StockNews.com Upgrades Caesarstone (NASDAQ:CSTE) to Buy

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 Saturday.

Caesarstone Stock Performance

NASDAQ CSTE opened at $4.40 on Friday. The stock has a market cap of $151.94 million, a P/E ratio of -2.19 and a beta of 0.17. Caesarstone has a fifty-two week low of $3.76 and a fifty-two week high of $6.81. The stock has a 50 day simple moving average of $4.38 and a two-hundred day simple moving average of $4.73.

Hedge Funds Weigh In On Caesarstone

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Empowered Funds LLC purchased a new position in shares of Caesarstone in the 3rd quarter valued at approximately $164,000. State Street Corp grew its position in shares of Caesarstone by 1.6% in the 3rd quarter. State Street Corp now owns 163,335 shares of the construction company’s stock worth $745,000 after buying an additional 2,640 shares during the period. BNP Paribas Financial Markets increased its stake in shares of Caesarstone by 1,206.4% in the 3rd quarter. BNP Paribas Financial Markets now owns 46,704 shares of the construction company’s stock worth $213,000 after acquiring an additional 43,129 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in Caesarstone during the 2nd quarter valued at about $293,000. Finally, Rhumbline Advisers bought a new stake in Caesarstone during the second quarter worth about $107,000. Hedge funds and other institutional investors own 33.70% of the company’s stock.

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.