Braskem (NYSE:BAK) Sets New 52-Week Low – Here’s What Happened

Braskem S.A. (NYSE:BAK) shares reached a new 52-week low during trading on Friday . The stock traded as low as $2.35 and last traded at $2.39, with a volume of 488407 shares changing hands. The stock had previously closed at $2.55.

Wall Street Analyst Weigh In

BAK has been the subject of several analyst reports. JPMorgan Chase & Co. reduced their price objective on Braskem from $6.00 to $5.00 and set a “neutral” rating for the company in a research note on Wednesday, August 27th. Citigroup cut Braskem from a “buy” rating to a “hold” rating in a research report on Friday. UBS Group cut Braskem from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $5.10 to $3.80 in a research report on Friday, September 26th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Braskem in a research report on Wednesday. Finally, Zacks Research cut Braskem from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 30th. Five equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $4.40.

Braskem Stock Performance

The firm has a market cap of $952.65 million, a price-to-earnings ratio of -0.94 and a beta of 1.76. The business has a fifty day moving average of $3.05 and a two-hundred day moving average of $3.38.

Braskem (NYSE:BAK) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.70) by $0.56. The firm had revenue of $3.38 billion during the quarter, compared to analyst estimates of $18.76 billion. On average, equities research analysts forecast that Braskem S.A. will post -0.77 earnings per share for the current year.

Institutional Investors Weigh In On Braskem

Institutional investors and hedge funds have recently modified their holdings of the company. Ballentine Partners LLC acquired a new stake in shares of Braskem in the 1st quarter worth approximately $58,000. R Squared Ltd lifted its stake in Braskem by 55.2% in the 1st quarter. R Squared Ltd now owns 17,600 shares of the company’s stock valued at $68,000 after buying an additional 6,260 shares in the last quarter. GAMMA Investing LLC lifted its stake in Braskem by 654.9% in the 1st quarter. GAMMA Investing LLC now owns 19,824 shares of the company’s stock valued at $76,000 after buying an additional 17,198 shares in the last quarter. Virtu Financial LLC purchased a new stake in Braskem in the 1st quarter valued at approximately $99,000. Finally, Centric Wealth Management purchased a new stake in Braskem in the 2nd quarter valued at approximately $128,000.

Braskem Company 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.