Braskem (NYSE:BAK) Sets New 12-Month Low – Here’s What Happened

Braskem S.A. (NYSE:BAK) reached a new 52-week low during trading on Wednesday . The company traded as low as $2.18 and last traded at $2.2250, with a volume of 103762 shares trading hands. The stock had previously closed at $2.21.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Citigroup downgraded Braskem from a “neutral” rating to a “sell” rating in a research report on Thursday, June 25th. JPMorgan Chase & Co. downgraded shares of Braskem from an “overweight” rating to a “neutral” rating in a research report on Tuesday, June 30th. Weiss Ratings restated a “sell (e+)” rating on shares of Braskem in a report on Friday, July 17th. Bradesco Corretora lowered shares of Braskem from an “outperform” rating to an “underperform” rating and set a $1.50 price target for the company. in a report on Tuesday, April 21st. Finally, Zacks Research downgraded shares of Braskem from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 18th. Three analysts have rated the stock with a Hold rating and five have given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Strong Sell” and an average target price of $3.40.

Braskem Stock Performance

The stock has a fifty day simple moving average of $2.74 and a two-hundred day simple moving average of $3.56. The stock has a market capitalization of $876.93 million, a price-to-earnings ratio of -0.52, a P/E/G ratio of 0.13 and a beta of 1.62.

Braskem (NYSE:BAK) last announced its quarterly earnings data on Thursday, May 14th. The company reported $0.69 earnings per share (EPS) for the quarter, beating 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 company had revenue of $3.51 billion for the quarter, compared to the consensus estimate of $3.39 billion. Research analysts forecast that Braskem S.A. will post 1.64 earnings per share for the current year.

Hedge Funds Weigh In On Braskem

Institutional investors have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC grew 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 worth $25,000 after buying an additional 7,003 shares during the period. Quadrant Capital Group LLC lifted its position in shares of Braskem by 222.1% during the 4th quarter. Quadrant Capital Group LLC now owns 12,809 shares of the company’s stock valued at $38,000 after acquiring an additional 8,832 shares during the period. Signaturefd LLC boosted its stake in Braskem by 50.1% during the fourth quarter. Signaturefd LLC now owns 13,524 shares of the company’s stock worth $40,000 after acquiring an additional 4,513 shares in the last quarter. Cetera Investment Advisers bought a new position in Braskem during the first quarter worth $51,000. Finally, Evergreen Capital Management LLC acquired a new stake in Braskem in the fourth quarter worth $44,000.

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.