GrafTech International (NYSE:EAF) Rating Increased to Hold at Zacks Research

Key Points

• Zacks Research upgraded GrafTech International from “strong sell” to “hold,” though the broader analyst consensus remains “Reduce,” with an average price target of $10.67.
• GrafTech reported a quarterly loss of $1.47 per share, slightly worse than estimates, while revenue of $127.36 million exceeded expectations; analysts project a full-year loss of $6.45 per share.
• The stock opened at $7.11 and remains well below its 52-week high of $20.32. Institutional investors own approximately 92.83% of the company.

GrafTech International (NYSE:EAF - Get Free Report) was upgraded by stock analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued on Monday, Zacks reports.

A number of other analysts have also commented on EAF. Weiss Ratings lowered GrafTech International from a "sell (d-)" rating to a "sell (e+)" rating in a report on Wednesday, September 9th. Wall Street Zen downgraded GrafTech International from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 1st. Four research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Reduce" and an average target price of $10.67.

GrafTech International Stock Performance

NYSE:EAF opened at $7.11 on Monday. The firm has a market cap of $185.55 million, a price-to-earnings 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 has a 50-day moving average price of $6.93 and a two-hundred day moving average price of $7.41.

GrafTech International (NYSE:EAF - Get Free Report) last posted its earnings results on Friday, July 24th. The company reported ($1.47) EPS for the quarter, missing the consensus estimate 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, sell-side analysts forecast that GrafTech International will post -6.45 earnings per share for the current year.

Institutional Inflows and Outflows

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

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