Braskem (NYSE:BAK) Trading Down 4.7% – Time to Sell?

Braskem S.A. (NYSE:BAK)’s share price traded down 4.7% during trading on Monday . The company traded as low as $2.36 and last traded at $2.3450. Approximately 130,466 shares traded hands during trading, a decline of 95% from the average session volume of 2,437,239 shares. The stock had previously closed at $2.46.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Zacks Research downgraded Braskem from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 18th. Bank of America cut Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 target price on the stock. in a research note on Thursday, March 26th. Citigroup downgraded shares of Braskem from a “neutral” rating to a “sell” rating in a report on Thursday, June 25th. 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 research report on Tuesday, April 21st. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Braskem in a report on Friday. Three equities research analysts have rated the stock with a Hold rating and five have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Strong Sell” and a consensus price target of $3.40.

Braskem Stock Performance

The stock’s 50 day moving average is $3.51 and its 200 day moving average is $3.64. The company has a market capitalization of $938.70 million, a PE ratio of -0.56, a PEG ratio of 0.14 and a beta of 1.61.

Braskem (NYSE:BAK) last released its quarterly earnings data on Thursday, May 14th. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.48. Braskem had a negative net margin of 13.72% and a negative return on equity of 23.17%. The business had revenue of $3.51 billion during the quarter, compared to analyst estimates of $3.39 billion. On average, equities research analysts forecast that Braskem S.A. will post 1.64 EPS for the current fiscal year.

Hedge Funds Weigh In On Braskem

A number of large investors have recently made changes to their positions in the stock. Brooklands Fund Management Ltd bought a new stake in shares of Braskem during the first quarter valued at about $2,013,000. Renaissance Technologies LLC boosted its position in shares of Braskem by 619.5% in the fourth quarter. Renaissance Technologies LLC now owns 265,488 shares of the company’s stock valued at $783,000 after acquiring an additional 228,588 shares during the period. Jump Financial LLC grew its stake in Braskem by 607.1% during the second quarter. Jump Financial LLC now owns 263,771 shares of the company’s stock valued at $865,000 after acquiring an additional 226,467 shares in the last quarter. Marshall Wace LLP purchased a new position in Braskem during the fourth quarter valued at approximately $477,000. Finally, Jane Street Group LLC increased its holdings in Braskem by 193.6% during the 4th quarter. Jane Street Group LLC now owns 220,898 shares of the company’s stock worth $652,000 after acquiring an additional 145,655 shares during the period.

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.