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 note issued to investors on Monday.

Separately, Benchmark lowered their price target on Caesarstone from $8.00 to $6.00 and set a “buy” rating for the company in a research report on Thursday, August 8th.

Caesarstone Stock Performance

Shares of CSTE opened at $4.24 on Monday. The firm has a market capitalization of $146.41 million, a P/E ratio of -2.08 and a beta of 0.14. Caesarstone has a 52 week low of $3.50 and a 52 week high of $6.81. The stock has a 50 day moving average price of $4.34 and a two-hundred day moving average price of $4.97.

Hedge Funds Weigh In On Caesarstone

A number of hedge funds and other institutional investors have recently modified their holdings of CSTE. Bank of New York Mellon Corp bought a new stake in Caesarstone during the second quarter worth $293,000. Global Alpha Capital Management Ltd. increased its position in shares of Caesarstone by 1.6% during the 3rd quarter. Global Alpha Capital Management Ltd. now owns 3,019,248 shares of the construction company’s stock valued at $13,768,000 after purchasing an additional 48,200 shares during the last quarter. BNP Paribas Financial Markets raised its stake in shares of Caesarstone by 1,206.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 46,704 shares of the construction company’s stock worth $213,000 after purchasing an additional 43,129 shares during the period. Empowered Funds LLC purchased a new position in shares of Caesarstone in the 3rd quarter worth about $164,000. Finally, Acadian Asset Management LLC bought a new position in Caesarstone during the second quarter valued at about $106,000. Hedge funds and other institutional investors own 33.70% of the company’s stock.

Caesarstone Company Profile

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.