Braskem SA (BAK) Trading 2.2% Higher
Shares of Braskem SA (NYSE:BAK) traded up 2.2% during mid-day trading on Wednesday . The stock traded as high as $11.53 and last traded at $11.50, with a volume of 169,243 shares changing hands. The stock had previously closed at $11.25.
Several analysts recently issued reports on the stock. Bank of America Corp. upgraded shares of Braskem SA from a “neutral” rating to a “buy” rating in a research report on Tuesday, May 24th. Zacks Investment Research upgraded shares of Braskem SA from a “hold” rating to a “strong-buy” rating and set a $16.00 target price for the company in a research report on Wednesday, April 27th.
The firm has a 50-day moving average price of $11.57 and a 200-day moving average price of $12.59. The stock has a market capitalization of $4.50 billion and a price-to-earnings ratio of 4.14.
A hedge fund recently raised its stake in Braskem SA stock. Morgan Stanley raised its position in Braskem SA (NYSE:BAK) by 83.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,344,284 shares of the company’s stock after buying an additional 611,328 shares during the period. Morgan Stanley owned 0.34% of Braskem SA worth $18,201,000 at the end of the most recent quarter.
Braskem SA produces thermoplastic resins. The Company’s segments are Basic petrochemicals, Polyolefins, Vinyls, the United States and Europe, and Chemical distribution. It is also engaged in the import and export of chemicals, petrochemicals and fuels, the production, supply and sale of utilities such as steam, water, compressed air, industrial gases, the provision of industrial services, and the production, supply and sale of electric energy.
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