Braskem (NYSE:BAK) Stock Price Down 6.3% – Here’s What Happened

Braskem S.A. (NYSE:BAK)’s stock price dropped 6.3% during trading on Friday . The stock traded as low as $3.83 and last traded at $3.80. Approximately 696,705 shares traded hands during trading, a decline of 15% from the average daily volume of 816,002 shares. The stock had previously closed at $4.05.

Analyst Upgrades and Downgrades

Separately, Scotiabank lowered Braskem from a “sector outperform” rating to a “sector perform” rating in a report on Monday, March 3rd.

Braskem Price Performance

The company has a fifty day moving average of $3.66 and a 200-day moving average of $4.10. The firm has a market cap of $1.51 billion, a P/E ratio of -1.07 and a beta of 1.83.

Braskem (NYSE:BAK) last posted its earnings results on Monday, May 12th. The company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.27. Braskem had a negative net margin of 9.88% and a negative return on equity of 439.59%. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $22.86 billion. On average, sell-side analysts expect that Braskem S.A. will post -0.77 EPS for the current fiscal year.

Institutional Investors Weigh In On Braskem

Institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its position in Braskem by 876.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 5,427 shares of the company’s stock worth $40,000 after purchasing an additional 4,871 shares in the last quarter. R Squared Ltd bought a new position in shares of Braskem in the fourth quarter valued at approximately $44,000. Blue Trust Inc. grew its holdings in shares of Braskem by 2,510.3% in the fourth quarter. Blue Trust Inc. now owns 13,130 shares of the company’s stock valued at $51,000 after acquiring an additional 12,627 shares in the last quarter. Signaturefd LLC purchased a new stake in shares of Braskem during the 4th quarter valued at $53,000. Finally, Ballentine Partners LLC purchased a new stake in shares of Braskem during the 1st quarter valued at $58,000.

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.