Braskem SA (NYSE:BAK)’s share price dropped 3.4% during mid-day trading on Wednesday . The company 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.

BAK has been the topic of a number of research reports. Zacks Investment Research upgraded Braskem SA from a “hold” rating to a “strong-buy” rating and set a $16.00 price target on the stock in a research note on Wednesday, April 27th. Bank of America Corp. upgraded Braskem SA from a “neutral” rating to a “buy” rating in a research note on Tuesday, May 24th.

The company has a market cap of $4.43 billion and a P/E ratio of 3.92. The firm’s 50-day moving average is $11.58 and its 200-day moving average is $12.67.

An institutional investor recently raised its position in Braskem SA stock. Morgan Stanley increased its position in Braskem SA (NYSE:BAK) by 83.4% during the fourth quarter, Holdings Channel reports. 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 0.34% of Braskem SA worth $18,201,000 as of its most recent filing with the SEC.

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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