GrafTech International (NYSE:EAF) Trading Up 18.6% – Here’s Why

GrafTech International Ltd. (NYSE:EAF) rose 18.6% during mid-day trading on Wednesday . The company traded as high as $2.15 and last traded at $2.10. 969,864 shares were traded during trading, a decline of 69% from the average session volume of 3,110,191 shares. The stock had previously closed at $1.77.

Analysts Set New Price Targets

A number of equities research analysts recently commented on EAF shares. JPMorgan Chase & Co. cut shares of GrafTech International from a “neutral” rating to an “underweight” rating in a report on Tuesday, July 16th. BMO Capital Markets dropped their price target on GrafTech International from $1.20 to $1.00 and set a “market perform” rating on the stock in a research report on Monday, July 29th. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. According to data from MarketBeat, GrafTech International currently has a consensus rating of “Hold” and a consensus price target of $1.75.

GrafTech International Price Performance

The business’s 50 day moving average is $1.31 and its two-hundred day moving average is $1.24. The company has a debt-to-equity ratio of 57.38, a quick ratio of 2.01 and a current ratio of 4.22. The firm has a market capitalization of $524.62 million, a PE ratio of -1.82 and a beta of 0.94.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC grew its stake in GrafTech International by 287.8% during the second quarter. Millennium Management LLC now owns 5,065,715 shares of the company’s stock valued at $4,914,000 after acquiring an additional 3,759,449 shares in the last quarter. Invenomic Capital Management LP increased its holdings in shares of GrafTech International by 89.4% in the first quarter. Invenomic Capital Management LP now owns 1,456,417 shares of the company’s stock worth $2,010,000 after purchasing an additional 687,595 shares during the period. Clear Harbor Asset Management LLC raised its position in shares of GrafTech International by 60.8% in the second quarter. Clear Harbor Asset Management LLC now owns 868,790 shares of the company’s stock worth $843,000 after buying an additional 328,565 shares in the last quarter. Choreo LLC bought a new stake in GrafTech International during the second quarter valued at $155,000. Finally, O Keefe Stevens Advisory Inc. grew its position in GrafTech International by 9.6% during the second quarter. O Keefe Stevens Advisory Inc. now owns 1,808,368 shares of the company’s stock worth $1,754,000 after buying an additional 157,776 shares in the last quarter. Hedge funds and other institutional investors own 92.83% of the company’s stock.

GrafTech International Company Profile

GrafTech International Ltd. research, develops, manufactures, and sells graphite and carbon-based solutions worldwide. The company offers graphite electrodes to produce electric arc furnace steel and other ferrous and non-ferrous metals; and petroleum needle coke, a crystalline form of carbon used in the production of graphite electrodes and synthetic graphite.