Caesarstone (NASDAQ:CSTE – Free Report) had its target price reduced by Benchmark from $8.00 to $6.00 in a report published on Thursday, Benzinga reports. They currently have a buy rating on the construction company’s stock.
Separately, StockNews.com raised shares of Caesarstone from a hold rating to a buy rating in a research note on Thursday, May 9th.
View Our Latest Research Report on CSTE
Caesarstone Stock Down 1.3 %
Caesarstone (NASDAQ:CSTE – Get Free Report) last released its quarterly earnings results on Wednesday, May 8th. The construction company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.03. Caesarstone had a negative net margin of 20.45% and a negative return on equity of 13.29%. The firm had revenue of $118.29 million for the quarter, compared to the consensus estimate of $126.70 million. On average, sell-side analysts predict that Caesarstone will post -0.48 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Caesarstone
Hedge funds and other institutional investors have recently modified their holdings of the stock. Gladius Capital Management LP bought a new stake in shares of Caesarstone during the 2nd quarter valued at about $28,000. Rhumbline Advisers bought a new stake in shares of Caesarstone during the 2nd quarter valued at about $107,000. Acadian Asset Management LLC bought a new stake in shares of Caesarstone during the 2nd quarter valued at about $106,000. Marquette Asset Management LLC bought a new stake in shares of Caesarstone during the 4th quarter valued at about $113,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Caesarstone during the 2nd quarter valued at about $293,000. Institutional investors own 33.70% of the company’s stock.
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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