Braskem (NYSE:BAK) Reaches New 12-Month Low – Here’s What Happened

Braskem S.A. (NYSE:BAK) shares hit a new 52-week low on Friday . The company traded as low as $3.30 and last traded at $3.27, with a volume of 988379 shares changing hands. The stock had previously closed at $3.63.

Analysts Set New Price Targets

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

Braskem Stock Down 8.7 %

The stock has a market capitalization of $1.32 billion, a price-to-earnings ratio of -0.93 and a beta of 1.80. The stock has a fifty day moving average of $4.11 and a 200-day moving average of $4.95.

Braskem (NYSE:BAK) last announced its earnings results on Thursday, February 27th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.01). The firm had revenue of $3.28 billion during the quarter, compared to analyst estimates of $3.52 billion. Braskem had a negative net margin of 9.88% and a negative return on equity of 439.59%. On average, equities analysts forecast that Braskem S.A. will post -0.77 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Squarepoint Ops LLC purchased a new stake in shares of Braskem in the fourth quarter valued at about $164,000. Point72 Asset Management L.P. increased its position in Braskem by 2.3% in the 4th quarter. Point72 Asset Management L.P. now owns 180,900 shares of the company’s stock valued at $698,000 after acquiring an additional 4,100 shares during the period. Balyasny Asset Management L.P. raised its stake in Braskem by 55.3% during the 4th quarter. Balyasny Asset Management L.P. now owns 46,445 shares of the company’s stock valued at $179,000 after acquiring an additional 16,545 shares during the last quarter. Bank of America Corp DE lifted its position in Braskem by 431.0% during the 4th quarter. Bank of America Corp DE now owns 134,824 shares of the company’s stock worth $520,000 after acquiring an additional 109,433 shares during the period. Finally, Jane Street Group LLC grew its stake in shares of Braskem by 47.2% in the 4th quarter. Jane Street Group LLC now owns 133,564 shares of the company’s stock valued at $516,000 after purchasing an additional 42,828 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.