Shares of Braskem S.A. (NYSE:BAK – Get Free Report) reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $1.75 and last traded at $1.7350, with a volume of 294698 shares changing hands. The stock had previously closed at $1.84.
Analysts Set New Price Targets
A number of equities analysts have recently commented on BAK shares. Zacks Research downgraded Braskem from a “strong-buy” rating to a “hold” rating in a report on Monday, May 18th. JPMorgan Chase & Co. cut shares of Braskem from an “overweight” rating to a “neutral” rating in a research report on Tuesday, June 30th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Braskem in a research note on Friday, July 17th. Finally, Citigroup downgraded shares of Braskem from a “neutral” rating to a “sell” rating in a research note on Thursday, June 25th. Three investment analysts have rated the stock with a Hold rating and five have issued a Sell rating to the company’s stock. According to data from MarketBeat, Braskem has an average rating of “Strong Sell” and a consensus target price of $3.40.
Read Our Latest Research Report on BAK
Braskem Stock Down 9.5%
Braskem (NYSE:BAK – Get Free Report) last released its earnings results on Friday, June 26th. The company reported $1.61 earnings per share for the quarter. Braskem had a negative net margin of 7.28% and a negative return on equity of 67.75%. The company had revenue of $4.20 billion during the quarter. As a group, equities analysts predict that Braskem S.A. will post 1.51 earnings per share for the current year.
Institutional Inflows and Outflows
Several hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC raised its position in shares of Braskem by 444.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 8,579 shares of the company’s stock valued at $25,000 after acquiring an additional 7,003 shares in the last quarter. Quadrant Capital Group LLC boosted its holdings in Braskem by 222.1% in the fourth quarter. Quadrant Capital Group LLC now owns 12,809 shares of the company’s stock worth $38,000 after purchasing an additional 8,832 shares during the period. Cetera Investment Advisers bought a new stake in Braskem during the first quarter valued at $51,000. Evergreen Capital Management LLC bought a new stake in Braskem during the fourth quarter valued at $44,000. Finally, Brevan Howard Capital Management LP acquired a new stake in shares of Braskem during the third quarter worth $64,000.
Braskem Company Profile
Braskem (NYSE:BAK) is a leading integrated petrochemical company based in São Paulo, Brazil, and holds the distinction of being the largest thermoplastic resins producer in Latin America. The company operates across the entire value chain, from feedstock sourcing and polymer production to distribution and recycling. Braskem’s comprehensive approach to petrochemical manufacturing enables it to serve a diverse set of end markets with a broad portfolio of products.
Braskem’s core product lines include polypropylene, polyethylene and polyvinyl chloride (PVC), which are used in industries such as packaging, automotive, construction and electrical & electronics.
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