Braskem S.A. (NYSE:BAK) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $28.30 and last traded at $28.31, with a volume of 492,143 shares. The stock had previously closed at $26.75.

Several research analysts have issued reports on BAK shares. ValuEngine upgraded shares of Braskem from a “buy” rating to a “strong-buy” rating in a report on Friday, June 2nd. Zacks Investment Research raised shares of Braskem from a “hold” rating to a “strong-buy” rating and set a $24.00 price objective for the company in a research report on Tuesday, June 6th. BidaskClub raised shares of Braskem from a “hold” rating to a “buy” rating in a research report on Thursday, July 6th. Finally, Morgan Stanley raised shares of Braskem from an “equal weight” rating to an “overweight” rating in a research report on Monday, July 17th. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Braskem has a consensus rating of “Buy” and a consensus price target of $21.33.

The stock has a market cap of $11.10 billion, a P/E ratio of 27.99 and a beta of 1.14. The firm’s 50-day moving average price is $24.81 and its 200 day moving average price is $21.95.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. U S Global Investors Inc. purchased a new position in Braskem during the second quarter worth about $1,034,000. Tower Research Capital LLC TRC raised its holdings in shares of Braskem by 10,474.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 10,574 shares of the energy company’s stock worth $219,000 after purchasing an additional 10,474 shares during the period. Cubist Systematic Strategies LLC purchased a new position in shares of Braskem in the 2nd quarter worth about $246,000. State Street Corp raised its holdings in shares of Braskem by 24.2% in the 2nd quarter. State Street Corp now owns 235,528 shares of the energy company’s stock worth $4,879,000 after purchasing an additional 45,876 shares during the period. Finally, Redwood Capital Management LLC purchased a new position in shares of Braskem in the 2nd quarter worth about $2,282,000. 0.66% of the stock is currently owned by institutional investors and hedge funds.

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About Braskem

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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