Braskem (NYSE:BAK) Trading Down 3.5% – Here’s What Happened

Braskem S.A. (NYSE:BAK)’s stock price dropped 3.5% during mid-day trading on Friday . The stock traded as low as $3.85 and last traded at $3.86. Approximately 372,951 shares were traded during mid-day trading, a decline of 48% from the average daily volume of 717,406 shares. The stock had previously closed at $4.00.

Analyst Ratings Changes

A number of equities analysts have weighed in on BAK shares. JPMorgan Chase & Co. decreased their price objective on shares of Braskem from $10.00 to $9.50 and set a “neutral” rating for the company in a research report on Tuesday, September 10th. UBS Group raised Braskem from a “neutral” rating to a “buy” rating and increased their price target for the company from $7.70 to $10.00 in a report on Wednesday, September 18th.

Braskem Stock Down 5.3 %

The company has a market cap of $1.51 billion, a price-to-earnings ratio of -1.07 and a beta of 1.98. The stock has a 50-day simple moving average of $4.97 and a 200-day simple moving average of $6.03. The company has a current ratio of 1.28, a quick ratio of 0.76 and a debt-to-equity ratio of 23.25.

Institutional Investors Weigh In On Braskem

Large investors have recently modified their holdings of the stock. American Century Companies Inc. grew its position in Braskem by 1.6% during the second quarter. American Century Companies Inc. now owns 111,968 shares of the company’s stock valued at $722,000 after purchasing an additional 1,807 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Braskem by 876.1% during the third quarter. JPMorgan Chase & Co. now owns 5,427 shares of the company’s stock valued at $40,000 after purchasing an additional 4,871 shares during the last quarter. State Street Corp increased its position in Braskem by 2.3% in the 3rd quarter. State Street Corp now owns 228,110 shares of the company’s stock worth $1,674,000 after purchasing an additional 5,124 shares during the last quarter. MQS Management LLC acquired a new stake in shares of Braskem during the 3rd quarter valued at about $77,000. Finally, Virtu Financial LLC bought a new stake in Braskem in the third quarter worth approximately $88,000.

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.