Millennium Management LLC Sells 1,153,346 Shares of Braskem S.A. (NYSE:BAK)

Millennium Management LLC cut its stake in shares of Braskem S.A. (NYSE:BAK - Free Report) by 87.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 168,815 shares of the company's stock after selling 1,153,346 shares during the quarter. Millennium Management LLC's holdings in Braskem were worth $652,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. HighTower Advisors LLC boosted its position in Braskem by 19.4% during the 4th quarter. HighTower Advisors LLC now owns 19,213 shares of the company's stock worth $74,000 after buying an additional 3,126 shares during the period. Blue Trust Inc. boosted its position in Braskem by 2,510.3% during the 4th quarter. Blue Trust Inc. now owns 13,130 shares of the company's stock worth $51,000 after buying an additional 12,627 shares during the period. Signaturefd LLC acquired a new stake in Braskem during the 4th quarter worth approximately $53,000. Balyasny Asset Management L.P. boosted its position in Braskem by 55.3% during the 4th quarter. Balyasny Asset Management L.P. now owns 46,445 shares of the company's stock worth $179,000 after buying an additional 16,545 shares during the period. Finally, Fox Run Management L.L.C. boosted its position in Braskem by 103.3% during the 4th quarter. Fox Run Management L.L.C. now owns 35,366 shares of the company's stock worth $137,000 after buying an additional 17,971 shares during the period.

Analysts Set New Price Targets

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

Braskem Price Performance

NYSE BAK opened at $3.70 on Friday. Braskem S.A. has a 1 year low of $2.85 and a 1 year high of $7.71. The firm has a market cap of $1.47 billion, a price-to-earnings ratio of -1.04 and a beta of 1.83. The company has a fifty day moving average price of $3.63 and a 200-day moving average price of $4.05.

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, beating the consensus estimate of $0.03 by $0.27. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $22.86 billion. Braskem had a negative net margin of 9.88% and a negative return on equity of 439.59%. On average, research analysts anticipate that Braskem S.A. will post -0.77 EPS for the current fiscal year.

Braskem 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.

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