Braskem (NYSE:BAK) Reaches New 52-Week Low - Here's What Happened

Braskem S.A. (NYSE:BAK - Get Free Report) hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $3.70 and last traded at $3.80, with a volume of 1346108 shares trading hands. The stock had previously closed at $3.80.

Analysts Set New Price Targets

Several research analysts recently issued reports on BAK shares. UBS Group raised Braskem from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $7.70 to $10.00 in a research note on Wednesday, September 18th. JPMorgan Chase & Co. dropped their price target on Braskem from $10.00 to $9.50 and set a "neutral" rating on the stock in a research report on Tuesday, September 10th.

Braskem Price Performance

The stock has a market cap of $1.54 billion, a PE ratio of -1.09 and a beta of 1.98. The firm's 50-day moving average price is $5.06 and its two-hundred day moving average price is $6.06. The company has a current ratio of 1.28, a quick ratio of 0.76 and a debt-to-equity ratio of 23.25.

Institutional Investors Weigh In On Braskem

A number of hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. grew its position in shares of Braskem by 876.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,427 shares of the company's stock worth $40,000 after buying an additional 4,871 shares during the last quarter. Virtu Financial LLC acquired a new stake in Braskem in the third quarter valued at approximately $88,000. Jane Street Group LLC grew its holdings in Braskem by 106.8% in the third quarter. Jane Street Group LLC now owns 90,736 shares of the company's stock worth $666,000 after purchasing an additional 46,858 shares during the last quarter. State Street Corp grew its holdings in Braskem by 2.3% in the third quarter. State Street Corp now owns 228,110 shares of the company's stock worth $1,674,000 after purchasing an additional 5,124 shares during the last quarter. Finally, Point72 Asset Management L.P. increased its position in shares of Braskem by 329.1% during the third quarter. Point72 Asset Management L.P. now owns 176,800 shares of the company's stock worth $1,298,000 after purchasing an additional 135,600 shares in the last quarter.

About Braskem

Braskem SA, together with its subsidiaries, produces and sells thermoplastic resins. The company operates through three segments: Brazil, United States and Europe, and Mexico. The Brazil segment produces and sells olefins, including ethylene, polymer and chemical grade propylene, butadiene, and butene-1; benzene, toluene, and xylenes products; fuels, such as automotive gasoline, liquefied petroleum gas, ethyl tertiary-butyl ether, and methyl tertiary-butyl ether; intermediates, such as cumene; aliphatics, aromatics, and hydrogenated solvents; and specialties comprising isoprene, dicyclopentadiene, piperylene, nonene, tetramer, polyisobutylene, and hydrocarbon resins.