Braskem SA (BAK) Shares Down 1.9%
Braskem SA (NYSE:BAK)’s share price fell 1.9% during mid-day trading on Friday . The company traded as low as $11.03 and last traded at $11.04, with a volume of 147,333 shares trading hands. The stock had previously closed at $11.25.
A number of brokerages recently issued reports on BAK. Zacks Investment Research raised Braskem SA from a “hold” rating to a “strong-buy” rating and set a $16.00 price target for the company in a report on Wednesday, April 27th. Bank of America Corp. raised Braskem SA from a “neutral” rating to a “buy” rating in a report on Tuesday, May 24th.
The firm’s 50 day moving average is $11.55 and its 200-day moving average is $12.57. The stock has a market capitalization of $4.45 billion and a price-to-earnings ratio of 4.10.
An institutional investor recently raised its position in Braskem SA stock. Morgan Stanley boosted its stake in shares of Braskem SA (NYSE:BAK) by 83.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,344,284 shares of the company’s stock after buying an additional 611,328 shares during the period. Morgan Stanley owned about 0.34% of Braskem SA worth $18,201,000 at the end of the most recent reporting period.
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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