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

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

Caesarstone Stock Performance

CSTE stock opened at $4.11 on Tuesday. The firm has a fifty day moving average price of $4.38 and a 200 day moving average price of $4.69. Caesarstone has a fifty-two week low of $3.76 and a fifty-two week high of $6.81. The firm has a market cap of $141.93 million, a PE ratio of -2.04 and a beta of 0.18.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CSTE. Bank of New York Mellon Corp purchased a new position in Caesarstone during the second quarter worth $293,000. Global Alpha Capital Management Ltd. lifted its position in shares of Caesarstone by 1.6% during the third quarter. Global Alpha Capital Management Ltd. now owns 3,019,248 shares of the construction company’s stock worth $13,768,000 after purchasing an additional 48,200 shares during the last quarter. BNP Paribas Financial Markets lifted its position in shares of Caesarstone by 1,206.4% during the third quarter. BNP Paribas Financial Markets now owns 46,704 shares of the construction company’s stock worth $213,000 after purchasing an additional 43,129 shares during the last quarter. Empowered Funds LLC bought a new stake in shares of Caesarstone during the third quarter worth $164,000. Finally, JPMorgan Chase & Co. lifted its position in shares of Caesarstone by 189.5% during the third quarter. JPMorgan Chase & Co. now owns 40,797 shares of the construction company’s stock worth $186,000 after purchasing an additional 26,705 shares during the last quarter. 33.70% of the stock is owned by hedge funds and other institutional investors.

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.