StockNews.com Begins Coverage on Caesarstone (NASDAQ:CSTE)

StockNews.com began coverage on shares of Caesarstone (NASDAQ:CSTE) in a report issued on Monday morning. The brokerage issued a hold rating on the construction company’s stock.

Caesarstone Trading Down 6.6 %

CSTE opened at $3.42 on Monday. The business’s 50 day moving average is $4.16 and its 200-day moving average is $4.38. The stock has a market cap of $118.10 million, a PE ratio of -1.70 and a beta of 0.17. Caesarstone has a twelve month low of $3.40 and a twelve month high of $6.81.

Caesarstone (NASDAQ:CSTE) last posted its quarterly earnings data on Wednesday, March 5th. The construction company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.12). Caesarstone had a negative net margin of 14.56% and a negative return on equity of 9.61%. The company had revenue of $97.86 million for the quarter, compared to analyst estimates of $99.40 million. During the same quarter in the prior year, the business earned ($0.28) EPS.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. State Street Corp grew its position in Caesarstone by 1.6% in the third quarter. State Street Corp now owns 163,335 shares of the construction company’s stock worth $745,000 after buying an additional 2,640 shares during the last quarter. Wells Fargo & Company MN grew its position in Caesarstone by 27.9% in the fourth quarter. Wells Fargo & Company MN now owns 12,148 shares of the construction company’s stock worth $52,000 after buying an additional 2,647 shares during the last quarter. Barclays PLC grew its position in Caesarstone by 8.4% in the fourth quarter. Barclays PLC now owns 47,077 shares of the construction company’s stock worth $199,000 after buying an additional 3,632 shares during the last quarter. Bank of America Corp DE grew its position in Caesarstone by 18.0% in the fourth quarter. Bank of America Corp DE now owns 36,858 shares of the construction company’s stock worth $157,000 after buying an additional 5,618 shares during the last quarter. Finally, Two Sigma Securities LLC acquired a new position in Caesarstone in the fourth quarter worth approximately $46,000. Institutional investors and hedge funds 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.