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

Braskem S.A. (NYSE:BAK)’s share price hit a new 52-week low during trading on Friday . The company traded as low as $4.47 and last traded at $4.49, with a volume of 556865 shares trading hands. The stock had previously closed at $4.78.

Analyst Ratings Changes

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

Braskem Stock Down 10.7 %

The company has a market capitalization of $1.93 billion, a P/E ratio of -1.20 and a beta of 1.98. The company has a 50-day moving average of $5.70 and a two-hundred day moving average of $6.32. The company has a quick ratio of 0.76, a current ratio of 1.28 and a debt-to-equity ratio of 23.25.

Institutional Trading of Braskem

A number of hedge funds have recently modified their holdings of BAK. MBB Public Markets I LLC grew its stake in shares of Braskem by 69.5% in the 2nd quarter. MBB Public Markets I LLC now owns 1,597,293 shares of the company’s stock worth $10,303,000 after buying an additional 654,806 shares during the last quarter. Walleye Capital LLC bought a new stake in Braskem in the third quarter worth $2,341,000. 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 acquiring an additional 240,744 shares during the last quarter. State Street Corp increased its holdings in shares of 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 acquiring an additional 5,124 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its position in shares of Braskem by 329.1% in the 3rd quarter. Point72 Asset Management L.P. now owns 176,800 shares of the company’s stock worth $1,298,000 after purchasing an additional 135,600 shares during the last quarter.

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.