Braskem (NYSE:BAK) Trading Up 4.1% – Here’s What Happened

Shares of Braskem S.A. (NYSE:BAK) rose 4.1% on Tuesday . The stock traded as high as $6.18 and last traded at $6.16. Approximately 543,939 shares changed hands during mid-day trading, a decline of 33% from the average daily volume of 808,914 shares. The stock had previously closed at $5.92.

Wall Street Analysts Forecast Growth

BAK has been the subject of a number of research reports. JPMorgan Chase & Co. reduced their target price on shares of Braskem from $10.00 to $9.50 and set a “neutral” rating for the company in a research report on Tuesday, September 10th. Citigroup raised Braskem from a “neutral” rating to a “buy” rating in a research report on Tuesday, August 20th. Finally, UBS Group upgraded Braskem from a “neutral” rating to a “buy” rating and boosted their target price for the company from $7.70 to $10.00 in a research note on Wednesday, September 18th.

Braskem Trading Down 4.7 %

The stock has a 50-day moving average of $6.66 and a 200-day moving average of $6.86. The company has a debt-to-equity ratio of 23.25, a current ratio of 1.31 and a quick ratio of 0.84.

Braskem (NYSE:BAK) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.48) earnings per share for the quarter, topping the consensus estimate of ($0.78) by $0.30. Braskem had a negative net margin of 12.98% and a negative return on equity of 276.59%. The company had revenue of $3.66 billion for the quarter, compared to analysts’ expectations of $3.56 billion. On average, analysts predict that Braskem S.A. will post -1.71 EPS for the current year.

Hedge Funds Weigh In On Braskem

Large investors have recently modified their holdings of the company. MBB Public Markets I LLC boosted its holdings in Braskem by 69.5% during the 2nd quarter. MBB Public Markets I LLC now owns 1,597,293 shares of the company’s stock valued at $10,303,000 after acquiring an additional 654,806 shares during the period. Marshall Wace LLP boosted its stake in shares of Braskem by 872.0% during the second quarter. Marshall Wace LLP now owns 268,352 shares of the company’s stock valued at $1,731,000 after purchasing an additional 240,744 shares during the period. American Century Companies Inc. grew its holdings in shares of Braskem by 1.6% in the second quarter. American Century Companies Inc. now owns 111,968 shares of the company’s stock worth $722,000 after purchasing an additional 1,807 shares during the last quarter. Boston Partners purchased a new position in shares of Braskem in the first quarter worth $627,000. Finally, Point72 Asset Management L.P. raised its holdings in Braskem by 60.9% during the 2nd quarter. Point72 Asset Management L.P. now owns 41,200 shares of the company’s stock valued at $266,000 after buying an additional 15,600 shares during the last quarter.

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.