Braskem S.A. (NYSE:BAK) Short Interest Up 6.3% in August


Braskem SA (NYSE:BAK – Get Rating) was the target of a significant uptick in short interest for the month of August. As of August 31, there was short interest totaling 523,400 shares, up 6.3% from August 15 of 492,500 shares. Based on an average daily trading volume of 210,900 shares, the days-to-cover ratio is currently 2.5 days.

Hedge funds weigh Braskem

Major investors have recently bought and sold shares of the stock. Cetera Advisors LLC acquired a new position in Braskem valued at $195,000 in Q1. Advisor Group Holdings Inc. increased its stake in Braskem by 156.6% during the first quarter. Advisor Group Holdings Inc. now owns 1,740 shares of the company’s stock valued at $33,000 after purchasing an additional 1,062 shares last quarter. Cerity Partners LLC acquired a new position in Braskem valued at $160,000 during the second quarter. Assetmark Inc. increased its holding in Braskem by 83.1% in the second quarter. Assetmark Inc. now owns 64,038 shares of the company’s stock valued at $914,000 after purchasing an additional 29,055 shares last quarter. Finally, Veriti Management LLC increased its stake in Braskem by 52.3% during the second quarter. Veriti Management LLC now owns 19,079 shares of the company’s stock valued at $272,000 after purchasing an additional 6,552 shares last quarter. 0.12% of the shares are currently owned by institutional investors and hedge funds.

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Price performance from Braskem

NYSE:BAK opened at $11.24 on Thursday. The stock has a market cap of $5.08 billion, a P/E of 3.64, a PEG ratio of 0.32, and a beta of 1.68. Braskem has a yearly low of $10.66 and a yearly high of $24.41. The company has a 50-day moving average price of $12.72 and a 200-day moving average price of $15.54. The company has a gearing ratio of 5.91, a current ratio of 1.55 and a quick ratio of 0.89.

Wall Street analyst ponders

A number of equities analysts have recently issued reports on BAK stock. TheStreet lowered Braskem from a “b-” rating to a “c” rating in a research report on Friday, August 12. Howard Weil downgraded Braskem from a sector perform rating to a sector underperform rating in a research note on Monday, August 15. Finally, Scotiabank downgraded Braskem from a sector perform rating to a sector underperform rating in a research note on Monday, August 15th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target of $32.50.

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Braskem company profile

(received rating)

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 chemicals, including chemical grade ethylene, polymer and propylene, butadiene, butene-1, benzene, toluene and xylene products; fuels such as automobile gasoline, LPG, ethyl tert-butyl ether and methyl tert-butyl ether; intermediates such as cumene; aliphatics, aromatics and hydrogenated solvents; and specialties including isoprene, dicyclopentadiene, piperylene, nonene, tetramer, polyisobutylene, and hydrocarbon resins.

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