Braskem (NYSE:BAK) Downgraded by Scotiabank to Sector Perform

Scotiabank lowered shares of Braskem (NYSE:BAK - Free Report) from a sector outperform rating to a sector perform rating in a research report sent to investors on Monday morning, Marketbeat.com reports.

Braskem Stock Performance

Shares of NYSE BAK traded down $0.04 during midday trading on Monday, reaching $3.63. The stock had a trading volume of 538,158 shares, compared to its average volume of 820,858. Braskem has a 12-month low of $3.41 and a 12-month high of $10.98. The stock has a 50-day moving average of $4.26 and a 200-day moving average of $5.37. The company has a market capitalization of $1.44 billion, a price-to-earnings ratio of -1.02 and a beta of 2.06.

Braskem (NYSE:BAK - Get Free Report) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.38) by ($0.01). The business had revenue of $3.28 billion for 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, analysts forecast that Braskem will post -0.77 EPS for the current fiscal year.

Institutional Trading of Braskem

A number of hedge funds have recently added to or reduced their stakes in the business. Covalis Capital LLP boosted its stake in Braskem by 27.1% in the fourth quarter. Covalis Capital LLP now owns 1,173,852 shares of the company's stock valued at $4,531,000 after acquiring an additional 250,215 shares in the last quarter. Marshall Wace LLP grew its position in shares of Braskem by 14.3% during the 4th quarter. Marshall Wace LLP now owns 787,348 shares of the company's stock valued at $3,039,000 after acquiring an additional 98,406 shares during the period. Walleye Capital LLC raised its position in Braskem by 60.5% during the fourth quarter. Walleye Capital LLC now owns 512,076 shares of the company's stock worth $1,977,000 after acquiring an additional 193,120 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Braskem by 126.1% in the fourth quarter. Renaissance Technologies LLC now owns 329,910 shares of the company's stock worth $1,273,000 after acquiring an additional 184,010 shares during the last quarter. Finally, Trexquant Investment LP increased its holdings in shares of Braskem by 145.8% in the fourth quarter. Trexquant Investment LP now owns 258,638 shares of the company's stock valued at $998,000 after purchasing an additional 153,401 shares during the last quarter.

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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.