Analysts Anticipate Caesarstone Ltd (CSTE) Will Post Quarterly Sales of $146.98 Million

Wall Street brokerages expect 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 highest sales estimate coming in at $147.04 million and the lowest estimate coming in at $146.91 million. Caesarstone posted sales of $149.24 million in the same quarter last year, which suggests a negative year over year growth rate of 1.5%. The firm is scheduled to announce its next earnings report on Wednesday, August 14th.

On average, analysts expect that Caesarstone will report full year sales of $578.17 million for the current financial year, with estimates ranging from $574.26 million to $582.07 million. For the next fiscal year, analysts expect that the firm will report sales of $601.32 million, with estimates ranging from $595.07 million to $607.56 million. Zacks’ sales averages are an average based on a survey of analysts that that provide coverage for Caesarstone.

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

CSTE has been the subject of several analyst reports. Zacks Investment Research upgraded shares of Caesarstone from a “hold” rating to a “buy” rating and set a $17.00 target price for the company in a research note on Friday, January 18th. BidaskClub upgraded shares of Caesarstone from a “hold” rating to a “buy” rating in a research note on Saturday, January 19th. Finally, ValuEngine raised shares of Caesarstone from a “sell” rating to a “hold” rating in a report on Friday, March 1st.

Shares of CSTE stock opened at $14.92 on Friday. The firm has a market capitalization of $528.51 million, a PE ratio of 20.72 and a beta of 1.67. The company has a quick ratio of 1.80, a current ratio of 3.20 and a debt-to-equity ratio of 0.15. Caesarstone has a twelve month low of $12.49 and a twelve month high of $21.80.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Hotchkis & Wiley Capital Management LLC raised its holdings in Caesarstone by 31.6% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 358,659 shares of the construction company’s stock valued at $5,599,000 after acquiring an additional 86,170 shares in the last quarter. Morgan Stanley raised its holdings in Caesarstone by 35.3% in the first quarter. Morgan Stanley now owns 92,232 shares of the construction company’s stock valued at $1,439,000 after acquiring an additional 24,070 shares in the last quarter. SEI Investments Co raised its holdings in Caesarstone by 23.9% in the first quarter. SEI Investments Co now owns 28,008 shares of the construction company’s stock valued at $437,000 after acquiring an additional 5,408 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Caesarstone by 83.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 81,502 shares of the construction company’s stock valued at $1,273,000 after acquiring an additional 37,010 shares in the last quarter. Finally, Menora Mivtachim Holdings LTD. acquired a new stake in Caesarstone in the first quarter valued at $10,861,000. 49.12% of the stock is currently owned by hedge funds and other institutional investors.

About Caesarstone

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.

Read More: Why do companies pay special dividends?

Get a free copy of the Zacks research report on Caesarstone (CSTE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Caesarstone Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Caesarstone and related companies with MarketBeat.com's FREE daily email newsletter.