Caesarstone (NASDAQ:CSTE) Upgraded at StockNews.com

StockNews.com upgraded shares of Caesarstone (NASDAQ:CSTE) from a hold rating to a buy rating in a research report released on Friday morning.

Separately, Benchmark cut their price objective on shares of Caesarstone from $8.00 to $6.00 and set a buy rating on the stock in a report on Thursday, August 8th.

Caesarstone Price Performance

CSTE opened at $4.63 on Friday. Caesarstone has a one year low of $3.50 and a one year high of $6.81. The company’s 50 day simple moving average is $5.05 and its 200-day simple moving average is $5.23. The stock has a market capitalization of $159.88 million, a P/E ratio of -1.46 and a beta of 0.13.

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

Institutional Investors Weigh In On Caesarstone

Hedge funds have recently bought and sold shares of the company. Essex Investment Management Co. LLC raised 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 worth $1,349,000 after acquiring an additional 155,956 shares during the period. Bank of New York Mellon Corp acquired a new stake in shares of Caesarstone during the second quarter worth $293,000. Acadian Asset Management LLC acquired a new stake in shares of Caesarstone during the second quarter worth $106,000. Rhumbline Advisers acquired a new stake in shares of Caesarstone during the second quarter worth $107,000. Finally, Marquette Asset Management LLC raised its holdings in shares of Caesarstone by 19.8% during the first quarter. Marquette Asset Management LLC now owns 36,291 shares of the construction company’s stock worth $148,000 after acquiring an additional 6,006 shares during the period. 33.70% of the stock is currently 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.