Braskem SA (BAK) Shares Down 3.4%
Shares of Braskem SA (NYSE:BAK) fell 3.4% during trading on Wednesday . The stock traded as low as $10.91 and last traded at $11.05, with a volume of 330,732 shares. The stock had previously closed at $11.44.
Several brokerages recently commented on BAK. Zacks Investment Research raised Braskem SA from a “hold” rating to a “strong-buy” rating and set a $16.00 price objective on the stock in a research note on Wednesday, April 27th. Bank of America Corp. raised Braskem SA from a “neutral” rating to a “buy” rating in a research note on Tuesday, May 24th.
The firm has a market cap of $4.45 billion and a price-to-earnings ratio of 3.91. The company has a 50 day moving average of $11.58 and a 200 day moving average of $12.69.
An institutional investor recently raised its position in Braskem SA stock. Morgan Stanley raised its position in shares of Braskem SA (NYSE:BAK) by 83.4% during the fourth quarter, Holdings Channel reports. 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 approximately 0.34% of Braskem SA worth $18,201,000 as of its most recent SEC filing.
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.