Braskem SA (BAK) Shares Up 9.5%
Shares of Braskem SA (NYSE:BAK) shot up 9.5% during trading on Thursday . The company traded as high as $12.57 and last traded at $12.39, with a volume of 450,415 shares changing hands. The stock had previously closed at $11.32.
A number of brokerages have commented on BAK. Zacks Investment Research raised shares of Braskem SA from a “hold” rating to a “strong-buy” rating and set a $16.00 price target on the stock in a research report on Wednesday, April 27th. Bank of America Corp. raised shares of Braskem SA from a “neutral” rating to a “buy” rating in a research report on Tuesday, May 24th.
The company has a market cap of $5.23 billion and a P/E ratio of 4.66. The stock has a 50-day moving average price of $11.58 and a 200-day moving average price of $12.38.
A hedge fund recently raised its stake in Braskem SA stock. Morgan Stanley increased 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. 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 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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