Caesarstone (CSTE) Lifted to “Sell” at BidaskClub

BidaskClub upgraded shares of Caesarstone (NASDAQ:CSTE) from a strong sell rating to a sell rating in a research note issued to investors on Thursday morning.

Other equities research analysts have also recently issued reports about the company. Chardan Capital raised Caesarstone from a neutral rating to a buy rating and set a $32.00 price objective on the stock in a research note on Monday, January 8th. Zacks Investment Research raised Caesarstone from a strong sell rating to a hold rating in a research note on Tuesday, January 2nd. Credit Suisse Group cut Caesarstone from a neutral rating to an underperform rating and reduced their price objective for the stock from $28.00 to $21.00 in a research note on Monday, January 22nd. Finally, JPMorgan Chase & Co. cut Caesarstone from a neutral rating to an underweight rating and set a $25.00 price objective on the stock. in a research note on Thursday, November 2nd. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $31.80.

Shares of Caesarstone (NASDAQ:CSTE) traded up $0.05 during mid-day trading on Thursday, hitting $21.50. The stock had a trading volume of 191,302 shares, compared to its average volume of 339,048. Caesarstone has a 1 year low of $19.55 and a 1 year high of $44.00. The company has a quick ratio of 2.20, a current ratio of 3.31 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $750.31, a PE ratio of 29.49 and a beta of 1.88.

Caesarstone (NASDAQ:CSTE) last issued its earnings results on Wednesday, February 7th. The construction company reported $0.19 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by ($0.08). Caesarstone had a return on equity of 8.52% and a net margin of 4.52%. The firm had revenue of $148.14 million during the quarter, compared to the consensus estimate of $144.97 million. During the same period last year, the firm posted $0.53 earnings per share. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. research analysts forecast that Caesarstone will post 1.5 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of CSTE. SG Americas Securities LLC grew its stake in shares of Caesarstone by 53.9% during the third quarter. SG Americas Securities LLC now owns 7,042 shares of the construction company’s stock valued at $210,000 after buying an additional 2,465 shares during the last quarter. Janney Capital Management LLC bought a new position in shares of Caesarstone during the third quarter valued at approximately $213,000. Principal Financial Group Inc. bought a new position in shares of Caesarstone during the second quarter valued at approximately $225,000. Stevens Capital Management LP bought a new position in shares of Caesarstone during the third quarter valued at approximately $226,000. Finally, Koch Industries Inc. bought a new position in shares of Caesarstone during the second quarter valued at approximately $234,000. 45.84% of the stock is currently owned by institutional investors.

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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.

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