Zacks Investment Research Downgrades Caesarstone (CSTE) to Sell
Zacks Investment Research downgraded shares of Caesarstone (NASDAQ:CSTE) from a hold rating to a sell rating in a report issued on Friday.
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. “
A number of other research analysts have also recently commented on CSTE. JPMorgan Chase & Co. cut Caesarstone from a neutral rating to an underweight rating and set a $25.00 price target on the stock. in a report on Thursday, November 2nd. Chardan Capital reissued a neutral rating and issued a $32.00 price target (down from $43.00) on shares of Caesarstone in a report on Tuesday, November 7th. BidaskClub raised Caesarstone from a strong sell rating to a sell rating in a report on Tuesday, January 9th. Finally, Credit Suisse Group cut Caesarstone from a neutral rating to an underperform rating and lowered their price target for the stock from $28.00 to $21.00 in a report on Monday, January 22nd. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $31.80.
Caesarstone (NASDAQ:CSTE) last posted its quarterly earnings results on Wednesday, February 7th. The construction company reported $0.19 EPS for the quarter, missing the Zacks’ consensus estimate of $0.27 by ($0.08). Caesarstone had a return on equity of 8.50% and a net margin of 4.52%. The business had revenue of $148.14 million during the quarter, compared to analysts’ expectations of $144.97 million. During the same period in the prior year, the firm posted $0.53 earnings per share. The firm’s revenue for the quarter was up 9.7% on a year-over-year basis. analysts anticipate that Caesarstone will post 1.36 earnings per share for the current year.
Several institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its holdings in shares of Caesarstone by 2.5% during the 4th quarter. BlackRock Inc. now owns 1,369,287 shares of the construction company’s stock worth $30,124,000 after acquiring an additional 33,718 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its holdings in shares of Caesarstone by 10.2% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 659,000 shares of the construction company’s stock worth $19,638,000 after acquiring an additional 60,940 shares in the last quarter. State Street Corp raised its holdings in shares of Caesarstone by 2.1% during the 2nd quarter. State Street Corp now owns 510,307 shares of the construction company’s stock worth $17,888,000 after acquiring an additional 10,414 shares in the last quarter. Public Employees Retirement Association of Colorado raised its holdings in shares of Caesarstone by 10.1% during the 3rd quarter. Public Employees Retirement Association of Colorado now owns 424,588 shares of the construction company’s stock worth $12,653,000 after acquiring an additional 38,953 shares in the last quarter. Finally, Elk Creek Partners LLC raised its holdings in shares of Caesarstone by 22.2% during the 3rd quarter. Elk Creek Partners LLC now owns 372,740 shares of the construction company’s stock worth $11,108,000 after acquiring an additional 67,637 shares in the last quarter. 45.72% of the stock is currently owned by institutional investors and hedge funds.
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Caesarstone Company Profile
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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