Braskem (NYSE:BAK) Sets New 1-Year Low – Time to Sell?

Braskem S.A. (NYSE:BAK) hit a new 52-week low during trading on Wednesday . The stock traded as low as $2.18 and last traded at $2.2250, with a volume of 103762 shares. The stock had previously closed at $2.21.

Analyst Ratings Changes

Several brokerages have recently weighed in on BAK. Weiss Ratings reiterated a “sell (e+)” rating on shares of Braskem in a research report on Friday, July 17th. Zacks Research lowered shares of Braskem from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 18th. JPMorgan Chase & Co. cut shares of Braskem from an “overweight” rating to a “neutral” rating in a research note on Tuesday, June 30th. Citigroup lowered shares of Braskem from a “neutral” rating to a “sell” rating in a report on Thursday, June 25th. Finally, Bradesco Corretora cut shares of Braskem from an “outperform” rating to an “underperform” rating and set a $1.50 target price on the stock. in a research note on Tuesday, April 21st. Three research analysts have rated the stock with a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat, Braskem currently has an average rating of “Strong Sell” and an average price target of $3.40.

Braskem Trading Up 1.7%

The business’s fifty day moving average price is $2.67 and its 200-day moving average price is $3.54. The company has a market capitalization of $827.10 million, a P/E ratio of -0.49, a P/E/G ratio of 0.13 and a beta of 1.62.

Braskem (NYSE:BAK) last released its earnings results on Thursday, May 14th. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.48. Braskem had a negative return on equity of 23.17% and a negative net margin of 13.72%.The business had revenue of $3.51 billion for the quarter, compared to analysts’ expectations of $3.39 billion. As a group, equities research analysts forecast that Braskem S.A. will post 1.52 EPS for the current year.

Hedge Funds Weigh In On Braskem

Institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC raised its holdings in shares of Braskem by 444.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 8,579 shares of the company’s stock valued at $25,000 after buying an additional 7,003 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in Braskem by 222.1% in the fourth quarter. Quadrant Capital Group LLC now owns 12,809 shares of the company’s stock worth $38,000 after buying an additional 8,832 shares in the last quarter. Evergreen Capital Management LLC purchased a new stake in Braskem in the fourth quarter worth approximately $44,000. Cetera Investment Advisers bought a new position in Braskem during the first quarter valued at approximately $51,000. Finally, Brevan Howard Capital Management LP bought a new position in Braskem during the third quarter valued at approximately $64,000.

Braskem Company Profile

Braskem (NYSE:BAK) is a leading integrated petrochemical company based in São Paulo, Brazil, and holds the distinction of being the largest thermoplastic resins producer in Latin America. The company operates across the entire value chain, from feedstock sourcing and polymer production to distribution and recycling. Braskem’s comprehensive approach to petrochemical manufacturing enables it to serve a diverse set of end markets with a broad portfolio of products.

Braskem’s core product lines include polypropylene, polyethylene and polyvinyl chloride (PVC), which are used in industries such as packaging, automotive, construction and electrical & electronics.