Zacks Investment Research upgraded shares of Caesarstone (NASDAQ:CSTE) from a sell rating to a hold rating in a report released on Monday.
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 have also recently weighed in on CSTE. BidaskClub cut Caesarstone from a sell rating to a strong sell rating in a research report on Tuesday, March 6th. Chardan Capital raised Caesarstone from a neutral rating to a buy rating and set a $32.00 price objective for the company in a research report on Monday, January 8th. Finally, Credit Suisse Group raised Caesarstone to a hold rating and set a $21.00 price objective for the company in a research report on Wednesday, February 7th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus target price of $31.80.
Caesarstone (NASDAQ:CSTE) last posted its quarterly earnings data on Wednesday, February 7th. The construction company reported $0.19 earnings per share for the quarter, missing the consensus estimate of $0.27 by ($0.08). Caesarstone had a net margin of 4.52% and a return on equity of 8.50%. The business had revenue of $148.14 million during the quarter, compared to the consensus estimate of $144.97 million. During the same period in the prior year, the company posted $0.53 earnings per share. The firm’s revenue was up 9.7% compared to the same quarter last year. sell-side analysts anticipate that Caesarstone will post 1.36 EPS for the current fiscal year.
The company also recently announced a dividend, which will be paid on Wednesday, March 14th. Investors of record on Wednesday, February 21st will be paid a $0.29 dividend. The ex-dividend date of this dividend is Tuesday, February 20th.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Meitav Dash Investments Ltd. acquired a new position in shares of Caesarstone in the fourth quarter valued at $13,703,000. Jane Street Group LLC acquired a new position in shares of Caesarstone in the fourth quarter valued at $328,000. Millennium Management LLC raised its stake in shares of Caesarstone by 12.0% in the fourth quarter. Millennium Management LLC now owns 109,860 shares of the construction company’s stock valued at $2,417,000 after purchasing an additional 11,752 shares in the last quarter. TIAA CREF Investment Management LLC raised its stake in shares of Caesarstone by 5.2% in the fourth quarter. TIAA CREF Investment Management LLC now owns 154,861 shares of the construction company’s stock valued at $3,407,000 after purchasing an additional 7,656 shares in the last quarter. Finally, HBK Investments L P raised its stake in shares of Caesarstone by 69.1% in the fourth quarter. HBK Investments L P now owns 11,840 shares of the construction company’s stock valued at $260,000 after purchasing an additional 4,840 shares in the last quarter. Institutional investors and hedge funds own 53.90% of the company’s stock.
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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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