Benefit Street Partners LLC Purchases New Position in GrafTech International Ltd. $EAF

Key Points

• Benefit Street Partners LLC established a new position of 713,062 shares (~$11.06M), making GrafTech 12.2% of the fund's portfolio and the firm's fourth-largest holding, equal to about 2.76% ownership of GrafTech.
• GrafTech posted a quarterly loss of ($2.45) EPS, missing estimates by $1.18 and reporting revenue of $116.46M versus $140M expected, leaving the company with a negative PE (-0.87) and a market cap near $191M.
• Wall Street sentiment has turned cautious—several downgrades (including RBC and Wall Street Zen) have driven a consensus rating of "Reduce" with a $11.75 target, while shares trade well below their 52‑week high.

Benefit Street Partners LLC purchased a new stake in shares of GrafTech International Ltd. (NYSE:EAF - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 713,062 shares of the company's stock, valued at approximately $11,060,000. GrafTech International accounts for 12.2% of Benefit Street Partners LLC's investment portfolio, making the stock its 4th largest holding. Benefit Street Partners LLC owned about 2.76% of GrafTech International at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of EAF. Olympiad Research LP purchased a new stake in shares of GrafTech International in the 3rd quarter worth $192,000. Prelude Capital Management LLC purchased a new stake in shares of GrafTech International in the 3rd quarter worth $192,000. Caption Management LLC purchased a new stake in shares of GrafTech International in the 3rd quarter worth $192,000. Bridgeway Capital Management LLC purchased a new stake in shares of GrafTech International in the 3rd quarter worth $377,000. Finally, Allianz Asset Management GmbH purchased a new stake in shares of GrafTech International in the 3rd quarter worth $508,000. Hedge funds and other institutional investors own 92.83% of the company's stock.

GrafTech International Stock Performance

Shares of EAF stock opened at $7.36 on Thursday. GrafTech International Ltd. has a 52-week low of $4.92 and a 52-week high of $20.32. The firm has a market capitalization of $191.29 million, a PE ratio of -0.87 and a beta of 1.63. The stock has a fifty day simple moving average of $7.63 and a two-hundred day simple moving average of $12.74.

GrafTech International (NYSE:EAF - Get Free Report) last issued its quarterly earnings results on Friday, February 6th. The company reported ($2.45) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.27) by ($1.18). The business had revenue of $116.46 million during the quarter, compared to analyst estimates of $140.00 million. On average, sell-side analysts forecast that GrafTech International Ltd. will post -0.57 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on EAF. Wall Street Zen lowered GrafTech International from a "hold" rating to a "sell" rating in a research note on Saturday, February 14th. Royal Bank Of Canada reduced their price objective on GrafTech International from $21.00 to $10.00 and set a "sector perform" rating for the company in a research note on Tuesday, February 10th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of GrafTech International in a research note on Thursday, January 22nd. Five equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Reduce" and a consensus target price of $11.75.

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.

Want to see what other hedge funds are holding EAF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for GrafTech International Ltd. (NYSE:EAF - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.