.0% in the 1st quarter. Stifel Financial Corp now owns 14,374 shares of the construction company’s stock valued at $285,000 after acquiring an additional 4,730 shares in the last quarter. Russell Investments Group Ltd. lifted its position in Caesarstone by 15.9% in the 2nd quarter. Russell Investments Group Ltd. now owns 38,442 shares of the construction company’s stock valued at $581,000 after acquiring an additional 5,281 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in Caesarstone in the 1st quarter valued at about $107,000. Finally, Bank of New York Mellon Corp lifted its position in Caesarstone by 8.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 70,509 shares of the construction company’s stock valued at $1,065,000 after acquiring an additional 5,649 shares in the last quarter. Institutional investors own 47.27% of the company’s stock.

Caesarstone Company Profile

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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