Braskem (NYSE:BAK) Sets New 12-Month Low – Here’s Why

Braskem S.A. (NYSE:BAK) shares hit a new 52-week low on Friday . The stock traded as low as $4.47 and last traded at $4.49, with a volume of 556865 shares changing hands. The stock had previously closed at $4.78.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on BAK shares. UBS Group raised Braskem from a “neutral” rating to a “buy” rating and upped their price objective for the company from $7.70 to $10.00 in a research report on Wednesday, September 18th. Citigroup upgraded Braskem from a “neutral” rating to a “buy” rating in a research note on Tuesday, August 20th. Finally, JPMorgan Chase & Co. dropped their price objective on Braskem from $10.00 to $9.50 and set a “neutral” rating on the stock in a research report on Tuesday, September 10th.

Braskem Price Performance

The stock has a market capitalization of $1.93 billion, a PE ratio of -1.20 and a beta of 1.98. The firm’s fifty day moving average price is $5.70 and its two-hundred day moving average price is $6.32. The company has a quick ratio of 0.76, a current ratio of 1.28 and a debt-to-equity ratio of 23.25.

Institutional Investors Weigh In On Braskem

Hedge funds have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. grew its holdings in shares of Braskem by 329.1% in the third quarter. Point72 Asset Management L.P. now owns 176,800 shares of the company’s stock worth $1,298,000 after acquiring an additional 135,600 shares during the period. Marshall Wace LLP boosted its position in Braskem by 872.0% in the second quarter. Marshall Wace LLP now owns 268,352 shares of the company’s stock worth $1,731,000 after purchasing an additional 240,744 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Braskem during the 3rd quarter valued at about $197,000. American Century Companies Inc. increased its position in shares of Braskem by 1.6% during the 2nd quarter. American Century Companies Inc. now owns 111,968 shares of the company’s stock valued at $722,000 after purchasing an additional 1,807 shares during the last quarter. Finally, MBB Public Markets I LLC lifted its stake in shares of Braskem by 69.5% in the 2nd quarter. MBB Public Markets I LLC now owns 1,597,293 shares of the company’s stock worth $10,303,000 after purchasing an additional 654,806 shares during the period.

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.