StockNews.com upgraded shares of Caesarstone (NASDAQ:CSTE - Free Report) from a hold rating to a buy rating in a research note issued to investors on Tuesday.
Caesarstone Price Performance
Shares of NASDAQ CSTE traded up $0.14 during mid-day trading on Tuesday, reaching $4.25. 21,045 shares of the company traded hands, compared to its average volume of 36,756. Caesarstone has a fifty-two week low of $3.76 and a fifty-two week high of $6.81. The firm has a market cap of $146.75 million, a PE ratio of -2.11 and a beta of 0.17. The stock has a fifty day simple moving average of $4.38 and a 200-day simple moving average of $4.69.
Institutional Investors Weigh In On Caesarstone
Institutional investors and hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp purchased a new stake in shares of Caesarstone in the second quarter valued at $293,000. Rhumbline Advisers purchased a new position in Caesarstone during the 2nd quarter valued at about $107,000. Acadian Asset Management LLC purchased a new position in Caesarstone during the 2nd quarter valued at about $106,000. Empowered Funds LLC acquired a new position in shares of Caesarstone in the 3rd quarter valued at about $164,000. Finally, Global Alpha Capital Management Ltd. lifted its position in shares of Caesarstone by 1.6% in the third quarter. Global Alpha Capital Management Ltd. now owns 3,019,248 shares of the construction company's stock worth $13,768,000 after purchasing an additional 48,200 shares in the last quarter. 33.70% of the stock is owned by institutional investors and hedge funds.
About Caesarstone
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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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