Caesarstone (NASDAQ:CSTE – Get Free Report) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.
Separately, Benchmark dropped 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.
Read Our Latest Analysis on Caesarstone
Caesarstone Stock Up 1.8 %
Caesarstone (NASDAQ:CSTE – Get Free Report) last released its quarterly earnings data on Wednesday, August 7th. The construction company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $123.85 million.
Institutional Investors Weigh In On Caesarstone
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Gladius Capital Management LP acquired a new position in shares of Caesarstone during the second quarter valued at approximately $28,000. Acadian Asset Management LLC acquired a new position in shares of Caesarstone during the 2nd quarter valued at $106,000. Rhumbline Advisers bought a new stake in shares of Caesarstone in the 2nd quarter worth $107,000. Marquette Asset Management LLC lifted its holdings in shares of Caesarstone by 19.8% in the first quarter. Marquette Asset Management LLC now owns 36,291 shares of the construction company’s stock valued at $148,000 after buying an additional 6,006 shares during the period. Finally, Bank of New York Mellon Corp bought a new position in Caesarstone during the second quarter valued at about $293,000. 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.
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