Braskem (NYSE:BAK) Sets New 52-Week Low – Here’s What Happened

Braskem S.A. (NYSE:BAK) shares reached a new 52-week low on Thursday . The stock traded as low as $5.20 and last traded at $5.20, with a volume of 296807 shares traded. The stock had previously closed at $5.27.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on BAK shares. JPMorgan Chase & Co. reduced their price objective on Braskem from $10.00 to $9.50 and set a “neutral” rating for the company in a research note on Tuesday, September 10th. UBS Group raised Braskem from a “neutral” rating to a “buy” rating and raised their target price for the stock from $7.70 to $10.00 in a research report on Wednesday, September 18th. Finally, Citigroup raised Braskem from a “neutral” rating to a “buy” rating in a research report on Tuesday, August 20th.

Braskem Price Performance

The company has a current ratio of 1.28, a quick ratio of 0.84 and a debt-to-equity ratio of 23.25. The business has a 50-day moving average of $6.51 and a 200-day moving average of $6.71.

Hedge Funds Weigh In On Braskem

Several institutional investors have recently bought and sold shares of the stock. American Century Companies Inc. raised its holdings in Braskem by 1.6% during the second quarter. American Century Companies Inc. now owns 111,968 shares of the company’s stock valued at $722,000 after buying an additional 1,807 shares in the last quarter. State Street Corp raised its holdings in Braskem by 2.3% during the third quarter. State Street Corp now owns 228,110 shares of the company’s stock valued at $1,674,000 after buying an additional 5,124 shares in the last quarter. MQS Management LLC bought a new position in Braskem during the third quarter valued at about $77,000. Point72 Asset Management L.P. raised its holdings in Braskem by 60.9% during the second quarter. Point72 Asset Management L.P. now owns 41,200 shares of the company’s stock valued at $266,000 after buying an additional 15,600 shares in the last quarter. Finally, Verition Fund Management LLC bought a new position in Braskem during the third quarter valued at about $123,000.

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.