Braskem (NYSE:BAK) Shares Gap Down on Disappointing Earnings

Braskem S.A. (NYSE:BAK) gapped down before the market opened on Thursday following a dissappointing earnings announcement. The stock had previously closed at $4.08, but opened at $3.80. Braskem shares last traded at $3.85, with a volume of 384,820 shares traded.

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 during the quarter, compared to analyst estimates of $3.52 billion. Braskem had a negative net margin of 9.88% and a negative return on equity of 439.59%.

Hedge Funds Weigh In On Braskem

A number of institutional investors have recently added to or reduced their stakes in BAK. Squarepoint Ops LLC purchased a new stake in Braskem in the 4th quarter valued at $164,000. Point72 Asset Management L.P. increased its position in Braskem by 2.3% during the fourth quarter. Point72 Asset Management L.P. now owns 180,900 shares of the company’s stock worth $698,000 after purchasing an additional 4,100 shares during the last quarter. Balyasny Asset Management L.P. increased its position in Braskem by 55.3% during the fourth quarter. Balyasny Asset Management L.P. now owns 46,445 shares of the company’s stock worth $179,000 after purchasing an additional 16,545 shares during the last quarter. Bank of America Corp DE raised its stake in Braskem by 431.0% during the fourth quarter. Bank of America Corp DE now owns 134,824 shares of the company’s stock worth $520,000 after purchasing an additional 109,433 shares during the period. Finally, Jane Street Group LLC grew its stake in shares of Braskem by 47.2% in the 4th quarter. Jane Street Group LLC now owns 133,564 shares of the company’s stock valued at $516,000 after buying an additional 42,828 shares during the period.

Braskem Trading Down 7.1 %

The firm has a market cap of $1.47 billion, a price-to-earnings ratio of -1.04 and a beta of 2.03. The stock’s fifty day moving average price is $4.28 and its 200-day moving average price is $5.42.

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.