GrafTech International (NYSE:EAF) Shares Gap Down on Disappointing Earnings

Shares of GrafTech International Ltd (NYSE:EAF) gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $11.15, but opened at $11.74. GrafTech International shares last traded at $12.35, with a volume of 1,058,291 shares changing hands.

The company reported $0.61 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.65 by ($0.04). The firm had revenue of $420.80 million during the quarter, compared to analyst estimates of $441.85 million. GrafTech International had a net margin of 42.35% and a negative return on equity of 88.91%. GrafTech International’s revenue was down 7.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.67 earnings per share.

Several equities research analysts have recently weighed in on the company. Citigroup raised GrafTech International from a “sell” rating to a “neutral” rating and set a $12.00 price objective for the company in a report on Thursday, July 25th. They noted that the move was a valuation call. Zacks Investment Research raised GrafTech International from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 1st. Finally, ValuEngine raised GrafTech International from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd.

Several hedge funds have recently bought and sold shares of the company. FMR LLC acquired a new stake in shares of GrafTech International during the first quarter worth $706,000. First Trust Advisors LP acquired a new stake in shares of GrafTech International during the first quarter worth $2,881,000. WINTON GROUP Ltd acquired a new stake in shares of GrafTech International during the second quarter worth $296,000. Ingalls & Snyder LLC acquired a new stake in shares of GrafTech International during the second quarter worth $306,000. Finally, NEXT Financial Group Inc acquired a new stake in shares of GrafTech International during the second quarter worth $347,000.

The company has a fifty day moving average of $12.30 and a two-hundred day moving average of $11.66. The stock has a market capitalization of $3.81 billion, a price-to-earnings ratio of 4.42 and a beta of 1.71.

About GrafTech International (NYSE:EAF)

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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