GrafTech International Ltd. (NYSE:EAF) Sees Significant Decrease in Short Interest

GrafTech International Ltd. (NYSE:EAF) saw a significant drop in short interest in September. As of September 15th, there was short interest totalling 17,770,000 shares, a drop of 5.6% from the August 31st total of 18,820,000 shares. Currently, 10.0% of the company’s stock are sold short. Based on an average daily volume of 3,040,000 shares, the short-interest ratio is currently 5.8 days.

Hedge Funds Weigh In On GrafTech International

Several institutional investors and hedge funds have recently bought and sold shares of EAF. Algert Global LLC raised its stake in shares of GrafTech International by 13.3% in the second quarter. Algert Global LLC now owns 164,094 shares of the company’s stock valued at $159,000 after buying an additional 19,224 shares during the period. Millennium Management LLC raised its stake in GrafTech International by 287.8% in the 2nd quarter. Millennium Management LLC now owns 5,065,715 shares of the company’s stock valued at $4,914,000 after acquiring an additional 3,759,449 shares during the period. XTX Topco Ltd lifted its holdings in GrafTech International by 179.6% during the second quarter. XTX Topco Ltd now owns 135,485 shares of the company’s stock valued at $131,000 after purchasing an additional 87,027 shares during the last quarter. Fore Capital LLC lifted its holdings in GrafTech International by 120.0% during the second quarter. Fore Capital LLC now owns 220,000 shares of the company’s stock valued at $213,000 after purchasing an additional 120,000 shares during the last quarter. Finally, Choreo LLC bought a new position in GrafTech International during the second quarter worth about $155,000. 92.83% of the stock is owned by institutional investors.

GrafTech International Price Performance

EAF opened at $1.38 on Wednesday. GrafTech International has a fifty-two week low of $0.52 and a fifty-two week high of $3.89. The firm has a 50-day moving average of $0.79 and a 200 day moving average of $1.20. The company has a debt-to-equity ratio of 57.38, a quick ratio of 2.01 and a current ratio of 4.22. The firm has a market cap of $354.89 million, a P/E ratio of -1.27 and a beta of 0.94.

GrafTech International (NYSE:EAF) last released its earnings results on Friday, July 26th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.06. The firm had revenue of $137.33 million during the quarter, compared to the consensus estimate of $122.48 million. GrafTech International had a negative net margin of 50.11% and a negative return on equity of 121.77%. On average, research analysts expect that GrafTech International will post -0.43 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. downgraded shares of GrafTech International from a “neutral” rating to an “underweight” rating in a research report on Tuesday, July 16th. BMO Capital Markets cut their target price on GrafTech International from $1.20 to $1.00 and set a “market perform” rating on the stock in a research note on Monday, July 29th. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to MarketBeat, GrafTech International currently has an average rating of “Hold” and an average target price of $1.75.

GrafTech International Company Profile

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.