Braskem (NYSE:BAK) Sets New 1-Year Low on Disappointing Earnings

Braskem S.A. (NYSE:BAK) shares hit a new 52-week low during mid-day trading on Friday following a dissappointing earnings announcement. The company traded as low as $3.69 and last traded at $3.69, with a volume of 1142680 shares changing hands. The stock had previously closed at $3.97.

The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.38) by ($0.01). Braskem had a negative net margin of 9.88% and a negative return on equity of 439.59%. The business had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.52 billion.

Institutional Investors Weigh In On Braskem

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. raised its holdings in shares of Braskem by 876.1% in the third quarter. JPMorgan Chase & Co. now owns 5,427 shares of the company’s stock worth $40,000 after acquiring an additional 4,871 shares during the last quarter. R Squared Ltd purchased a new stake in Braskem during the 4th quarter worth about $44,000. Blue Trust Inc. raised its stake in Braskem by 2,510.3% in the 4th quarter. Blue Trust Inc. now owns 13,130 shares of the company’s stock valued at $51,000 after purchasing an additional 12,627 shares during the last quarter. Signaturefd LLC purchased a new position in Braskem in the 4th quarter valued at about $53,000. Finally, Dark Forest Capital Management LP acquired a new stake in shares of Braskem during the 4th quarter worth about $71,000.

Braskem Stock Down 7.2 %

The business’s fifty day moving average price is $4.28 and its 200 day moving average price is $5.44. The firm has a market capitalization of $1.47 billion, a PE ratio of -1.04 and a beta of 2.03.

About Braskem

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.