Braskem S.A. (NYSE:BAK – Get Free Report)’s stock price rose 7.2% during trading on Friday. The stock traded as high as $1.7050 and last traded at $1.7150. Approximately 732,536 shares changed hands during trading, a decline of 69% from the average session volume of 2,333,905 shares. The stock had previously closed at $1.60.
Analyst Ratings Changes
A number of research firms recently issued reports on BAK. HSBC downgraded Braskem from a “buy” rating to a “hold” rating and dropped their price target for the stock from $6.50 to $1.50 in a research note on Monday, September 28th. Citigroup downgraded Braskem from a “neutral” rating to a “sell” rating in a report on Thursday, June 25th. Wall Street Zen raised shares of Braskem to a “hold” rating in a research note on Saturday, October 17th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Braskem in a research note on Thursday, October 15th. Finally, UBS Group cut Braskem from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $4.00 to $1.50 in a research report on Tuesday, September 15th. Three analysts have rated the stock with a Hold rating and five have issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Strong Sell” and an average target price of $2.56.
View Our Latest Research Report on BAK
Braskem Price Performance
The stock has a 50-day moving average price of $1.77 and a 200 day moving average price of $2.76. The firm has a market cap of $679.61 million, a PE ratio of -0.70, a P/E/G ratio of 0.10 and a beta of 1.56.
Braskem (NYSE:BAK – Get Free Report) last announced its quarterly earnings results on Friday, June 26th. The company reported $1.61 EPS for the quarter. Braskem had a negative return on equity of 67.75% and a negative net margin of 7.28%. The company had revenue of $4.20 billion during the quarter. As a group, equities research analysts anticipate that Braskem S.A. will post 1.58 earnings per share for the current year.
Institutional Trading of Braskem
Institutional investors have recently added to or reduced their stakes in the stock. Brooklands Fund Management Ltd bought a new position in Braskem during the first quarter worth $2,013,000. Ramsey Quantitative Systems increased its position in Braskem by 24.7% in the third quarter. Ramsey Quantitative Systems now owns 79,000 shares of the company’s stock worth $115,000 after buying an additional 15,627 shares during the period. Engineers Gate Manager LP lifted its position in Braskem by 192.8% in the 2nd quarter. Engineers Gate Manager LP now owns 68,198 shares of the company’s stock valued at $166,000 after purchasing an additional 44,905 shares during the last quarter. SmartHarvest Portfolios LLC grew its holdings in Braskem by 49.7% in the 1st quarter. SmartHarvest Portfolios LLC now owns 54,466 shares of the company’s stock worth $199,000 after buying an additional 18,085 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in Braskem by 178,471.4% during the 1st quarter. Bank of America Corp DE now owns 50,000 shares of the company’s stock valued at $183,000 after buying an additional 49,972 shares during the period.
About Braskem
Braskem SA is a Brazil-based petrochemical company that produces basic chemicals and thermoplastic resins used in packaging, construction, automotive components, consumer goods, agriculture and other industrial applications. Its product portfolio includes polyethylene, polypropylene and polyvinyl chloride, as well as inputs such as ethylene, propylene and other petrochemical intermediates.
Founded in 2002 through the combination of several Brazilian petrochemical businesses, Braskem developed into one of Latin America’s largest petrochemical producers.
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