Braskem (NYSE:BAK) Trading Down 3.1% – Should You Sell?

Braskem S.A. (NYSE:BAK) fell 3.1% during trading on Monday . The company traded as low as $3.64 and last traded at $3.63. 667,018 shares traded hands during mid-day trading, a decline of 15% from the average session volume of 784,680 shares. The stock had previously closed at $3.75.

Analyst Upgrades and Downgrades

Separately, Scotiabank downgraded shares of Braskem from a “sector outperform” rating to a “sector perform” rating in a research note on Monday, March 3rd.

Braskem Trading Down 3.3 %

The firm has a market capitalization of $1.44 billion, a price-to-earnings ratio of -1.02 and a beta of 2.06. The firm’s 50-day moving average is $4.23 and its 200 day moving average is $5.14.

Braskem (NYSE:BAK) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.39) EPS for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.01). The business had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.52 billion. Braskem had a negative return on equity of 439.59% and a negative net margin of 9.88%. Analysts predict that Braskem S.A. will post -0.77 EPS for the current year.

Hedge Funds Weigh In On Braskem

A number of hedge funds and other institutional investors have recently made changes to their positions in BAK. Covalis Capital LLP raised its holdings in Braskem by 27.1% during the 4th quarter. Covalis Capital LLP now owns 1,173,852 shares of the company’s stock worth $4,531,000 after purchasing an additional 250,215 shares during the last quarter. Marshall Wace LLP increased its position in shares of Braskem by 14.3% during the fourth quarter. Marshall Wace LLP now owns 787,348 shares of the company’s stock worth $3,039,000 after buying an additional 98,406 shares during the period. Walleye Capital LLC raised its stake in Braskem by 60.5% during the fourth quarter. Walleye Capital LLC now owns 512,076 shares of the company’s stock worth $1,977,000 after buying an additional 193,120 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in Braskem by 126.1% in the fourth quarter. Renaissance Technologies LLC now owns 329,910 shares of the company’s stock valued at $1,273,000 after buying an additional 184,010 shares during the period. Finally, Trexquant Investment LP lifted its holdings in Braskem by 145.8% in the fourth quarter. Trexquant Investment LP now owns 258,638 shares of the company’s stock valued at $998,000 after buying an additional 153,401 shares during the period.

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.