Braskem S.A. $BAK Stake Lessened by R Squared Ltd

R Squared Ltd lowered its holdings in Braskem S.A. (NYSE:BAK) by 34.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,515 shares of the company’s stock after selling 6,085 shares during the period. R Squared Ltd’s holdings in Braskem were worth $38,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of BAK. American Century Companies Inc. increased its stake in shares of Braskem by 12.6% in the first quarter. American Century Companies Inc. now owns 110,035 shares of the company’s stock worth $424,000 after acquiring an additional 12,300 shares during the last quarter. Ballentine Partners LLC acquired a new position in shares of Braskem in the first quarter worth $58,000. Jump Financial LLC increased its stake in shares of Braskem by 114.4% in the first quarter. Jump Financial LLC now owns 37,304 shares of the company’s stock worth $144,000 after acquiring an additional 19,904 shares during the last quarter. Virtu Financial LLC acquired a new position in shares of Braskem in the first quarter worth $99,000. Finally, Banco BTG Pactual S.A. acquired a new position in shares of Braskem in the first quarter worth $248,000.

Braskem Stock Up 1.3%

Shares of BAK opened at $2.67 on Monday. The stock has a market cap of $1.06 billion, a price-to-earnings ratio of -1.05 and a beta of 1.76. Braskem S.A. has a 12 month low of $2.32 and a 12 month high of $6.34. The company has a 50-day moving average price of $2.95 and a two-hundred day moving average price of $3.31.

Braskem (NYSE:BAK) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.70) by $0.56. The business had revenue of $3.38 billion for the quarter, compared to the consensus estimate of $18.76 billion. Equities research analysts expect that Braskem S.A. will post -0.77 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have commented on BAK. Citigroup downgraded shares of Braskem from a “buy” rating to a “hold” rating in a research report on Friday, October 10th. JPMorgan Chase & Co. lowered their target price on shares of Braskem from $6.00 to $5.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 27th. Weiss Ratings reissued a “sell (e+)” rating on shares of Braskem in a research report on Friday. UBS Group downgraded shares of Braskem from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $5.10 to $3.80 in a research report on Friday, September 26th. Finally, Santander downgraded shares of Braskem from a “neutral” rating to an “underperform” rating in a research report on Thursday, October 16th. Five equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Braskem currently has a consensus rating of “Reduce” and a consensus price target of $4.40.

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.