GrafTech International (NYSE:EAF) Trading 2.6% Higher – Here’s Why

GrafTech International Ltd. (NYSE:EAF)’s stock price rose 2.6% during trading on Friday . The company traded as high as $6.09 and last traded at $5.9110. Approximately 206,136 shares changed hands during trading, a decline of 47% from the average daily volume of 387,002 shares. The stock had previously closed at $5.76.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. JPMorgan Chase & Co. restated an “underweight” rating on shares of GrafTech International in a research note on Tuesday, April 14th. Weiss Ratings lowered GrafTech International from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, June 29th. Wall Street Zen upgraded GrafTech International from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. BMO Capital Markets upped their target price on GrafTech International from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Monday, May 4th. Finally, Royal Bank Of Canada reiterated a “sector perform” rating and set a $10.00 target price on shares of GrafTech International in a research report on Tuesday, May 5th. Four research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $10.67.

GrafTech International Stock Up 2.6%

The firm has a market cap of $153.98 million, a price-to-earnings ratio of -0.68 and a beta of 1.84. The company’s 50-day moving average price is $8.15 and its 200-day moving average price is $9.71.

GrafTech International (NYSE:EAF) last released its quarterly earnings results on Friday, May 1st. The company reported ($2.05) earnings per share for the quarter, missing the consensus estimate of ($1.25) by ($0.80). The company had revenue of $125.10 million for the quarter, compared to analysts’ expectations of $120.60 million. Analysts predict that GrafTech International Ltd. will post -6.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On GrafTech International

A number of hedge funds have recently made changes to their positions in EAF. AQR Capital Management LLC lifted its position in shares of GrafTech International by 5,083.2% in the first quarter. AQR Capital Management LLC now owns 635,663 shares of the company’s stock valued at $556,000 after acquiring an additional 623,399 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of GrafTech International during the second quarter worth approximately $182,000. Marshall Wace LLP increased its position in shares of GrafTech International by 132.8% during the second quarter. Marshall Wace LLP now owns 2,782,531 shares of the company’s stock worth $2,699,000 after purchasing an additional 1,587,052 shares in the last quarter. Jump Financial LLC acquired a new position in GrafTech International in the 2nd quarter valued at $42,000. Finally, Jane Street Group LLC raised its stake in GrafTech International by 357.6% in the 2nd quarter. Jane Street Group LLC now owns 1,678,655 shares of the company’s stock valued at $1,633,000 after purchasing an additional 1,311,797 shares during the last quarter. Institutional investors and hedge funds own 92.83% of the company’s stock.

About GrafTech International

GrafTech International (NYSE: EAF) is a leading global manufacturer of graphite electrodes and other specialty graphite products used primarily in electric arc furnaces (EAFs) for steel production. The company’s core offerings include ultrahigh-power, high-power and regular power electrodes, along with related accessories such as graphite shapes and heterogeneous carbon materials. These products play a critical role in steelmaking by conducting the high electrical currents required to melt scrap steel efficiently and with reduced environmental impact compared to traditional blast furnace methods.

With a manufacturing footprint spanning North America, Europe and Asia, GrafTech serves steel producers and foundries worldwide.