Short Interest in GrafTech International Ltd. (NYSE:EAF) Rises By 76.5%

GrafTech International Ltd. (NYSE:EAF) was the recipient of a large growth in short interest during the month of June. As of June 30th, there was short interest totaling 999,086 shares, a growth of 76.5% from the June 15th total of 566,195 shares. Currently, 3.9% of the company’s shares are short sold. Based on an average daily volume of 559,802 shares, the days-to-cover ratio is presently 1.8 days.

Institutional Trading of GrafTech International

A number of institutional investors and hedge funds have recently modified their holdings of EAF. Marshall Wace LLP grew its position in shares of GrafTech International by 132.8% in the 2nd quarter. Marshall Wace LLP now owns 2,782,531 shares of the company’s stock valued at $2,699,000 after purchasing an additional 1,587,052 shares during the period. Jane Street Group LLC raised its holdings in GrafTech International by 357.6% during the 2nd quarter. Jane Street Group LLC now owns 1,678,655 shares of the company’s stock worth $1,633,000 after buying an additional 1,311,797 shares during the period. Sender Co & Partners Inc. lifted its stake 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 valued at $1,251,000 after buying an additional 808,615 shares in the last quarter. Benefit Street Partners LLC bought a new position in GrafTech International in the fourth quarter valued at approximately $11,060,000. Finally, AQR Capital Management LLC boosted its holdings in shares of GrafTech International by 5,083.2% in the first quarter. AQR Capital Management LLC now owns 635,663 shares of the company’s stock valued at $556,000 after buying an additional 623,399 shares during the period. 92.83% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have issued reports on EAF. JPMorgan Chase & Co. restated an “underweight” rating on shares of GrafTech International in a research report on Tuesday, April 14th. Weiss Ratings upgraded shares of GrafTech International from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday. BMO Capital Markets boosted their price target on shares of GrafTech International from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Monday, May 4th. Wall Street Zen upgraded shares of GrafTech International from a “strong sell” rating to a “sell” rating in a report on Saturday, May 9th. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $10.00 price objective on shares of GrafTech International in a research note on Tuesday, May 5th. Four investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, GrafTech International presently has an average rating of “Reduce” and a consensus target price of $10.67.

GrafTech International Stock Down 6.2%

Shares of GrafTech International stock opened at $6.93 on Friday. The business has a fifty day simple moving average of $7.92 and a 200 day simple moving average of $9.37. The stock has a market cap of $180.63 million, a PE ratio of -0.80 and a beta of 1.84. GrafTech International has a 12 month low of $4.92 and a 12 month high of $20.32.

GrafTech International (NYSE:EAF) last released its earnings results on Friday, May 1st. The company reported ($2.05) earnings per share for the quarter, missing the consensus estimate of ($1.25) by ($0.80). The business had revenue of $125.10 million during the quarter, compared to analysts’ expectations of $120.60 million. Analysts expect that GrafTech International will post -6.2 EPS for the current fiscal year.

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.