Braskem S.A. (NYSE:BAK) Short Interest Update

Braskem S.A. (NYSE:BAK - Get Free Report) was the target of a significant drop in short interest in the month of May. As of May 15th, there was short interest totalling 2,270,000 shares, a drop of 15.3% from the April 30th total of 2,680,000 shares. Based on an average daily volume of 896,900 shares, the days-to-cover ratio is presently 2.5 days. Approximately 0.6% of the shares of the stock are short sold.

Braskem Stock Up 0.4%

Shares of NYSE BAK traded up $0.02 during trading on Friday, hitting $3.70. The company had a trading volume of 549,022 shares, compared to its average volume of 814,221. The stock has a fifty day simple moving average of $3.63 and a two-hundred day simple moving average of $4.06. Braskem has a fifty-two week low of $2.85 and a fifty-two week high of $7.71. The firm has a market capitalization of $1.47 billion, a price-to-earnings ratio of -1.04 and a beta of 1.83.

Braskem (NYSE:BAK - Get Free Report) last posted its quarterly earnings results on Monday, May 12th. The company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.27. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $22.86 billion. Braskem had a negative net margin of 9.88% and a negative return on equity of 439.59%. On average, analysts anticipate that Braskem will post -0.77 earnings per share for the current year.

Hedge Funds Weigh In On Braskem

Several hedge funds and other institutional investors have recently modified their holdings of the business. HighTower Advisors LLC lifted its stake in shares of Braskem by 19.4% in the fourth quarter. HighTower Advisors LLC now owns 19,213 shares of the company's stock worth $74,000 after buying an additional 3,126 shares in the last quarter. Point72 Asset Management L.P. lifted its stake in shares of Braskem by 2.3% in the fourth quarter. Point72 Asset Management L.P. now owns 180,900 shares of the company's stock worth $698,000 after buying an additional 4,100 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Braskem by 876.1% in the third quarter. JPMorgan Chase & Co. now owns 5,427 shares of the company's stock worth $40,000 after buying an additional 4,871 shares in the last quarter. R Squared Ltd lifted its stake in shares of Braskem by 55.2% in the first quarter. R Squared Ltd now owns 17,600 shares of the company's stock worth $68,000 after buying an additional 6,260 shares in the last quarter. Finally, American Century Companies Inc. lifted its stake in shares of Braskem by 12.6% in the first quarter. American Century Companies Inc. now owns 110,035 shares of the company's stock worth $424,000 after buying an additional 12,300 shares in the last quarter.

Analyst Ratings Changes

Separately, Scotiabank lowered shares of Braskem from a "sector outperform" rating to a "sector perform" rating in a research report on Monday, March 3rd.

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.