Braskem (NYSE:BAK) Sets New 52-Week Low on Disappointing Earnings

Braskem S.A. (NYSE:BAK) reached a new 52-week low on Friday following a weaker than expected earnings announcement. The stock traded as low as $3.69 and last traded at $3.69, with a volume of 1142680 shares changing hands. The stock had previously closed at $3.97.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Point72 Asset Management L.P. boosted its holdings in Braskem by 329.1% in the 3rd quarter. Point72 Asset Management L.P. now owns 176,800 shares of the company’s stock valued at $1,298,000 after purchasing an additional 135,600 shares during the period. JPMorgan Chase & Co. boosted its holdings in Braskem by 876.1% in the 3rd 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 period. R Squared Ltd bought a new stake in Braskem in the 4th quarter valued at $44,000. Jane Street Group LLC boosted its holdings in Braskem by 106.8% in the 3rd quarter. Jane Street Group LLC now owns 90,736 shares of the company’s stock valued at $666,000 after purchasing an additional 46,858 shares during the period. Finally, Blue Trust Inc. boosted its holdings in Braskem by 2,510.3% in the 4th quarter. Blue Trust Inc. now owns 13,130 shares of the company’s stock valued at $51,000 after purchasing an additional 12,627 shares during the period.

Braskem Trading Down 7.1 %

The business’s fifty day simple moving average is $4.28 and its two-hundred day simple moving average is $5.42. The stock has a market capitalization of $1.47 billion, a P/E ratio of -1.04 and a beta of 2.03.

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.