Caesarstone (NASDAQ:CSTE) Rating Lowered to “Hold” at StockNews.com

Caesarstone (NASDAQ:CSTE) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a report released on Monday.

Separately, Benchmark reduced their price objective on shares of Caesarstone from $8.00 to $6.00 and set a “buy” rating for the company in a research note on Thursday, August 8th.

Caesarstone Stock Performance

Shares of NASDAQ CSTE opened at $4.25 on Monday. The business’s 50-day simple moving average is $4.35 and its 200-day simple moving average is $4.98. Caesarstone has a 52 week low of $3.50 and a 52 week high of $6.81. The firm has a market cap of $146.75 million, a price-to-earnings ratio of -2.10 and a beta of 0.14.

Institutional Trading of Caesarstone

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp acquired a new position in shares of Caesarstone during the second quarter worth approximately $293,000. Global Alpha Capital Management Ltd. raised its stake in 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 Caesarstone by 1,206.4% during the 3rd quarter. BNP Paribas Financial Markets now owns 46,704 shares of the construction company’s stock valued at $213,000 after purchasing an additional 43,129 shares during the last quarter. Empowered Funds LLC bought a new stake in Caesarstone in the 3rd quarter valued at $164,000. Finally, Acadian Asset Management LLC acquired a new stake in Caesarstone in the 2nd quarter worth $106,000. 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.