Braskem S.A. (NYSE:BAK - Get Free Report) shares gapped down prior to trading on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $4.08, but opened at $3.80. Braskem shares last traded at $3.85, with a volume of 384,820 shares traded.
The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.38) by ($0.01). Braskem had a negative net margin of 9.88% and a negative return on equity of 439.59%. The business had revenue of $3.28 billion for the quarter, compared to the consensus estimate of $3.52 billion.
Wall Street Analyst Weigh In
Separately, Scotiabank downgraded Braskem from a "sector outperform" rating to a "sector perform" rating in a research report on Monday.
Get Our Latest Stock Report on BAK
Institutional Investors Weigh In On Braskem
Institutional investors and hedge funds have recently made changes to their positions in the stock. Point72 Asset Management L.P. grew its stake in shares of Braskem by 329.1% in the third quarter. Point72 Asset Management L.P. now owns 176,800 shares of the company's stock valued at $1,298,000 after buying an additional 135,600 shares in the last quarter. JPMorgan Chase & Co. increased its position in Braskem by 876.1% during the third 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. R Squared Ltd bought a new stake in Braskem in the fourth quarter valued at approximately $44,000. Jane Street Group LLC lifted its holdings in Braskem by 106.8% during the 3rd quarter. Jane Street Group LLC now owns 90,736 shares of the company's stock valued at $666,000 after purchasing an additional 46,858 shares during the last quarter. Finally, Blue Trust Inc. boosted its position in Braskem by 2,510.3% during the fourth quarter. Blue Trust Inc. now owns 13,130 shares of the company's stock worth $51,000 after purchasing an additional 12,627 shares during the period.
Braskem Stock Down 4.9 %
The stock has a market capitalization of $1.40 billion, a price-to-earnings ratio of -0.99 and a beta of 2.03. The company's fifty day simple moving average is $4.28 and its 200 day simple moving average is $5.41.
About Braskem
(
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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.
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