Cannell & Spears LLC Cuts Stock Position in GrafTech International Ltd. $EAF

Cannell & Spears LLC decreased its position in shares of GrafTech International Ltd. (NYSE:EAF) by 87.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 77,222 shares of the company’s stock after selling 555,007 shares during the period. Cannell & Spears LLC owned about 0.30% of GrafTech International worth $990,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Franklin Resources Inc. increased its stake in GrafTech International by 57.2% during the second quarter. Franklin Resources Inc. now owns 7,131,013 shares of the company’s stock worth $6,936,000 after purchasing an additional 2,594,562 shares during the period. Catalyst Funds Management Pty Ltd purchased a new position in shares of GrafTech International in the second quarter valued at approximately $117,000. AQR Capital Management LLC boosted its stake in shares of GrafTech International by 5,083.2% in the first quarter. AQR Capital Management LLC now owns 635,663 shares of the company’s stock valued at $556,000 after purchasing an additional 623,399 shares during the period. Concentric Capital Strategies LP acquired a new position in shares of GrafTech International in the third quarter valued at approximately $541,000. Finally, Brevan Howard Capital Management LP acquired a new position in shares of GrafTech International in the second quarter valued at approximately $472,000. 92.83% of the stock is currently owned by hedge funds and other institutional investors.

GrafTech International Stock Up 7.6%

Shares of NYSE:EAF opened at $5.63 on Monday. GrafTech International Ltd. has a fifty-two week low of $4.92 and a fifty-two week high of $20.32. The firm’s 50 day moving average price is $11.59 and its 200 day moving average price is $13.24. The stock has a market cap of $145.34 million, a price-to-earnings ratio of -0.66 and a beta of 1.69.

GrafTech International (NYSE:EAF) last posted its quarterly earnings results on Friday, February 6th. The company reported ($2.45) EPS for the quarter, missing the consensus estimate of ($1.27) by ($1.18). The business had revenue of $116.46 million for the quarter, compared to the consensus estimate of $140.00 million. On average, equities analysts anticipate that GrafTech International Ltd. will post -0.57 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Citigroup increased their target price on shares of GrafTech International from $10.00 to $14.00 and gave the stock a “neutral” rating in a report on Wednesday, November 19th. Royal Bank Of Canada dropped their price target on shares of GrafTech International from $21.00 to $10.00 and set a “sector perform” rating for the company in a research note on Tuesday, February 10th. Wall Street Zen lowered GrafTech International from a “hold” rating to a “sell” rating in a research report on Saturday, February 14th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of GrafTech International in a research note on Thursday, January 22nd. Five research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $11.75.

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.