GrafTech International (NYSE:EAF) Shares Gap Up – Here’s What Happened

Shares of GrafTech International Ltd. (NYSE:EAF) gapped up prior to trading on Tuesday . The stock had previously closed at $2.07, but opened at $2.29. GrafTech International shares last traded at $2.03, with a volume of 718,194 shares.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on EAF shares. JPMorgan Chase & Co. lowered shares of GrafTech International from a “neutral” rating to an “underweight” rating in a report on Tuesday, July 16th. BMO Capital Markets lowered their target price on GrafTech International from $1.20 to $1.00 and set a “market perform” rating on the stock in a research note on Monday, July 29th. One analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $1.75.

GrafTech International Price Performance

The company has a debt-to-equity ratio of 57.38, a quick ratio of 2.01 and a current ratio of 4.22. The stock has a fifty day moving average price of $1.39 and a 200-day moving average price of $1.25. The firm has a market capitalization of $560.63 million, a PE ratio of -1.85 and a beta of 0.94.

Institutional Investors Weigh In On GrafTech International

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Millennium Management LLC increased its holdings in shares of GrafTech International by 287.8% during the 2nd quarter. Millennium Management LLC now owns 5,065,715 shares of the company’s stock worth $4,914,000 after buying an additional 3,759,449 shares during the last quarter. Invenomic Capital Management LP increased its holdings in shares of GrafTech International by 89.4% during the 1st quarter. Invenomic Capital Management LP now owns 1,456,417 shares of the company’s stock worth $2,010,000 after buying an additional 687,595 shares during the last quarter. Clear Harbor Asset Management LLC increased its holdings in shares of GrafTech International by 60.8% during the 2nd quarter. Clear Harbor Asset Management LLC now owns 868,790 shares of the company’s stock worth $843,000 after buying an additional 328,565 shares during the last quarter. Choreo LLC acquired a new stake in shares of GrafTech International during the 2nd quarter worth $155,000. Finally, O Keefe Stevens Advisory Inc. increased its holdings in shares of GrafTech International by 9.6% during the 2nd quarter. O Keefe Stevens Advisory Inc. now owns 1,808,368 shares of the company’s stock worth $1,754,000 after buying an additional 157,776 shares during the last quarter. Hedge funds and other institutional investors own 92.83% of the company’s stock.

GrafTech International Company Profile

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.