GrafTech International (NYSE:EAF) Stock Price Up 11% on Strong Earnings

GrafTech International Ltd. (NYSE:EAF)’s share price shot up 11% during trading on Wednesday following a stronger than expected earnings report. The company traded as high as $2.42 and last traded at $2.42. 279,273 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 3,088,052 shares. The stock had previously closed at $2.18.

The company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.01. GrafTech International had a negative return on equity of 321.50% and a negative net margin of 55.21%. The business had revenue of $130.65 million for the quarter, compared to analyst estimates of $128.14 million. During the same quarter in the previous year, the company posted ($0.08) EPS.

Analyst Upgrades and Downgrades

Separately, BMO Capital Markets decreased their price objective on GrafTech International from $1.20 to $1.00 and set a “market perform” rating for the company in a report on Monday, July 29th. One research analyst has rated the stock with a sell rating and four have given a hold rating to the company. According to MarketBeat.com, GrafTech International currently has an average rating of “Hold” and a consensus price target of $1.75.

Institutional Investors Weigh In On GrafTech International

A number of institutional investors have recently made changes to their positions in the business. Millennium Management LLC lifted its stake in GrafTech International by 287.8% in the second quarter. Millennium Management LLC now owns 5,065,715 shares of the company’s stock worth $4,914,000 after acquiring an additional 3,759,449 shares during the period. Foundation Resource Management Inc. boosted its stake in shares of GrafTech International by 1.3% during the 3rd quarter. Foundation Resource Management Inc. now owns 1,873,481 shares of the company’s stock valued at $2,473,000 after purchasing an additional 24,138 shares in the last quarter. O Keefe Stevens Advisory Inc. increased its position in shares of GrafTech International by 9.6% during the second quarter. O Keefe Stevens Advisory Inc. now owns 1,808,368 shares of the company’s stock valued at $1,754,000 after buying an additional 157,776 shares during the period. Invenomic Capital Management LP lifted its holdings in GrafTech International by 89.4% in the first quarter. Invenomic Capital Management LP now owns 1,456,417 shares of the company’s stock worth $2,010,000 after buying an additional 687,595 shares during the period. Finally, Clear Harbor Asset Management LLC boosted its position in GrafTech International by 60.8% during the 2nd quarter. Clear Harbor Asset Management LLC now owns 868,790 shares of the company’s stock valued at $843,000 after acquiring an additional 328,565 shares in the last quarter. Hedge funds and other institutional investors own 92.83% of the company’s stock.

GrafTech International Price Performance

The stock has a market cap of $550.34 million, a PE ratio of -1.80 and a beta of 0.94. The business has a fifty day simple moving average of $1.45 and a two-hundred day simple moving average of $1.26. The company has a current ratio of 4.22, a quick ratio of 2.01 and a debt-to-equity ratio of 57.38.

About GrafTech International

GrafTech International Ltd. research, develops, manufactures, and sells graphite and carbon-based solutions worldwide. The company offers graphite electrodes to produce electric arc furnace steel and other ferrous and non-ferrous metals; and petroleum needle coke, a crystalline form of carbon used in the production of graphite electrodes and synthetic graphite.