Ameriprise Financial Inc. Takes Position in Caesarstone Ltd. (NASDAQ:CSTE)

Ameriprise Financial Inc. purchased a new stake in shares of Caesarstone Ltd. (NASDAQ:CSTE) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 10,663 shares of the construction company’s stock, valued at approximately $387,000.

Several other large investors also recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Caesarstone by 344.9% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,475 shares of the construction company’s stock worth $126,000 after buying an additional 2,694 shares during the period. Bank of New York Mellon Corp increased its position in shares of Caesarstone by 1.8% in the first quarter. Bank of New York Mellon Corp now owns 64,418 shares of the construction company’s stock worth $2,335,000 after buying an additional 1,150 shares during the period. DekaBank Deutsche Girozentrale purchased a new position in shares of Caesarstone during the first quarter worth about $557,000. LSV Asset Management increased its position in shares of Caesarstone by 39.4% in the first quarter. LSV Asset Management now owns 128,400 shares of the construction company’s stock worth $4,654,000 after buying an additional 36,300 shares during the period. Finally, Wells Fargo & Company MN increased its position in shares of Caesarstone by 7.5% in the first quarter. Wells Fargo & Company MN now owns 29,579 shares of the construction company’s stock worth $1,072,000 after buying an additional 2,051 shares during the period. 57.48% of the stock is currently owned by institutional investors.

Caesarstone Ltd. (NASDAQ:CSTE) opened at 29.90 on Thursday. The firm has a market cap of $1.03 billion, a P/E ratio of 17.09 and a beta of 2.08. Caesarstone Ltd. has a 12-month low of $26.35 and a 12-month high of $44.00. The firm’s 50-day moving average is $34.77 and its 200 day moving average is $35.20.

Caesarstone (NASDAQ:CSTE) last posted its quarterly earnings results on Wednesday, August 2nd. The construction company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by $0.14. The company had revenue of $148.90 million during the quarter, compared to analysts’ expectations of $148.35 million. Caesarstone had a return on equity of 14.21% and a net margin of 11.21%. Caesarstone’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.73 EPS. Equities analysts forecast that Caesarstone Ltd. will post $1.94 earnings per share for the current year.

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A number of brokerages have recently issued reports on CSTE. BidaskClub downgraded shares of Caesarstone from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. Stifel Nicolaus restated a “buy” rating and issued a $47.00 price target on shares of Caesarstone in a research report on Thursday, August 3rd. Zacks Investment Research upgraded shares of Caesarstone from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 11th. TheStreet downgraded shares of Caesarstone from a “b-” rating to a “c+” rating in a research report on Wednesday, June 28th. Finally, Credit Suisse Group assumed coverage on shares of Caesarstone in a research report on Thursday, June 22nd. They set a “neutral” rating and a $37.00 target price on the stock. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $38.20.

About Caesarstone

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.

Institutional Ownership by Quarter for Caesarstone (NASDAQ:CSTE)

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