Invenomic Capital Management LP Lowers Stake in GrafTech International Ltd. $EAF

Invenomic Capital Management LP cut its stake in GrafTech International Ltd. (NYSE:EAF) by 90.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 107,035 shares of the company’s stock after selling 1,003,281 shares during the period. Invenomic Capital Management LP’s holdings in GrafTech International were worth $1,372,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in EAF. Olympiad Research LP purchased a new stake in GrafTech International in the 3rd quarter valued at about $192,000. Caption Management LLC purchased a new position in shares of GrafTech International during the third quarter worth approximately $192,000. Bridgeway Capital Management LLC bought a new stake in shares of GrafTech International during the third quarter valued at approximately $377,000. Allianz Asset Management GmbH bought a new stake in shares of GrafTech International during the third quarter valued at approximately $508,000. Finally, Concentric Capital Strategies LP purchased a new stake in shares of GrafTech International in the third quarter valued at approximately $541,000. Hedge funds and other institutional investors own 92.83% of the company’s stock.

Analyst Ratings Changes

EAF has been the topic of several research analyst reports. Royal Bank Of Canada dropped their price objective on GrafTech International from $21.00 to $10.00 and set a “sector perform” rating on the stock in a research note on Tuesday, February 10th. Citigroup lifted their target price on GrafTech International from $10.00 to $14.00 and gave the company a “neutral” rating in a research report on Wednesday, November 19th. Weiss Ratings reiterated a “sell (d-)” rating on shares of GrafTech International in a report on Thursday, January 22nd. Finally, Wall Street Zen downgraded GrafTech International from a “hold” rating to a “sell” rating in a research report on Saturday, February 14th. Five investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $11.75.

GrafTech International Stock Performance

Shares of EAF opened at $5.75 on Tuesday. The company has a 50 day moving average price of $11.36 and a 200-day moving average price of $13.21. GrafTech International Ltd. has a fifty-two week low of $4.92 and a fifty-two week high of $20.32. The stock has a market capitalization of $148.47 million, a PE ratio of -0.68 and a beta of 1.69.

GrafTech International (NYSE:EAF) last issued its quarterly earnings data on Friday, February 6th. The company reported ($2.45) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.27) by ($1.18). The company had revenue of $116.46 million for the quarter, compared to the consensus estimate of $140.00 million. Equities research analysts forecast that GrafTech International Ltd. will post -0.57 EPS for the current year.

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.