Braskem S.A. (NYSE:BAK – Get Free Report)’s stock price was up 7.9% on Wednesday . The stock traded as high as $3.54 and last traded at $3.5940. Approximately 590,036 shares traded hands during trading, a decline of 76% from the average daily volume of 2,441,782 shares. The stock had previously closed at $3.33.
Wall Street Analysts Forecast Growth
Several analysts recently weighed in on BAK shares. Bradesco Corretora lowered Braskem from an “outperform” rating to an “underperform” rating and set a $1.50 price target on the stock. in a report on Tuesday, April 21st. JPMorgan Chase & Co. upgraded Braskem from a “neutral” rating to an “overweight” rating and set a $5.50 price target on the stock in a report on Tuesday, May 12th. Weiss Ratings restated a “sell (e+)” rating on shares of Braskem in a report on Monday, April 20th. Bank of America lowered Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 price target on the stock. in a report on Thursday, March 26th. Finally, Zacks Research lowered Braskem from a “strong-buy” rating to a “hold” rating in a report on Monday, May 18th. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus target price of $3.40.
Read Our Latest Research Report on Braskem
Braskem Stock Up 4.4%
Braskem (NYSE:BAK – Get Free Report) last released its earnings results on Thursday, May 14th. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.48. Braskem had a negative return on equity of 23.17% and a negative net margin of 13.72%.The business had revenue of $3.51 billion for the quarter, compared to analyst estimates of $3.39 billion. Equities analysts forecast that Braskem S.A. will post 3.15 earnings per share for the current year.
Institutional Trading of Braskem
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Signaturefd LLC increased its stake in Braskem by 50.1% in the fourth quarter. Signaturefd LLC now owns 13,524 shares of the company’s stock worth $40,000 after purchasing an additional 4,513 shares during the period. EverSource Wealth Advisors LLC increased its stake in Braskem by 444.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 8,579 shares of the company’s stock worth $25,000 after purchasing an additional 7,003 shares during the period. Quadrant Capital Group LLC increased its stake 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. Virtu Financial LLC increased its stake in Braskem by 28.7% in the third quarter. Virtu Financial LLC now owns 44,587 shares of the company’s stock worth $108,000 after purchasing an additional 9,938 shares during the period. Finally, Cetera Investment Advisers purchased a new stake in Braskem in the first quarter worth $51,000.
About Braskem
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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