Zacks Investment Research Upgrades Caesarstone (CSTE) to Hold

Zacks Investment Research upgraded shares of Caesarstone (NASDAQ:CSTE) from a strong sell rating to a hold rating in a research report report published on Tuesday, January 2nd.

According to Zacks, “CaesarStone Ltd manufactures engineered quartz surfaces for residential and commercial buildings as countertops, vanities, wall cladding, floors and other interior surfaces. The company’s product consists of Classico, Supernatural, Motivo and Concetto. CaesarStone Ltd, formerly known as Caesarstone Sdot-Yam Ltd., is based in MP Menashe, Israel. “

Other equities research analysts have also issued reports about the stock. Chardan Capital reaffirmed a neutral rating and set a $32.00 price objective (down from $43.00) on shares of Caesarstone in a report on Tuesday, November 7th. JPMorgan Chase & Co. lowered shares of Caesarstone from a neutral rating to an underweight rating and set a $25.00 target price for the company. in a report on Thursday, November 2nd. Two research analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. The company has an average rating of Hold and an average target price of $35.00.

Shares of Caesarstone (NASDAQ CSTE) opened at $24.50 on Tuesday. The company has a current ratio of 3.31, a quick ratio of 2.20 and a debt-to-equity ratio of 0.02. Caesarstone has a one year low of $21.15 and a one year high of $44.00. The company has a market cap of $841.30, a P/E ratio of 18.01 and a beta of 2.10.

Several large investors have recently added to or reduced their stakes in the company. Migdal Insurance & Financial Holdings Ltd. lifted its position in shares of Caesarstone by 10.2% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 659,000 shares of the construction company’s stock worth $19,638,000 after purchasing an additional 60,940 shares during the last quarter. State Street Corp raised its holdings in shares of Caesarstone by 2.1% in the second quarter. State Street Corp now owns 510,307 shares of the construction company’s stock valued at $17,888,000 after acquiring an additional 10,414 shares in the last quarter. Public Employees Retirement Association of Colorado raised its holdings in shares of Caesarstone by 10.1% in the third quarter. Public Employees Retirement Association of Colorado now owns 424,588 shares of the construction company’s stock valued at $12,653,000 after acquiring an additional 38,953 shares in the last quarter. TIAA CREF Investment Management LLC raised its holdings in shares of Caesarstone by 6.9% in the second quarter. TIAA CREF Investment Management LLC now owns 392,021 shares of the construction company’s stock valued at $13,740,000 after acquiring an additional 25,351 shares in the last quarter. Finally, Elk Creek Partners LLC raised its holdings in shares of Caesarstone by 22.2% in the third quarter. Elk Creek Partners LLC now owns 372,740 shares of the construction company’s stock valued at $11,108,000 after acquiring an additional 67,637 shares in the last quarter. Institutional investors and hedge funds own 49.64% of the company’s stock.

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About Caesarstone

Caesarstone Ltd., formerly Caesarstone Sdot-Yam Ltd., is a manufacturer of engineered quartz surfaces. The Company’s products consist of engineered quartz, which are installed as countertops in residential kitchens. Its products are primarily used as kitchen countertops in the renovation, remodeling and residential construction end markets.

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