The Bank of New York Mellon Corp Acquires 52,982 Shares of CaesarStone Sdot-Yam Ltd. (CSTE)

The Bank of New York Mellon Corp Acquires 52,982  Shares of CaesarStone Sdot-Yam Ltd. (CSTE)

Bank of New York Mellon Corp purchased a new stake in CaesarStone Sdot-Yam Ltd. (NASDAQ:CSTE) during the second quarter, Holdings Channel reports. The institutional investor purchased 52,982 shares of the company’s stock, valued at approximately $1,841,000. Bank of New York Mellon Corp owned 0.15% of CaesarStone Sdot-Yam as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Skyline Asset Management LP increased its position in CaesarStone Sdot-Yam by 6.9% in the first quarter. Skyline Asset Management LP now owns 641,800 shares of the company’s stock valued at $22,046,000 after buying an additional 41,600 shares during the period. 1832 Asset Management L.P. increased its position in CaesarStone Sdot-Yam by 29.9% in the first quarter. 1832 Asset Management L.P. now owns 410,823 shares of the company’s stock valued at $24,095,000 after buying an additional 94,600 shares during the period. Rice Hall James & Associates LLC bought a new position in CaesarStone Sdot-Yam during the second quarter valued at $9,127,000. TIAA CREF Investment Management LLC increased its position in CaesarStone Sdot-Yam by 8.7% in the first quarter. TIAA CREF Investment Management LLC now owns 624,838 shares of the company’s stock valued at $21,463,000 after buying an additional 49,781 shares during the period. Finally, Geode Capital Management LLC increased its position in CaesarStone Sdot-Yam by 6.6% in the first quarter. Geode Capital Management LLC now owns 13,465 shares of the company’s stock valued at $462,000 after buying an additional 839 shares during the period. Hedge funds and other institutional investors own 63.75% of the company’s stock.

CaesarStone Sdot-Yam Ltd. (NASDAQ:CSTE) traded down 2.11% during mid-day trading on Friday, hitting $37.61. 119,040 shares of the stock traded hands. The firm’s 50-day moving average is $38.50 and its 200-day moving average is $37.29. CaesarStone Sdot-Yam Ltd. has a 12-month low of $27.31 and a 12-month high of $43.52. The company has a market cap of $1.31 billion, a price-to-earnings ratio of 17.57 and a beta of 2.03.

CaesarStone Sdot-Yam (NASDAQ:CSTE) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported $0.73 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.65 by $0.08. CaesarStone Sdot-Yam had a net margin of 14.46% and a return on equity of 19.69%. The firm earned $142.30 million during the quarter, compared to analysts’ expectations of $139.53 million. During the same quarter last year, the business earned $0.65 earnings per share. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. Equities research analysts expect that CaesarStone Sdot-Yam Ltd. will post $2.58 EPS for the current year.

CSTE has been the subject of several research analyst reports. Zacks Investment Research downgraded shares of CaesarStone Sdot-Yam from a “buy” rating to a “hold” rating in a research report on Tuesday. TheStreet downgraded shares of CaesarStone Sdot-Yam from a “buy” rating to a “hold” rating in a research report on Friday, September 9th. Finally, Credit Suisse Group AG reaffirmed an “outperform” rating and set a $47.00 price objective on shares of CaesarStone Sdot-Yam in a research note on Wednesday, June 29th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $46.57.

About CaesarStone Sdot-Yam

Caesarstone Sdot-Yam Ltd. is a manufacturer of engineered quartz surfaces. The Company’s products consist of engineered quartz, which are installed as countertops in residential kitchens. Its products are primarily used as kitchen countertops in the renovation, remodeling and residential construction end markets.

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