Caesarstone (NASDAQ:CSTE) Stock Rating Upgraded by StockNews.com

Caesarstone (NASDAQ:CSTE) was upgraded by research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Friday.

Separately, Benchmark reduced their price objective on shares of Caesarstone from $8.00 to $6.00 and set a “buy” rating for the company in a research report on Thursday, August 8th.

Caesarstone Stock Up 1.9 %

CSTE opened at $4.82 on Friday. Caesarstone has a twelve month low of $3.50 and a twelve month high of $6.81. The company has a fifty day moving average of $5.10 and a 200-day moving average of $5.21. The stock has a market cap of $166.44 million, a PE ratio of -1.52 and a beta of 0.13.

Caesarstone (NASDAQ:CSTE) last posted its quarterly earnings data on Wednesday, August 7th. The construction company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.02). Caesarstone had a negative return on equity of 8.21% and a negative net margin of 12.91%. The business had revenue of $119.43 million during the quarter, compared to the consensus estimate of $123.85 million.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Essex Investment Management Co. LLC increased its holdings in shares of Caesarstone by 89.7% during the first quarter. Essex Investment Management Co. LLC now owns 329,827 shares of the construction company’s stock valued at $1,349,000 after acquiring an additional 155,956 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in Caesarstone in the 2nd quarter valued at $293,000. Marquette Asset Management LLC grew its position in Caesarstone by 19.8% in the 1st quarter. Marquette Asset Management LLC now owns 36,291 shares of the construction company’s stock valued at $148,000 after purchasing an additional 6,006 shares during the period. Acadian Asset Management LLC bought a new stake in Caesarstone during the 2nd quarter valued at $106,000. Finally, Rhumbline Advisers acquired a new position in Caesarstone during the second quarter worth $107,000. 33.70% of the stock is owned by institutional investors and hedge funds.

About Caesarstone

Caesarstone Ltd., together with its subsidiaries, designs, develops, manufactures, and markets engineered stone and other materials under the Caesarstone brand in the United States, Canada, Latin America, Australia, Asia, Europe, the Middle East and Africa, and Israel. The company's engineered stone slabs are primarily used as indoor and outdoor kitchen countertops in the renovation and remodeling, and residential construction sectors.