GrafTech International (NYSE:EAF) Shares Down 3.1% – Here’s What Happened

Shares of GrafTech International Ltd. (NYSE:EAF) traded down 3.1% on Monday . The company traded as low as $8.19 and last traded at $8.2850. 225,364 shares traded hands during trading, a decline of 4% from the average session volume of 235,685 shares. The stock had previously closed at $8.55.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. JPMorgan Chase & Co. restated an “underweight” rating on shares of GrafTech International in a research report on Tuesday, April 14th. BMO Capital Markets boosted their price objective on GrafTech International from $6.00 to $8.00 and gave the stock a “market perform” rating in a research report on Monday, May 4th. Weiss Ratings upgraded GrafTech International from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, May 21st. Royal Bank Of Canada restated a “sector perform” rating and set a $10.00 price objective on shares of GrafTech International in a research report on Tuesday, May 5th. Finally, Wall Street Zen upgraded GrafTech International from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 9th. Four investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $10.67.

GrafTech International Trading Down 3.1%

The business has a 50-day simple moving average of $8.73 and a 200 day simple moving average of $10.90. The stock has a market cap of $215.82 million, a P/E ratio of -0.96 and a beta of 1.77.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Benefit Street Partners LLC bought a new position in GrafTech International in the fourth quarter worth approximately $11,060,000. Allianz Asset Management GmbH bought a new position in GrafTech International in the third quarter worth approximately $508,000. Arrowstreet Capital Limited Partnership bought a new position in GrafTech International in the second quarter worth approximately $182,000. Tower Research Capital LLC TRC boosted its holdings in GrafTech International by 1,128.2% in the second quarter. Tower Research Capital LLC TRC now owns 167,106 shares of the company’s stock worth $163,000 after acquiring an additional 153,500 shares in the last quarter. Finally, Jump Financial LLC bought a new position in GrafTech International in the second quarter worth approximately $42,000. Institutional investors 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.