Braskem SA (BAK) Shares Up 3.1%
Braskem SA (NYSE:BAK) shares shot up 3.1% on Friday . The company traded as high as $11.82 and last traded at $11.73, with a volume of 385,722 shares traded. The stock had previously closed at $11.38.
A number of research firms have weighed in on BAK. Zacks Investment Research upgraded Braskem SA from a “hold” rating to a “strong-buy” rating and set a $16.00 target price on the stock in a report 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 firm has a 50 day moving average of $11.51 and a 200-day moving average of $12.47. The company has a market cap of $4.72 billion and a P/E ratio of 4.19.
An institutional investor recently raised its position in Braskem SA stock. Morgan Stanley raised its stake in shares of 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 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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