Cubist Systematic Strategies LLC Sells 88,982 Shares of Braskem S.A. (NYSE:BAK)

Cubist Systematic Strategies LLC lessened its stake in shares of Braskem S.A. (NYSE:BAK) by 27.9% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 229,490 shares of the company’s stock after selling 88,982 shares during the quarter. Cubist Systematic Strategies LLC owned approximately 0.05% of Braskem worth $1,480,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BAK. Marshall Wace LLP grew its stake in shares of Braskem by 872.0% in the second quarter. Marshall Wace LLP now owns 268,352 shares of the company’s stock worth $1,731,000 after purchasing an additional 240,744 shares during the last quarter. Boston Partners bought a new stake in shares of Braskem in the first quarter worth $627,000. Finally, American Century Companies Inc. grew its stake in shares of Braskem by 1.6% in the second quarter. American Century Companies Inc. now owns 111,968 shares of the company’s stock worth $722,000 after purchasing an additional 1,807 shares during the last quarter.

Wall Street Analyst Weigh In

BAK has been the topic of several analyst reports. UBS Group raised shares of Braskem from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $7.70 to $10.00 in a research note on Wednesday, September 18th. JPMorgan Chase & Co. reduced their price objective on shares of Braskem from $10.00 to $9.50 and set a “neutral” rating on the stock in a research note on Tuesday, September 10th. Finally, Citigroup upgraded shares of Braskem from a “neutral” rating to a “buy” rating in a report on Tuesday, August 20th.

Braskem Price Performance

BAK stock opened at $7.39 on Wednesday. The firm has a market cap of $3.34 billion, a price-to-earnings ratio of -2.29 and a beta of 2.02. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 23.25. Braskem S.A. has a 12-month low of $5.28 and a 12-month high of $10.98. The company’s fifty day simple moving average is $6.49 and its 200 day simple moving average is $7.45.

Braskem (NYSE:BAK) last released its earnings results on Thursday, August 8th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.78) by $0.30. The business had revenue of $3.66 billion for the quarter, compared to analyst estimates of $3.56 billion. Braskem had a negative net margin of 12.98% and a negative return on equity of 276.59%. On average, analysts expect that Braskem S.A. will post -2.28 earnings per share for the current year.

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.