Braskem (NYSE:BAK) Shares Down 3.1% - Here's Why

Braskem S.A. (NYSE:BAK - Get Free Report)'s share price was down 3.1% during trading on Monday . The stock traded as low as $3.64 and last traded at $3.63. Approximately 667,018 shares changed hands during trading, a decline of 15% from the average daily volume of 784,680 shares. The stock had previously closed at $3.75.

Analyst Ratings Changes

Separately, Scotiabank cut Braskem from a "sector outperform" rating to a "sector perform" rating in a research note on Monday, March 3rd.

Braskem Stock Down 1.3 %

The firm's 50 day simple moving average is $4.22 and its two-hundred day simple moving average is $5.09. The stock has a market capitalization of $1.62 billion, a P/E ratio of -1.15 and a beta of 2.06.

Braskem (NYSE:BAK - Get Free Report) last issued its earnings results on Thursday, February 27th. The company reported ($0.39) EPS for the quarter, missing analysts' consensus estimates of ($0.38) by ($0.01). The firm had revenue of $3.28 billion during the quarter, compared to the consensus estimate of $3.52 billion. Braskem had a negative net margin of 9.88% and a negative return on equity of 439.59%. As a group, equities research analysts expect that Braskem S.A. will post -0.77 earnings per share for the current year.

Hedge Funds Weigh In On Braskem

A number of large investors have recently modified their holdings of the company. Squarepoint Ops LLC bought a new stake in Braskem during the 4th quarter valued at $164,000. Point72 Asset Management L.P. increased its position in shares of Braskem by 2.3% during the fourth quarter. Point72 Asset Management L.P. now owns 180,900 shares of the company's stock worth $698,000 after acquiring an additional 4,100 shares in the last quarter. Balyasny Asset Management L.P. raised its holdings in shares of Braskem by 55.3% in the 4th quarter. Balyasny Asset Management L.P. now owns 46,445 shares of the company's stock worth $179,000 after acquiring an additional 16,545 shares during the last quarter. Bank of America Corp DE lifted its position in Braskem by 431.0% in the 4th quarter. Bank of America Corp DE now owns 134,824 shares of the company's stock valued at $520,000 after acquiring an additional 109,433 shares in the last quarter. Finally, Jane Street Group LLC boosted its stake in Braskem by 47.2% during the 4th quarter. Jane Street Group LLC now owns 133,564 shares of the company's stock valued at $516,000 after purchasing an additional 42,828 shares during the last quarter.

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Braskem Company Profile

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.