Bank of America Corp DE Increases Holdings in Braskem S.A. (NYSE:BAK)

Bank of America Corp DE grew its holdings in shares of Braskem S.A. (NYSE:BAK) by 431.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 134,824 shares of the company’s stock after buying an additional 109,433 shares during the quarter. Bank of America Corp DE’s holdings in Braskem were worth $520,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Jane Street Group LLC raised its position in Braskem by 47.2% in the 4th quarter. Jane Street Group LLC now owns 133,564 shares of the company’s stock worth $516,000 after purchasing an additional 42,828 shares during the period. Dark Forest Capital Management LP purchased a new stake in Braskem in the 4th quarter worth about $71,000. Dimensional Fund Advisors LP raised its position in Braskem by 50.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 221,004 shares of the company’s stock worth $852,000 after purchasing an additional 73,801 shares during the period. Covalis Capital LLP raised its position in Braskem by 27.1% in the 4th quarter. Covalis Capital LLP now owns 1,173,852 shares of the company’s stock worth $4,531,000 after purchasing an additional 250,215 shares during the period. Finally, Marshall Wace LLP raised its position in Braskem by 14.3% in the 4th quarter. Marshall Wace LLP now owns 787,348 shares of the company’s stock worth $3,039,000 after purchasing an additional 98,406 shares during the period.

Braskem Price Performance

Shares of BAK stock opened at $3.83 on Wednesday. The company has a market capitalization of $1.52 billion, a P/E ratio of -1.08 and a beta of 1.73. The company’s 50-day simple moving average is $3.64 and its two-hundred day simple moving average is $4.03. Braskem S.A. has a one year low of $2.85 and a one year high of $7.71.

Braskem (NYSE:BAK) last issued its earnings results on Monday, May 12th. The company reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.27. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $22.86 billion. Braskem had a negative net margin of 9.88% and a negative return on equity of 439.59%. On average, research analysts expect that Braskem S.A. will post -0.77 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Scotiabank lowered shares of Braskem from a “sector outperform” rating to a “sector perform” rating in a research report on Monday, March 3rd.

Braskem Profile

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 olefins, including ethylene, polymer and chemical grade propylene, butadiene, and 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.