Royal Bank Of Canada Reiterates Sector Perform Rating for GrafTech International (NYSE:EAF)

Key Points

• Royal Bank of Canada reiterated a “sector perform” rating on GrafTech with a $10 price target, implying about a 5.6% upside from the prior close.
• GrafTech reported quarterly EPS of ($2.05), missing estimates of ($1.25) while revenue was $125.1M vs. $120.6M, and the stock traded at $9.47 (up ~2.6%) with a market cap around $246M.
• Analyst coverage is mixed (five Holds, two Sells) with a MarketBeat consensus rating of “Reduce” and a $10 consensus target, while institutional investors own about 92.8% of the company with several large recent stake increases.

GrafTech International (NYSE:EAF - Get Free Report)'s stock had its "sector perform" rating reiterated by equities researchers at Royal Bank Of Canada in a report issued on Tuesday,Benzinga reports. They currently have a $10.00 target price on the stock. Royal Bank Of Canada's price target points to a potential upside of 5.60% from the company's previous close.

Other equities research analysts also recently issued reports about the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of GrafTech International in a report on Tuesday, April 21st. BMO Capital Markets upped their target price on GrafTech International from $6.00 to $8.00 and gave the stock a "market perform" rating in a research note on Monday. JPMorgan Chase & Co. reaffirmed an "underweight" rating on shares of GrafTech International in a research note on Tuesday, April 14th. Finally, Wall Street Zen lowered GrafTech International from a "hold" rating to a "sell" rating in a research note on Saturday, February 14th. Five analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Reduce" and a consensus price target of $10.00.

GrafTech International Stock Up 2.6%

GrafTech International stock traded up $0.24 during midday trading on Tuesday, reaching $9.47. The stock had a trading volume of 58,760 shares, compared to its average volume of 344,100. GrafTech International has a 12 month low of $4.92 and a 12 month high of $20.32. The firm's 50-day moving average price is $7.00 and its 200 day moving average price is $11.97. The firm has a market capitalization of $246.11 million, a PE ratio of -1.09 and a beta of 1.73.

GrafTech International (NYSE:EAF - Get Free Report) last announced its quarterly earnings data on Friday, May 1st. The company reported ($2.05) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.25) by ($0.80). The company had revenue of $125.10 million during the quarter, compared to analyst estimates of $120.60 million. Equities research analysts expect that GrafTech International will post -4.95 EPS for the current year.

Hedge Funds Weigh In On GrafTech International

A number of institutional investors have recently added to or reduced their stakes in EAF. Marshall Wace LLP raised its holdings in GrafTech International by 132.8% in the second quarter. Marshall Wace LLP now owns 2,782,531 shares of the company's stock worth $2,699,000 after purchasing an additional 1,587,052 shares in the last quarter. Jane Street Group LLC raised its holdings in GrafTech International by 357.6% in the second quarter. Jane Street Group LLC now owns 1,678,655 shares of the company's stock worth $1,633,000 after purchasing an additional 1,311,797 shares in the last quarter. Sender Co & Partners Inc. raised its holdings in GrafTech International by 169.2% in the second quarter. Sender Co & Partners Inc. now owns 1,286,455 shares of the company's stock worth $1,251,000 after purchasing an additional 808,615 shares in the last quarter. Benefit Street Partners LLC bought a new position in GrafTech International in the fourth quarter worth $11,060,000. Finally, AQR Capital Management LLC raised its holdings in GrafTech International by 5,083.2% in the first quarter. AQR Capital Management LLC now owns 635,663 shares of the company's stock worth $556,000 after purchasing an additional 623,399 shares in the last quarter. Institutional investors own 92.83% of the company's stock.

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.

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