GrafTech International (NYSE:EAF) Shares Set to Reverse Split on Friday, August 29th

GrafTech International Ltd. (NYSE:EAF) shares are set to reverse split before the market opens on Friday, August 29th. The 1-10 reverse split was announced on Monday, August 18th. The number of shares owned by shareholders will be adjusted after the closing bell on Thursday, August 28th.

GrafTech International Stock Down 5.1%

Shares of EAF opened at $1.0150 on Thursday. The business’s 50 day moving average price is $1.19 and its 200-day moving average price is $1.04. GrafTech International has a 52 week low of $0.55 and a 52 week high of $2.53. The stock has a market cap of $262.02 million, a P/E ratio of -1.24 and a beta of 1.63.

GrafTech International (NYSE:EAF) last issued its quarterly earnings results on Friday, July 25th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.04). The firm had revenue of $131.84 million during the quarter, compared to analysts’ expectations of $130.44 million. On average, equities analysts anticipate that GrafTech International will post -0.57 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. BMO Capital Markets upped their price target on shares of GrafTech International from $1.00 to $1.50 and gave the stock a “market perform” rating in a research note on Tuesday, July 29th. UBS Group dropped their price target on shares of GrafTech International from $1.50 to $0.80 and set a “neutral” rating on the stock in a research note on Tuesday, May 13th. Five equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $1.63.

Hedge Funds Weigh In On GrafTech International

Hedge funds have recently bought and sold shares of the company. Hudson Bay Capital Management LP bought a new position in GrafTech International during the 2nd quarter valued at about $197,000. Tower Research Capital LLC TRC lifted its stake in GrafTech International by 1,128.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 167,106 shares of the company’s stock valued at $163,000 after acquiring an additional 153,500 shares during the period. Sender Co & Partners Inc. lifted its stake in GrafTech International by 169.2% during the 2nd quarter. Sender Co & Partners Inc. now owns 1,286,455 shares of the company’s stock valued at $1,251,000 after acquiring an additional 808,615 shares during the period. Brevan Howard Capital Management LP bought a new position in GrafTech International during the 2nd quarter valued at about $472,000. Finally, Bank of America Corp DE lifted its stake in GrafTech International by 70.4% during the 2nd quarter. Bank of America Corp DE now owns 232,779 shares of the company’s stock valued at $226,000 after acquiring an additional 96,174 shares during the period. Institutional investors own 92.83% 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.