Braskem SA (BAK) Shares Up 9.5%
Braskem SA (NYSE:BAK) shot up 9.5% on Thursday . The company traded as high as $12.57 and last traded at $12.39, with a volume of 450,415 shares trading hands. The stock had previously closed at $11.32.
A number of research firms have recently weighed in on BAK. Zacks Investment Research upgraded shares of Braskem SA from a “hold” rating to a “strong-buy” rating and set a $16.00 price target for the company in a research report on Wednesday, April 27th. Bank of America Corp. upgraded shares of Braskem SA from a “neutral” rating to a “buy” rating in a research report on Tuesday, May 24th.
The stock has a market capitalization of $5.06 billion and a price-to-earnings ratio of 4.54. The company’s 50-day moving average is $11.47 and its 200 day moving average is $12.38.
A hedge fund recently raised its stake in Braskem SA stock. Morgan Stanley boosted 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 firm 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 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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