$146.98 Million in Sales Expected for Caesarstone Ltd (NASDAQ:CSTE) This Quarter

Analysts forecast that Caesarstone Ltd (NASDAQ:CSTE) will announce $146.98 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Caesarstone’s earnings, with the lowest sales estimate coming in at $146.91 million and the highest estimate coming in at $147.04 million. Caesarstone posted sales of $149.24 million during the same quarter last year, which would indicate a negative year over year growth rate of 1.5%. The business is scheduled to issue its next quarterly earnings report on Wednesday, August 14th.

According to Zacks, analysts expect that Caesarstone will report full year sales of $578.17 million for the current fiscal year, with estimates ranging from $574.26 million to $582.07 million. For the next year, analysts forecast that the company will post sales of $601.32 million, with estimates ranging from $595.07 million to $607.56 million. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover Caesarstone.

Caesarstone (NASDAQ:CSTE) last released its quarterly earnings results on Wednesday, May 1st. The construction company reported $0.08 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.09. Caesarstone had a net margin of 3.96% and a return on equity of 4.78%. The business had revenue of $128.00 million for the quarter, compared to the consensus estimate of $132.66 million. During the same period last year, the firm earned $0.10 earnings per share. The company’s quarterly revenue was down 5.9% on a year-over-year basis.

Several brokerages have recently commented on CSTE. Zacks Investment Research downgraded shares of Caesarstone from a “buy” rating to a “hold” rating in a research report on Tuesday, July 2nd. ValuEngine upgraded shares of Caesarstone from a “hold” rating to a “buy” rating in a report on Friday, June 28th. Finally, BidaskClub downgraded shares of Caesarstone from a “hold” rating to a “sell” rating in a report on Wednesday, June 19th.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Legal & General Group Plc grew its stake in shares of Caesarstone by 10.4% in the 4th quarter. Legal & General Group Plc now owns 8,616 shares of the construction company’s stock worth $117,000 after buying an additional 813 shares in the last quarter. D. E. Shaw & Co. Inc. purchased a new position in shares of Caesarstone in the 4th quarter worth $1,098,000. Rhumbline Advisers grew its stake in shares of Caesarstone by 43.6% in the 4th quarter. Rhumbline Advisers now owns 32,387 shares of the construction company’s stock worth $440,000 after buying an additional 9,831 shares in the last quarter. California Public Employees Retirement System boosted its stake in shares of Caesarstone by 6.2% during the 4th quarter. California Public Employees Retirement System now owns 75,637 shares of the construction company’s stock worth $1,027,000 after purchasing an additional 4,409 shares during the period. Finally, Norges Bank purchased a new position in shares of Caesarstone during the 4th quarter worth about $3,974,000. Institutional investors own 45.63% of the company’s stock.

Shares of CSTE stock traded up $0.13 on Wednesday, hitting $15.20. 9,018 shares of the stock traded hands, compared to its average volume of 122,692. The stock has a market cap of $533.66 million, a price-to-earnings ratio of 21.21 and a beta of 1.63. Caesarstone has a 52 week low of $12.49 and a 52 week high of $21.80. The business has a 50 day moving average price of $14.57. The company has a current ratio of 3.20, a quick ratio of 1.80 and a debt-to-equity ratio of 0.15.

Caesarstone Company Profile

Caesarstone Ltd., together with its subsidiaries, manufactures and sells engineered quartz surfaces under the Caesarstone brand in the United States, Australia, Canada, Israel, Europe, and internationally. Its engineered quartz slabs are used as countertops in residential kitchens, as well as serve the renovation and remodeling market.

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