Braskem S.A. (NYSE:BAK)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $33.40 and last traded at $33.29, with a volume of 1,706,808 shares traded. The stock had previously closed at $29.31.

BAK has been the subject of a number of recent research reports. BidaskClub raised Braskem from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. Morgan Stanley raised Braskem from an “equal weight” rating to an “overweight” rating in a report on Monday, July 17th. Finally, Zacks Investment Research raised Braskem from a “hold” rating to a “strong-buy” rating and set a $34.00 target price for the company in a report on Wednesday, October 18th. One research analyst has rated the stock with a hold rating, three have given a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $28.00.

The firm’s 50 day moving average is $28.27 and its 200 day moving average is $23.74. The company has a market capitalization of $12.72 billion, a P/E ratio of 33.37 and a beta of 1.13.

A number of hedge funds have recently modified their holdings of the business. UBS Group AG increased its holdings in shares of Braskem by 5.2% in the first quarter. UBS Group AG now owns 6,010 shares of the energy company’s stock worth $122,000 after buying an additional 297 shares during the period. Citigroup Inc. increased its holdings in shares of Braskem by 168.5% in the second quarter. Citigroup Inc. now owns 8,217 shares of the energy company’s stock worth $170,000 after buying an additional 5,157 shares during the period. Comerica Bank increased its holdings in shares of Braskem by 1.5% in the first quarter. Comerica Bank now owns 9,889 shares of the energy company’s stock worth $211,000 after buying an additional 147 shares during the period. Tower Research Capital LLC TRC increased its holdings in shares of Braskem by 10,474.0% in the second quarter. Tower Research Capital LLC TRC now owns 10,574 shares of the energy company’s stock worth $219,000 after buying an additional 10,474 shares during the period. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of Braskem in the second quarter worth about $246,000. 0.66% of the stock is owned by hedge funds and other institutional investors.

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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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