Braskem (NYSE:BAK) Trading Up 4.1% – Here’s What Happened

Braskem S.A. (NYSE:BAK) shares rose 4.1% during trading on Tuesday . The stock traded as high as $6.18 and last traded at $6.16. Approximately 543,939 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 808,914 shares. The stock had previously closed at $5.92.

Analysts Set New Price Targets

A number of research firms recently weighed in on BAK. Citigroup raised Braskem from a “neutral” rating to a “buy” rating in a research note on Tuesday, August 20th. UBS Group raised shares of Braskem from a “neutral” rating to a “buy” rating and raised their price objective for the company from $7.70 to $10.00 in a research note on Wednesday, September 18th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Braskem from $10.00 to $9.50 and set a “neutral” rating on the stock in a report on Tuesday, September 10th.

Braskem Trading Up 4.1 %

The company has a debt-to-equity ratio of 23.25, a quick ratio of 0.84 and a current ratio of 1.31. The firm has a 50 day simple moving average of $6.67 and a two-hundred day simple moving average of $6.87.

Braskem (NYSE:BAK) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.48) earnings per share for the quarter, topping the consensus estimate of ($0.78) by $0.30. Braskem had a negative net margin of 12.98% and a negative return on equity of 276.59%. The business had revenue of $3.66 billion for the quarter, compared to analysts’ expectations of $3.56 billion. As a group, sell-side analysts forecast that Braskem S.A. will post -1.71 earnings per share for the current year.

Institutional Trading of Braskem

Several institutional investors and hedge funds have recently bought and sold shares of the company. Point72 Asset Management L.P. raised its position in shares of Braskem by 60.9% during the 2nd quarter. Point72 Asset Management L.P. now owns 41,200 shares of the company’s stock valued at $266,000 after buying an additional 15,600 shares in the last quarter. MBB Public Markets I LLC increased its stake in Braskem by 69.5% in the second quarter. MBB Public Markets I LLC now owns 1,597,293 shares of the company’s stock valued at $10,303,000 after acquiring an additional 654,806 shares during the last quarter. Marshall Wace LLP raised its position in Braskem by 872.0% during the second quarter. Marshall Wace LLP now owns 268,352 shares of the company’s stock valued at $1,731,000 after purchasing an additional 240,744 shares in the last quarter. American Century Companies Inc. lifted its stake in Braskem by 1.6% during the second quarter. American Century Companies Inc. now owns 111,968 shares of the company’s stock worth $722,000 after purchasing an additional 1,807 shares during the last quarter. Finally, Boston Partners purchased a new position in shares of Braskem in the 1st quarter worth about $627,000.

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.