Bank of America Corp DE increased its stake in Braskem S.A. (NYSE:BAK) by 15.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 362,984 shares of the energy company’s stock after buying an additional 47,761 shares during the period. Bank of America Corp DE owned about 0.09% of Braskem worth $7,387,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in the company. Comerica Bank bought a new stake in shares of Braskem during the fourth quarter valued at approximately $215,000. Dimensional Fund Advisors LP raised its stake in shares of Braskem by 0.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,003,902 shares of the energy company’s stock valued at $21,291,000 after buying an additional 5,118 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Braskem during the first quarter valued at approximately $294,000. Renaissance Technologies LLC raised its stake in shares of Braskem by 25.2% in the first quarter. Renaissance Technologies LLC now owns 3,262,800 shares of the energy company’s stock valued at $66,398,000 after buying an additional 657,400 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its stake in shares of Braskem by 19.6% in the first quarter. Daiwa Securities Group Inc. now owns 40,300 shares of the energy company’s stock valued at $820,000 after buying an additional 6,600 shares in the last quarter. 0.95% of the stock is currently owned by institutional investors and hedge funds.
Braskem S.A. (NYSE:BAK) traded up 3.67% during mid-day trading on Friday, hitting $25.43. 343,767 shares of the stock traded hands. The company’s 50 day moving average price is $21.79 and its 200-day moving average price is $21.09. Braskem S.A. has a 1-year low of $11.05 and a 1-year high of $25.66.
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Several analysts have recently issued reports on BAK shares. BidaskClub lowered shares of Braskem from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 27th. Zacks Investment Research lowered shares of Braskem from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 20th. Morgan Stanley raised shares of Braskem from an “equal weight” rating to an “overweight” rating in a research report on Monday, July 17th. Finally, ValuEngine raised shares of Braskem from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 2nd. Five equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $21.33.
Braskem Company Profile
Braskem SA produces thermoplastic resins. The Company’s segments are Basic petrochemicals, Polyolefins, Vinyls, the United States and Europe, and Chemical distribution. It is also engaged in the import and export of chemicals, petrochemicals and fuels, the production, supply and sale of utilities such as steam, water, compressed air, industrial gases, the provision of industrial services, and the production, supply and sale of electric energy.
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