Invenomic Capital Management LP Grows Position in GrafTech International Ltd. (NYSE:EAF)

Invenomic Capital Management LP increased its position in shares of GrafTech International Ltd. (NYSE:EAF) by 89.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,456,417 shares of the company’s stock after purchasing an additional 687,595 shares during the period. Invenomic Capital Management LP owned approximately 0.57% of GrafTech International worth $2,010,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. New York State Common Retirement Fund lifted its position in shares of GrafTech International by 1,425.0% in the 4th quarter. New York State Common Retirement Fund now owns 4,422,999 shares of the company’s stock worth $9,686,000 after purchasing an additional 4,132,961 shares during the period. Yacktman Asset Management LP raised its stake in shares of GrafTech International by 27.6% during the 4th quarter. Yacktman Asset Management LP now owns 11,922,290 shares of the company’s stock worth $26,110,000 after acquiring an additional 2,580,133 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of GrafTech International by 24.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,521,068 shares of the company’s stock worth $12,091,000 after acquiring an additional 1,095,959 shares in the last quarter. Cerity Partners LLC bought a new position in shares of GrafTech International during the 4th quarter worth approximately $1,954,000. Finally, Sun Life Financial Inc. bought a new position in shares of GrafTech International during the 4th quarter worth approximately $1,843,000. 92.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

EAF has been the subject of several recent analyst reports. JPMorgan Chase & Co. lowered shares of GrafTech International from a “neutral” rating to an “underweight” rating in a research note on Tuesday, July 16th. BMO Capital Markets reduced their price objective on shares of GrafTech International from $1.20 to $1.00 and set a “market perform” rating for the company in a research note on Monday. One analyst has rated the stock with a sell rating and four have given a hold rating to the company. Based on data from MarketBeat, GrafTech International presently has an average rating of “Hold” and an average target price of $1.75.

GrafTech International Stock Performance

GrafTech International stock traded up $0.05 during mid-day trading on Wednesday, reaching $0.83. 854,042 shares of the company traded hands, compared to its average volume of 3,488,538. The company has a debt-to-equity ratio of 24.74, a current ratio of 3.73 and a quick ratio of 1.91. GrafTech International Ltd. has a fifty-two week low of $0.69 and a fifty-two week high of $5.32. The company has a market capitalization of $214.04 million, a price-to-earnings ratio of -0.72 and a beta of 0.92. The firm’s fifty day moving average is $1.19 and its two-hundred day moving average is $1.43.

Insider Activity

In other GrafTech International news, major shareholder Colonial House Capital Ltd acquired 533,009 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were acquired at an average cost of $1.77 per share, with a total value of $943,425.93. Following the acquisition, the insider now directly owns 30,247,863 shares of the company’s stock, valued at $53,538,717.51. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have acquired 1,143,207 shares of company stock valued at $2,013,368 in the last ninety days. Insiders own 0.60% 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.