Bank of America Corp DE Acquires 109,433 Shares of Braskem S.A. (NYSE:BAK)

Bank of America Corp DE increased its holdings in shares of Braskem S.A. (NYSE:BAK) by 431.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 134,824 shares of the company’s stock after purchasing an additional 109,433 shares during the period. Bank of America Corp DE’s holdings in Braskem were worth $520,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Jane Street Group LLC boosted its stake in shares of Braskem by 47.2% during the fourth quarter. Jane Street Group LLC now owns 133,564 shares of the company’s stock valued at $516,000 after purchasing an additional 42,828 shares in the last quarter. Dark Forest Capital Management LP bought a new position in shares of Braskem during the fourth quarter valued at approximately $71,000. Dimensional Fund Advisors LP boosted its stake in shares of Braskem by 50.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 221,004 shares of the company’s stock valued at $852,000 after purchasing an additional 73,801 shares in the last quarter. Covalis Capital LLP boosted its stake in shares of Braskem by 27.1% during the fourth quarter. Covalis Capital LLP now owns 1,173,852 shares of the company’s stock valued at $4,531,000 after purchasing an additional 250,215 shares in the last quarter. Finally, Marshall Wace LLP boosted its stake in shares of Braskem by 14.3% during the fourth quarter. Marshall Wace LLP now owns 787,348 shares of the company’s stock valued at $3,039,000 after purchasing an additional 98,406 shares in the last quarter.

Wall Street Analysts Forecast Growth

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

Braskem Stock Up 5.7%

Shares of BAK opened at $3.83 on Wednesday. The company has a market cap of $1.52 billion, a price-to-earnings ratio of -1.08 and a beta of 1.73. Braskem S.A. has a twelve month low of $2.85 and a twelve month high of $7.71. The company has a 50 day moving average of $3.64 and a two-hundred day moving average of $4.03.

Braskem (NYSE:BAK) last announced its 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 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, sell-side analysts expect that Braskem S.A. will post -0.77 EPS for the current year.

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.