Braskem SA (BAK) Shares Up 7.5%
Braskem SA (NYSE:BAK) shot up 7.5% during mid-day trading on Monday . The company traded as high as $13.92 and last traded at $13.81, with a volume of 262,942 shares trading hands. The stock had previously closed at $12.85.
A number of brokerages have recently issued reports on BAK. 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. Zacks Investment Research downgraded shares of Braskem SA from a “buy” rating to a “strong sell” rating in a research report on Monday, July 25th.
The firm has a 50-day moving average of $11.93 and a 200 day moving average of $12.47. The stock has a market capitalization of $5.37 billion and a P/E ratio of 5.64.
A hedge fund recently raised its stake in Braskem SA stock. Morgan Stanley boosted its stake in shares of Braskem SA (NYSE:BAK) by 83.4% during the fourth quarter, according to its most recent Form 13F filing 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 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.
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