Braskem (NYSE:BAK) Cut to Sector Perform at Scotiabank

Scotiabank cut shares of Braskem (NYSE:BAK) from a sector outperform rating to a sector perform rating in a research report released on Monday, Marketbeat Ratings reports.

Braskem Price Performance

NYSE:BAK opened at $3.65 on Monday. Braskem has a 1-year low of $3.41 and a 1-year high of $10.98. The firm’s fifty day moving average price is $4.26 and its 200 day moving average price is $5.37. The firm has a market cap of $1.45 billion, a price-to-earnings ratio of -1.03 and a beta of 2.06.

Braskem (NYSE:BAK) last released 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). 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 during the quarter, compared to analyst estimates of $3.52 billion. As a group, analysts expect that Braskem will post -0.77 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Braskem

A number of hedge funds and other institutional investors have recently bought and sold shares of BAK. HighTower Advisors LLC raised its stake in shares of Braskem by 19.4% during the 4th quarter. HighTower Advisors LLC now owns 19,213 shares of the company’s stock worth $74,000 after buying an additional 3,126 shares during the last quarter. Point72 Asset Management L.P. raised its stake in shares of Braskem by 2.3% during the 4th quarter. Point72 Asset Management L.P. now owns 180,900 shares of the company’s stock worth $698,000 after buying an additional 4,100 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Braskem by 876.1% during 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. State Street Corp raised its stake in shares of Braskem by 2.3% during the 3rd quarter. State Street Corp now owns 228,110 shares of the company’s stock worth $1,674,000 after buying an additional 5,124 shares during the last quarter. Finally, MQS Management LLC acquired a new position in shares of Braskem during the 3rd quarter worth $77,000.

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.