Braskem (NYSE:BAK) Hits New 12-Month Low on Disappointing Earnings

Braskem S.A. (NYSE:BAK)’s stock price reached a new 52-week low during trading on Friday after the company announced weaker than expected quarterly earnings. The company 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 the consensus estimate of ($0.38) by ($0.01). The company had revenue of $3.28 billion for the quarter, compared to analysts’ expectations of $3.52 billion. Braskem had a negative net margin of 9.88% and a negative return on equity of 439.59%.

Institutional Investors Weigh In On Braskem

Several institutional investors and hedge funds have recently added to or reduced their stakes in BAK. MQS Management LLC purchased a new stake in shares of Braskem during the 3rd quarter worth about $77,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Braskem in the third quarter worth $197,000. Quantbot Technologies LP increased its position in shares of Braskem by 174.9% in the third quarter. Quantbot Technologies LP now owns 71,952 shares of the company’s stock worth $528,000 after acquiring an additional 45,782 shares in the last quarter. Walleye Capital LLC purchased a new position in shares of Braskem in the 3rd quarter valued at $2,341,000. Finally, Verition Fund Management LLC acquired a new position in shares of Braskem during the 3rd quarter valued at $123,000.

Braskem Trading Down 7.2 %

The stock has a market capitalization of $1.47 billion, a PE ratio of -1.04 and a beta of 2.03. The business’s 50-day moving average is $4.28 and its two-hundred day moving average is $5.44.

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.