GrafTech International (NYSE:EAF) Downgraded by Zacks Research to “Hold”

GrafTech International (NYSE:EAF) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Thursday,Zacks.com reports.

A number of other equities research analysts have also weighed in on EAF. UBS Group cut their price objective on GrafTech International from $1.50 to $0.80 and set a “neutral” rating on the stock in a research report on Tuesday, May 13th. BMO Capital Markets lifted their price objective on GrafTech International from $1.00 to $1.50 and gave the stock a “market perform” rating in a research report on Tuesday, July 29th. Six analysts have rated the stock with a Hold rating, According to MarketBeat, GrafTech International currently has a consensus rating of “Hold” and an average price target of $1.63.

GrafTech International Price Performance

EAF opened at $0.9850 on Thursday. The stock’s 50 day simple moving average is $1.18 and its 200 day simple moving average is $1.03. GrafTech International has a 1 year low of $0.55 and a 1 year high of $2.53. The firm has a market cap of $254.28 million, a price-to-earnings ratio of -1.20 and a beta of 1.63.

GrafTech International shares are set to reverse split before the market opens on Friday, August 29th. The 1-10 reverse split was announced on Monday, August 18th. The number of shares owned by shareholders will be adjusted after the closing bell on Thursday, August 28th.

GrafTech International (NYSE:EAF) last issued its quarterly earnings data on Friday, July 25th. The company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.04). The firm had revenue of $131.84 million during the quarter, compared to analysts’ expectations of $130.44 million. As a group, sell-side analysts anticipate that GrafTech International will post -0.57 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in EAF. Franklin Resources Inc. lifted its stake in shares of GrafTech International by 57.2% in the 2nd quarter. Franklin Resources Inc. now owns 7,131,013 shares of the company’s stock valued at $6,936,000 after purchasing an additional 2,594,562 shares during the period. Prescott Group Capital Management L.L.C. purchased a new position in shares of GrafTech International in the 1st quarter valued at approximately $1,433,000. Concentric Capital Strategies LP purchased a new position in shares of GrafTech International in the 4th quarter valued at approximately $2,800,000. Marshall Wace LLP lifted its stake 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. Finally, Jane Street Group LLC lifted its stake in shares of GrafTech International by 357.6% in the 2nd quarter. Jane Street Group LLC now owns 1,678,655 shares of the company’s stock valued at $1,633,000 after purchasing an additional 1,311,797 shares during the period. Hedge funds and other institutional investors own 92.83% of the company’s stock.

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.