GrafTech International (NYSE:EAF) Upgraded by Zacks Research to “Hold” Rating

GrafTech International (NYSE:EAF) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Monday, Zacks reports.

A number of other brokerages have also recently commented on EAF. Wall Street Zen cut shares of GrafTech International from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 1st. Weiss Ratings lowered shares of GrafTech International from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, September 9th. Four equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus target price of $10.67.

GrafTech International Stock Up 6.8%

NYSE EAF opened at $7.11 on Monday. The company has a market cap of $185.55 million, a PE ratio of -1.05 and a beta of 1.85. GrafTech International has a 52 week low of $4.92 and a 52 week high of $20.32. The firm’s 50-day simple moving average is $6.93 and its two-hundred day simple moving average is $7.41.

GrafTech International (NYSE:EAF) last issued its earnings results on Friday, July 24th. The company reported ($1.47) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.46) by ($0.01). The business had revenue of $127.36 million for the quarter, compared to analysts’ expectations of $125.02 million. As a group, equities research analysts anticipate that GrafTech International will post -6.45 EPS for the current year.

Hedge Funds Weigh In On GrafTech International

A number of large investors have recently modified their holdings of the company. Walleye Capital LLC grew its stake in GrafTech International by 77.6% during the first quarter. Walleye Capital LLC now owns 165,280 shares of the company’s stock valued at $1,121,000 after acquiring an additional 72,223 shares in the last quarter. Renaissance Technologies LLC bought a new stake in GrafTech International during the 1st quarter worth approximately $823,000. Bank of America Corp DE increased its holdings in GrafTech International by 4.5% during the 1st quarter. Bank of America Corp DE now owns 94,360 shares of the company’s stock worth $640,000 after acquiring an additional 4,067 shares during the period. Bank of New York Mellon Corp purchased a new stake in GrafTech International in the 2nd quarter worth approximately $251,000. Finally, Engineers Gate Manager LP purchased a new stake in GrafTech International in the 2nd quarter worth approximately $190,000. 92.83% of the stock is currently owned by institutional investors.

About GrafTech International

GrafTech International Inc is a manufacturer of graphite electrodes and related carbon-based products used primarily in electric arc furnaces (EAFs) for steel production. Its electrodes conduct electricity at extremely high temperatures, enabling the melting of steel scrap and other metallic materials. The company also produces petroleum needle coke, a specialized raw material used in the manufacture of graphite electrodes.

GrafTech serves steel producers and industrial customers in North America, Europe, Asia, and other international markets.