Braskem (NYSE:BAK) Trading Down 4.1%

Braskem S.A. (NYSE:BAK) shares fell 4.1% on Friday . The stock traded as low as $22.54 and last traded at $22.55. 7,589 shares were traded during trading, a decline of 98% from the average session volume of 307,541 shares. The stock had previously closed at $23.52.

Several brokerages recently weighed in on BAK. Scotiabank downgraded shares of Braskem from an “outperform” rating to a “sector perform” rating in a research report on Friday, March 12th. HSBC reissued a “hold” rating and set a $20.00 price target on shares of Braskem in a research report on Wednesday, April 28th. TheStreet raised shares of Braskem from a “d+” rating to a “c-” rating in a research report on Friday, May 21st. Zacks Investment Research downgraded shares of Braskem from a “buy” rating to a “sell” rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. raised shares of Braskem from a “neutral” rating to an “overweight” rating and set a $14.00 target price for the company in a research report on Wednesday, February 24th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $19.00.

The company has a market capitalization of $9.01 billion, a price-to-earnings ratio of -84.00 and a beta of 1.59. The business has a 50-day moving average of $19.18.

Braskem (NYSE:BAK) last posted its earnings results on Wednesday, May 5th. The company reported $1.15 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.24. The company had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $4.31 billion. As a group, equities analysts forecast that Braskem S.A. will post 4.28 earnings per share for the current year.

Several institutional investors have recently modified their holdings of BAK. Renaissance Technologies LLC purchased a new position in shares of Braskem during the 4th quarter worth $2,281,000. Trexquant Investment LP purchased a new position in shares of Braskem during the 4th quarter worth $222,000. Credit Agricole S A boosted its stake in shares of Braskem by 33.3% during the 4th quarter. Credit Agricole S A now owns 8,000 shares of the company’s stock worth $72,000 after acquiring an additional 2,000 shares during the last quarter. JPMorgan Chase & Co. purchased a new position in shares of Braskem during the 4th quarter worth $119,000. Finally, Norges Bank purchased a new position in shares of Braskem during the 4th quarter worth $1,802,000. Institutional investors and hedge funds own 0.37% of the company’s stock.

Braskem Company Profile (NYSE:BAK)

Braskem SA, together with its subsidiaries, produces and sells thermoplastic resins. The company operates through three segments: Brazil, United States and Europe, and Mexico. The Brazil segment produces and sells chemicals, including ethylene, polymer and chemical grade propylene, butadiene, butene-1, benzene, toluene, and xylenes products; fuels, such as automotive gasoline, liquefied petroleum gas, ethyl tertiary-butyl ether, and methyl tertiary-butyl ether; intermediates, such as cumene; aliphatics, aromatics, and hydrogenated solvents; and specialties comprising isoprene, dicyclopentadiene, piperylene, nonene, tetramer, polyisobutylene, and hydrocarbon resins.

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