Zacks Investment Research cut shares of Caesarstone Ltd. (NASDAQ:CSTE) from a buy rating to a hold rating in a report issued on Tuesday morning.
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. “
Several other equities research analysts also recently issued reports on CSTE. Stifel Nicolaus reaffirmed a buy rating and set a $47.00 price target on shares of Caesarstone in a research note on Thursday, August 3rd. BidaskClub downgraded shares of Caesarstone from a hold rating to a sell rating in a research note on Saturday, August 5th. TheStreet downgraded shares of Caesarstone from a b- rating to a c+ rating in a research note on Wednesday, June 28th. Finally, Credit Suisse Group assumed coverage on shares of Caesarstone in a research note on Thursday, June 22nd. They set a neutral rating and a $37.00 price target on the stock. One analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company’s stock. Caesarstone currently has an average rating of Hold and an average target price of $38.20.
Caesarstone (NASDAQ:CSTE) last released its quarterly earnings results on Wednesday, August 2nd. The construction company reported $0.42 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.56 by ($0.14). Caesarstone had a return on equity of 14.21% and a net margin of 11.21%. The firm had revenue of $148.90 million for the quarter, compared to analysts’ expectations of $148.35 million. During the same period last year, the firm earned $0.73 EPS. The business’s quarterly revenue was up 4.6% on a year-over-year basis.
COPYRIGHT VIOLATION NOTICE: This story was published by Sports Perspectives and is the sole property of of Sports Perspectives. If you are accessing this story on another publication, it was copied illegally and reposted in violation of US and international copyright and trademark law. The correct version of this story can be accessed at https://sportsperspectives.com/2017/10/13/caesarstone-ltd-cste-downgraded-by-zacks-investment-research.html.
A number of hedge funds have recently made changes to their positions in the business. Koch Industries Inc. acquired a new position in Caesarstone during the 2nd quarter worth $234,000. Verition Fund Management LLC acquired a new position in Caesarstone during the 2nd quarter worth $238,000. Migdal Insurance & Financial Holdings Ltd. grew its holdings in Caesarstone by 29.1% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 598,060 shares of the construction company’s stock worth $20,962,000 after acquiring an additional 134,860 shares in the last quarter. Sciencast Management LP acquired a new position in Caesarstone during the 2nd quarter worth $271,000. Finally, BlueCrest Capital Management Ltd acquired a new position in Caesarstone during the 2nd quarter worth $369,000. 52.87% of the stock is owned by institutional investors.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Caesarstone Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Caesarstone Ltd. and related companies with MarketBeat.com's FREE daily email newsletter.