Braskem (NYSE:BAK) Downgraded by Scotiabank to Sector Perform

Scotiabank cut shares of Braskem (NYSE:BAK) from a sector outperform rating to a sector perform rating in a research note published on Monday, MarketBeat.com reports.

Braskem Price Performance

BAK opened at $3.65 on Monday. The stock has a market capitalization of $1.45 billion, a price-to-earnings ratio of -1.03 and a beta of 2.06. The business has a 50-day moving average of $4.26 and a two-hundred day moving average of $5.37. Braskem has a 12 month low of $3.41 and a 12 month high of $10.98.

Braskem (NYSE:BAK) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate 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 business had revenue of $3.28 billion during the quarter, compared to analysts’ expectations of $3.52 billion. Equities research analysts anticipate that Braskem will post -0.77 earnings per share for the current year.

Institutional Trading of Braskem

A number of institutional investors have recently modified their holdings of the company. 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 worth $40,000 after acquiring an additional 4,871 shares during the period. R Squared Ltd purchased a new position in Braskem in the 4th quarter worth approximately $44,000. 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 worth $51,000 after acquiring an additional 12,627 shares during the period. Signaturefd LLC purchased a new stake in Braskem during the 4th quarter worth $53,000. Finally, Dark Forest Capital Management LP acquired a new position in Braskem in the 4th quarter worth $71,000.

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.