GrafTech International (NYSE:EAF) Trading 11% Higher on Better-Than-Expected Earnings

GrafTech International Ltd. (NYSE:EAF)’s share price traded up 11% during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $2.42 and last traded at $2.42. 279,273 shares changed hands during 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 (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.01. The business had revenue of $130.65 million during the quarter, compared to the consensus estimate of $128.14 million. GrafTech International had a negative return on equity of 321.50% and a negative net margin of 55.21%. During the same period in the previous year, the company posted ($0.08) EPS.

Wall Street Analysts Forecast Growth

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

Institutional Trading of GrafTech International

Institutional investors and hedge funds have recently modified their holdings of the business. Millennium Management LLC increased its stake in shares of GrafTech International by 287.8% in the second quarter. Millennium Management LLC now owns 5,065,715 shares of the company’s stock valued at $4,914,000 after buying an additional 3,759,449 shares during the period. William Blair Investment Management LLC lifted its holdings in shares of GrafTech International by 0.3% in the first quarter. William Blair Investment Management LLC now owns 4,511,025 shares of the company’s stock valued at $6,225,000 after purchasing an additional 12,648 shares in the last quarter. Foundation Resource Management Inc. increased its position in shares of GrafTech International by 1.3% during the third quarter. Foundation Resource Management Inc. now owns 1,873,481 shares of the company’s stock valued at $2,473,000 after acquiring an additional 24,138 shares during 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 acquiring an additional 157,776 shares during the last quarter. Finally, Invenomic Capital Management LP increased its position in shares of GrafTech International by 89.4% during the first quarter. Invenomic Capital Management LP now owns 1,456,417 shares of the company’s stock valued at $2,010,000 after acquiring an additional 687,595 shares during the last quarter. 92.83% of the stock is currently owned by institutional investors.

GrafTech International Stock Down 1.6 %

The company has a quick ratio of 2.01, a current ratio of 4.22 and a debt-to-equity ratio of 57.38. The stock has a 50-day simple moving average of $1.42 and a 200-day simple moving average of $1.26. The firm has a market capitalization of $551.63 million, a PE ratio of -1.97 and a beta of 0.94.

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.