GrafTech International Ltd (NYSE:EAF) Sees Large Decline in Short Interest

GrafTech International Ltd (NYSE:EAF) was the target of a significant decrease in short interest in January. As of January 31st, there was short interest totalling 15,810,000 shares, a decrease of 6.7% from the January 15th total of 16,950,000 shares. Currently, 17.5% of the company’s stock are short sold. Based on an average daily volume of 2,310,000 shares, the days-to-cover ratio is currently 6.8 days.

Several brokerages recently weighed in on EAF. Zacks Investment Research cut shares of GrafTech International from a “hold” rating to a “strong sell” rating in a report on Monday, February 10th. Royal Bank of Canada cut shares of GrafTech International from an “outperform” rating to a “sector perform” rating and reduced their target price for the company from $15.00 to $11.00 in a report on Thursday. BMO Capital Markets cut shares of GrafTech International from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $16.00 to $14.00 in a report on Tuesday, December 17th. Finally, ValuEngine cut shares of GrafTech International from a “hold” rating to a “sell” rating in a report on Saturday, November 23rd. Two equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $12.33.

EAF stock traded down $0.32 during midday trading on Friday, reaching $9.75. 3,882,257 shares of the company were exchanged. GrafTech International has a 1-year low of $9.46 and a 1-year high of $15.35. The stock’s 50-day simple moving average is $11.27 and its 200 day simple moving average is $12.12.

GrafTech International (NYSE:EAF) last released its quarterly earnings data on Thursday, February 6th. The company reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.06. The company had revenue of $414.61 million for the quarter, compared to analyst estimates of $402.45 million. During the same period in the previous year, the business posted $0.79 EPS. The firm’s revenue for the quarter was down 22.2% compared to the same quarter last year. On average, equities research analysts predict that GrafTech International will post 2.27 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, February 28th will be issued a dividend of $0.085 per share. The ex-dividend date of this dividend is Thursday, February 27th. This represents a $0.34 dividend on an annualized basis and a yield of 3.49%.

In related news, Director Gp Ltd Bcp sold 30,223,546 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $13.13, for a total value of $396,835,158.98. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.01% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in EAF. Cubist Systematic Strategies LLC purchased a new position in GrafTech International in the 4th quarter valued at $848,000. Jane Street Group LLC grew its position in GrafTech International by 544.0% in the 4th quarter. Jane Street Group LLC now owns 225,387 shares of the company’s stock valued at $2,619,000 after buying an additional 190,387 shares during the last quarter. Bank of America Corp DE grew its position in GrafTech International by 106.2% in the 4th quarter. Bank of America Corp DE now owns 466,618 shares of the company’s stock valued at $5,422,000 after buying an additional 240,334 shares during the last quarter. UBS Asset Management Americas Inc. grew its position in GrafTech International by 3.4% in the 4th quarter. UBS Asset Management Americas Inc. now owns 95,356 shares of the company’s stock valued at $1,108,000 after buying an additional 3,154 shares during the last quarter. Finally, Loomis Sayles & Co. L P grew its position in GrafTech International by 1,661.4% in the 4th quarter. Loomis Sayles & Co. L P now owns 669,586 shares of the company’s stock valued at $7,781,000 after buying an additional 631,572 shares during the last quarter.

GrafTech International Company Profile

GrafTech International Ltd. researches, develops, manufactures, and sells graphite and carbon based products worldwide. It offers graphite electrodes, which requires for the production of electric arc furnace steel, ferrous, and non-ferrous metals; and petroleum needle coke, a crystalline form of carbon used in the production of graphite electrodes.

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