Brooklands Fund Management Ltd Purchases New Shares in Braskem S.A. $BAK

Key Points

• Brooklands Fund Management opened a new position in Braskem, buying 550,000 shares worth about $2.0 million in the first quarter. The stake represents roughly 0.14% of Braskem and about 2.3% of Brooklands’ portfolio.
• Braskem’s latest quarter came in better than expected, with EPS of $0.69 versus the $0.21 analyst consensus and revenue of $3.51 billion versus $3.39 billion expected. Despite the beat, the company still posted negative margins and return on equity.
• Analyst sentiment remains weak, with multiple firms cutting ratings and the current consensus at “Strong Sell” and a $3.40 price target. Braskem shares recently traded around $2.47, near their 12-month low.

Brooklands Fund Management Ltd acquired a new position in shares of Braskem S.A. (NYSE:BAK - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 550,000 shares of the company's stock, valued at approximately $2,013,000. Braskem accounts for approximately 2.3% of Brooklands Fund Management Ltd's holdings, making the stock its 15th largest holding. Brooklands Fund Management Ltd owned about 0.14% of Braskem at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of BAK. EverSource Wealth Advisors LLC increased its position in shares of Braskem by 444.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 8,579 shares of the company's stock worth $25,000 after acquiring an additional 7,003 shares in the last quarter. Quadrant Capital Group LLC lifted its position in shares of Braskem by 222.1% in the 4th quarter. Quadrant Capital Group LLC now owns 12,809 shares of the company's stock valued at $38,000 after acquiring an additional 8,832 shares in the last quarter. Signaturefd LLC lifted its position in shares of Braskem by 50.1% in the 4th quarter. Signaturefd LLC now owns 13,524 shares of the company's stock valued at $40,000 after acquiring an additional 4,513 shares in the last quarter. Evergreen Capital Management LLC purchased a new stake in shares of Braskem in the 4th quarter valued at approximately $44,000. Finally, Cetera Investment Advisers acquired a new position in Braskem in the 1st quarter worth approximately $51,000.

Braskem Stock Up 1.6%

Shares of NYSE:BAK opened at $2.47 on Friday. The firm has a fifty day moving average of $3.34 and a two-hundred day moving average of $3.63. The firm has a market capitalization of $984.14 million, a P/E ratio of -0.59, a price-to-earnings-growth ratio of 0.14 and a beta of 1.61. Braskem S.A. has a 12-month low of $2.25 and a 12-month high of $5.39.

Braskem (NYSE:BAK - Get Free Report) last posted its quarterly earnings results on Thursday, May 14th. The company reported $0.69 earnings per share for the quarter, topping analysts' consensus estimates of $0.21 by $0.48. Braskem had a negative net margin of 13.72% and a negative return on equity of 23.17%. The business had revenue of $3.51 billion for the quarter, compared to the consensus estimate of $3.39 billion. Equities research analysts expect that Braskem S.A. will post 1.64 earnings per share for the current fiscal year.

Analyst Ratings Changes

BAK has been the topic of several recent analyst reports. Bradesco Corretora downgraded shares of Braskem from an "outperform" rating to an "underperform" rating and set a $1.50 target price on the stock. in a research note on Tuesday, April 21st. Zacks Research cut Braskem from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 18th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Braskem in a report on Friday, July 17th. Citigroup lowered Braskem from a "neutral" rating to a "sell" rating in a research report on Thursday, June 25th. Finally, JPMorgan Chase & Co. downgraded Braskem from an "overweight" rating to a "neutral" rating in a research note on Tuesday, June 30th. Three equities research analysts have rated the stock with a Hold rating and five have given a Sell rating to the company. Based on data from MarketBeat.com, Braskem presently has a consensus rating of "Strong Sell" and a consensus price target of $3.40.

Braskem Company Profile

Braskem NYSE: BAK is a leading integrated petrochemical company based in São Paulo, Brazil, and holds the distinction of being the largest thermoplastic resins producer in Latin America. The company operates across the entire value chain, from feedstock sourcing and polymer production to distribution and recycling. Braskem's comprehensive approach to petrochemical manufacturing enables it to serve a diverse set of end markets with a broad portfolio of products.

Braskem's core product lines include polypropylene, polyethylene and polyvinyl chloride (PVC), which are used in industries such as packaging, automotive, construction and electrical & electronics.

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