Covalis Capital LLP Boosts Position in Braskem S.A. (NYSE:BAK)

Covalis Capital LLP grew its stake in Braskem S.A. (NYSE:BAK - Free Report) by 27.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,173,852 shares of the company's stock after purchasing an additional 250,215 shares during the period. Covalis Capital LLP owned about 0.29% of Braskem worth $4,531,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Marshall Wace LLP increased its position in shares of Braskem by 14.3% in the fourth quarter. Marshall Wace LLP now owns 787,348 shares of the company's stock valued at $3,039,000 after buying an additional 98,406 shares in the last quarter. Walleye Capital LLC raised its holdings in shares of Braskem by 60.5% in the 4th quarter. Walleye Capital LLC now owns 512,076 shares of the company's stock valued at $1,977,000 after buying an additional 193,120 shares during the period. Renaissance Technologies LLC lifted its stake in Braskem by 126.1% during the 4th quarter. Renaissance Technologies LLC now owns 329,910 shares of the company's stock worth $1,273,000 after acquiring an additional 184,010 shares in the last quarter. Quadrant Capital Group LLC acquired a new position in Braskem in the 4th quarter valued at about $88,000. Finally, Trexquant Investment LP lifted its position in shares of Braskem by 145.8% during the fourth quarter. Trexquant Investment LP now owns 258,638 shares of the company's stock worth $998,000 after purchasing an additional 153,401 shares in the last quarter.

Braskem Price Performance

Shares of Braskem stock traded up $0.05 on Thursday, reaching $4.05. 321,593 shares of the company were exchanged, compared to its average volume of 886,161. Braskem S.A. has a 1-year low of $2.85 and a 1-year high of $9.21. The stock's 50 day moving average price is $3.74 and its 200-day moving average price is $4.57. The company has a market cap of $1.61 billion, a P/E ratio of -1.14 and a beta of 1.80.

Braskem (NYSE:BAK - Get Free Report) last issued its earnings results on Thursday, February 27th. The company reported ($0.39) EPS for the quarter, missing analysts' consensus estimates of ($0.38) by ($0.01). The firm had revenue of $3.28 billion for the quarter, compared to analyst estimates of $3.52 billion. Braskem had a negative return on equity of 439.59% and a negative net margin of 9.88%. On average, research analysts predict that Braskem S.A. will post -0.77 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

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.