Short Interest in GrafTech International Ltd. (NYSE:EAF) Drops By 13.0%

GrafTech International Ltd. (NYSE:EAF) was the recipient of a significant decrease in short interest in the month of January. As of January 15th, there was short interest totaling 577,418 shares, a decrease of 13.0% from the December 31st total of 663,982 shares. Approximately 2.3% of the shares of the stock are sold short. Based on an average daily volume of 223,081 shares, the short-interest ratio is presently 2.6 days. Based on an average daily volume of 223,081 shares, the short-interest ratio is presently 2.6 days. Approximately 2.3% of the shares of the stock are sold short.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Wall Street Zen upgraded GrafTech International from a “sell” rating to a “hold” rating in a report on Saturday, November 1st. Weiss Ratings restated a “sell (d-)” rating on shares of GrafTech International in a research report on Thursday, January 22nd. Finally, Citigroup increased their target price on shares of GrafTech International from $10.00 to $14.00 and gave the company a “neutral” rating in a research note on Wednesday, November 19th. Five investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Reduce” and an average price target of $14.25.

GrafTech International Trading Up 5.8%

Shares of EAF traded up $0.87 during midday trading on Tuesday, hitting $16.00. The stock had a trading volume of 110,483 shares, compared to its average volume of 201,034. The business has a 50-day simple moving average of $16.34 and a two-hundred day simple moving average of $14.25. The firm has a market cap of $413.12 million, a P/E ratio of -2.03 and a beta of 1.63. GrafTech International has a fifty-two week low of $5.50 and a fifty-two week high of $20.32.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Franklin Resources Inc. lifted its stake in GrafTech International by 57.2% in the second quarter. Franklin Resources Inc. now owns 7,131,013 shares of the company’s stock valued at $6,936,000 after acquiring an additional 2,594,562 shares during the last quarter. Catalyst Funds Management Pty Ltd bought a new position in shares of GrafTech International during the 2nd quarter valued at $117,000. Hudson Bay Capital Management LP bought a new stake in GrafTech International in the second quarter worth $197,000. Bank of America Corp DE boosted its holdings in GrafTech International by 70.4% in the second quarter. Bank of America Corp DE now owns 232,779 shares of the company’s stock worth $226,000 after purchasing an additional 96,174 shares in the last quarter. Finally, Jump Financial LLC acquired a new position in GrafTech International during the second quarter worth $42,000. Hedge funds and other institutional investors own 92.83% of the company’s stock.

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.