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

Braskem S.A. (NYSE:BAK)’s share price reached a new 52-week low on Tuesday . The company traded as low as $3.70 and last traded at $3.80, with a volume of 1346108 shares traded. The stock had previously closed at $3.80.

Analyst Ratings Changes

A number of research firms recently issued reports on BAK. JPMorgan Chase & Co. decreased their target price on Braskem from $10.00 to $9.50 and set a “neutral” rating for the company in a report on Tuesday, September 10th. UBS Group upgraded Braskem from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $7.70 to $10.00 in a research note on Wednesday, September 18th.

Braskem Stock Performance

The stock’s 50-day simple moving average is $5.01 and its 200 day simple moving average is $6.05. The company has a market capitalization of $1.54 billion, a PE ratio of -1.09 and a beta of 1.98. The company has a debt-to-equity ratio of 23.25, a quick ratio of 0.76 and a current ratio of 1.28.

Institutional Trading of Braskem

A number of hedge funds and other institutional investors have recently bought and sold shares of BAK. JPMorgan Chase & Co. boosted its position in shares of Braskem by 876.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 5,427 shares of the company’s stock worth $40,000 after acquiring an additional 4,871 shares in the last quarter. Virtu Financial LLC purchased a new stake in Braskem during the third quarter worth approximately $88,000. Jane Street Group LLC boosted its holdings in Braskem by 106.8% in the third quarter. Jane Street Group LLC now owns 90,736 shares of the company’s stock valued at $666,000 after purchasing an additional 46,858 shares in the last quarter. State Street Corp increased its stake in Braskem by 2.3% in the third quarter. State Street Corp now owns 228,110 shares of the company’s stock valued at $1,674,000 after purchasing an additional 5,124 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its holdings in Braskem by 329.1% during the third quarter. Point72 Asset Management L.P. now owns 176,800 shares of the company’s stock worth $1,298,000 after purchasing an additional 135,600 shares in the last quarter.

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.