Renaissance Technologies LLC lowered its stake in Braskem SA (NYSE:BAK) by 1.9% in the third quarter, HoldingsChannel reports. The institutional investor owned 4,291,700 shares of the energy company’s stock after selling 84,600 shares during the quarter. Renaissance Technologies LLC’s holdings in Braskem were worth $123,901,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of the company. Quantbot Technologies LP purchased a new position in Braskem in the third quarter valued at about $131,000. SG Americas Securities LLC boosted its holdings in Braskem by 140.5% in the second quarter. SG Americas Securities LLC now owns 8,511 shares of the energy company’s stock valued at $221,000 after purchasing an additional 4,972 shares during the last quarter. Pinebridge Investments L.P. boosted its holdings in Braskem by 26.1% in the second quarter. Pinebridge Investments L.P. now owns 12,764 shares of the energy company’s stock valued at $332,000 after purchasing an additional 2,644 shares during the last quarter. Cornerstone Wealth Management LLC purchased a new position in Braskem in the third quarter valued at about $1,000,000. Finally, Acadian Asset Management LLC purchased a new position in Braskem in the third quarter valued at about $934,000. Institutional investors and hedge funds own 0.51% of the company’s stock.
Shares of BAK opened at $25.35 on Friday. The stock has a market capitalization of $10.38 billion, a P/E ratio of 13.02 and a beta of 1.11. Braskem SA has a one year low of $21.32 and a one year high of $32.67. The company has a quick ratio of 0.54, a current ratio of 0.90 and a debt-to-equity ratio of 4.13.
Braskem (NYSE:BAK) last issued its quarterly earnings results on Monday, November 12th. The energy company reported $0.51 EPS for the quarter. The firm had revenue of $3.71 billion during the quarter. Braskem had a return on equity of 45.12% and a net margin of 4.89%. On average, research analysts anticipate that Braskem SA will post 2.35 EPS for the current year.
BAK has been the subject of a number of analyst reports. HSBC downgraded Braskem from a “buy” rating to a “hold” rating in a report on Friday, September 28th. ValuEngine raised Braskem from a “sell” rating to a “hold” rating in a report on Thursday, November 1st.
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Braskem SA, together with its subsidiaries, produces and sells thermoplastic resins. Its Basic Petrochemicals segment offers olefins, such as ethylene, polymer and chemical grade propylene, butadiene, and butene-1; BTX products comprising benzene, para-xylene, and toluene; fuels, including automotive gasoline, liquefied petroleum gas, ethyl tertiary butyl ether, and methyl tertiary butyl ether; intermediates, such as cumene; and aliphatics, aromatics, and hydrogenates solvents, as well as specialties, such as isoprene, dicyclopentadiene, piperylene, nonene, tetramer, polyisobutylene, and hydrocarbon resins.
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