Braskem (NYSE:BAK) Reaches New 52-Week Low After Earnings Miss

Braskem S.A. (NYSE:BAK)’s share price reached a new 52-week low during mid-day trading on Friday after the company announced weaker than expected quarterly earnings. The company traded as low as $3.69 and last traded at $3.69, with a volume of 1142680 shares. The stock had previously closed at $3.97.

The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.01). The company had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.52 billion. Braskem had a negative return on equity of 439.59% and a negative net margin of 9.88%.

Hedge Funds Weigh In On Braskem

Institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. boosted its position in 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 acquiring an additional 4,871 shares during the period. R Squared Ltd acquired a new stake in Braskem during the 4th quarter worth about $44,000. Blue Trust Inc. boosted its position in Braskem by 2,510.3% during the 4th quarter. Blue Trust Inc. now owns 13,130 shares of the company’s stock worth $51,000 after acquiring an additional 12,627 shares during the period. Signaturefd LLC acquired a new stake in Braskem during the 4th quarter worth about $53,000. Finally, Dark Forest Capital Management LP acquired a new stake in Braskem during the 4th quarter worth about $71,000.

Braskem Trading Down 7.1 %

The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of -1.04 and a beta of 2.03. The stock has a 50-day simple moving average of $4.28 and a 200 day simple moving average of $5.42.

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.