Braskem (NYSE:BAK) Stock Price Down 6.8% – Here’s Why

Shares of Braskem S.A. (NYSE:BAK) fell 6.8% during trading on Monday . The stock traded as low as $1.85 and last traded at $1.8550. Approximately 902,601 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 2,338,911 shares. The stock had previously closed at $1.99.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Zacks Research cut shares of Braskem from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 18th. JPMorgan Chase & Co. lowered shares of Braskem from an “overweight” rating to a “neutral” rating in a research report on Tuesday, June 30th. Citigroup lowered Braskem from a “neutral” rating to a “sell” rating in a research note on Thursday, June 25th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Braskem in a research report on Friday, July 17th. Three investment analysts have rated the stock with a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat.com, Braskem has a consensus rating of “Strong Sell” and an average target price of $3.40.

Braskem Price Performance

The business has a fifty day moving average of $2.47 and a 200 day moving average of $3.47. The stock has a market cap of $739.41 million, a PE ratio of -0.76, a P/E/G ratio of 0.12 and a beta of 1.62.

Braskem (NYSE:BAK) last announced its quarterly earnings data on Friday, June 26th. The company reported $1.61 earnings per share for the quarter. The firm had revenue of $4.20 billion during the quarter. Braskem had a negative return on equity of 67.75% and a negative net margin of 7.28%. On average, equities research analysts expect that Braskem S.A. will post 1.51 EPS for the current year.

Hedge Funds Weigh In On Braskem

Several hedge funds and other institutional investors have recently modified their holdings of BAK. EverSource Wealth Advisors LLC increased its stake in shares of Braskem by 444.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 8,579 shares of the company’s stock valued at $25,000 after purchasing an additional 7,003 shares during the period. Quadrant Capital Group LLC raised its holdings in shares of Braskem by 222.1% in the 4th quarter. Quadrant Capital Group LLC now owns 12,809 shares of the company’s stock worth $38,000 after purchasing an additional 8,832 shares in the last quarter. Evergreen Capital Management LLC bought a new stake in Braskem during the fourth quarter worth approximately $44,000. Cetera Investment Advisers acquired a new position in Braskem in the first quarter worth approximately $51,000. Finally, Brevan Howard Capital Management LP bought a new position in shares of Braskem in the third quarter valued at $64,000.

Braskem Company Profile

Braskem (NYSE:BAK) is a leading integrated petrochemical company based in São Paulo, Brazil, and holds the distinction of being the largest thermoplastic resins producer in Latin America. The company operates across the entire value chain, from feedstock sourcing and polymer production to distribution and recycling. Braskem’s comprehensive approach to petrochemical manufacturing enables it to serve a diverse set of end markets with a broad portfolio of products.

Braskem’s core product lines include polypropylene, polyethylene and polyvinyl chloride (PVC), which are used in industries such as packaging, automotive, construction and electrical & electronics.