Braskem S.A. (NYSE:BAK) Sees Large Decline in Short Interest

Braskem S.A. (NYSE:BAK) saw a large decline in short interest during the month of July. As of July 31st, there was short interest totalling 1,870,000 shares, a decline of 15.4% from the July 15th total of 2,210,000 shares. Based on an average daily volume of 676,600 shares, the days-to-cover ratio is presently 2.8 days.

Institutional Investors Weigh In On Braskem

Several institutional investors and hedge funds have recently made changes to their positions in the company. Jump Financial LLC increased its stake in Braskem by 4.3% during the fourth quarter. Jump Financial LLC now owns 67,392 shares of the company’s stock valued at $594,000 after purchasing an additional 2,790 shares during the last quarter. Boston Partners acquired a new position in shares of Braskem in the 1st quarter valued at about $627,000. American Century Companies Inc. grew its position in shares of Braskem by 1.6% during the 2nd quarter. American Century Companies Inc. now owns 111,968 shares of the company’s stock valued at $722,000 after buying an additional 1,807 shares during the last quarter. Trexquant Investment LP grew its position in shares of Braskem by 197.1% during the 4th quarter. Trexquant Investment LP now owns 141,852 shares of the company’s stock valued at $1,251,000 after buying an additional 94,099 shares during the last quarter. Finally, Marshall Wace LLP raised its stake in Braskem by 872.0% during 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 period.

Wall Street Analyst Weigh In

Separately, JPMorgan Chase & Co. dropped their price target on shares of Braskem from $11.00 to $10.00 and set a “neutral” rating for the company in a research note on Friday, May 24th.

Braskem Stock Up 2.3 %

NYSE:BAK traded up $0.14 during mid-day trading on Friday, reaching $6.22. The stock had a trading volume of 340,657 shares, compared to its average volume of 874,051. The company has a debt-to-equity ratio of 23.25, a current ratio of 1.46 and a quick ratio of 0.95. The company has a market capitalization of $2.81 billion, a price-to-earnings ratio of -1.93 and a beta of 2.05. Braskem has a 1-year low of $5.28 and a 1-year high of $10.98. The stock’s 50 day simple moving average is $6.50 and its two-hundred day simple moving average is $7.71.

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.