Caesarstone (NASDAQ:CSTE) Cut to Hold at StockNews.com

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

Caesarstone Trading Down 2.9 %

CSTE opened at $4.42 on Wednesday. The stock has a market capitalization of $152.63 million, a P/E ratio of -2.20 and a beta of 0.17. Caesarstone has a 12 month low of $3.69 and a 12 month high of $6.81. The firm’s fifty day simple moving average is $4.39 and its 200 day simple moving average is $4.78.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. State Street Corp boosted its position in Caesarstone by 1.6% during the 3rd quarter. State Street Corp now owns 163,335 shares of the construction company’s stock worth $745,000 after acquiring an additional 2,640 shares during the last quarter. Jane Street Group LLC acquired a new position in Caesarstone during the third quarter worth $55,000. Barclays PLC grew its position in Caesarstone by 87.5% in the third quarter. Barclays PLC now owns 43,445 shares of the construction company’s stock valued at $198,000 after purchasing an additional 20,271 shares in the last quarter. Rhumbline Advisers bought a new position in Caesarstone in the second quarter valued at $107,000. Finally, Acadian Asset Management LLC acquired a new stake in Caesarstone in the 2nd quarter valued at $106,000. 33.70% of the stock is currently owned by 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.