Braskem SA (BAK) Holdings Trimmed by Millennium Management LLC

Millennium Management LLC cut its holdings in shares of Braskem SA (NYSE:BAK) by 40.9% in the 1st quarter, Holdings Channel reports. The firm owned 538,986 shares of the energy company’s stock after selling 372,581 shares during the period. Millennium Management LLC’s holdings in Braskem were worth $15,625,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Northern Trust Corp lifted its stake in Braskem by 18.9% during the first quarter. Northern Trust Corp now owns 15,941 shares of the energy company’s stock worth $462,000 after purchasing an additional 2,539 shares during the last quarter. Mckinley Capital Management LLC Delaware lifted its stake in Braskem by 5.8% during the first quarter. Mckinley Capital Management LLC Delaware now owns 48,713 shares of the energy company’s stock worth $1,412,000 after purchasing an additional 2,675 shares during the last quarter. SG Americas Securities LLC bought a new stake in Braskem during the first quarter worth $103,000. Envestnet Asset Management Inc. lifted its stake in Braskem by 25.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 23,876 shares of the energy company’s stock worth $627,000 after purchasing an additional 4,777 shares during the last quarter. Finally, Freestone Capital Holdings LLC lifted its stake in Braskem by 2.5% during the first quarter. Freestone Capital Holdings LLC now owns 233,552 shares of the energy company’s stock worth $6,771,000 after purchasing an additional 5,803 shares during the last quarter. Hedge funds and other institutional investors own 0.57% of the company’s stock.

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Several equities research analysts have weighed in on the company. ValuEngine cut Braskem from a “buy” rating to a “hold” rating in a research note on Monday. HSBC upgraded Braskem from a “hold” rating to a “buy” rating in a research note on Friday, June 1st. Finally, Zacks Investment Research upgraded Braskem from a “sell” rating to a “hold” rating in a research note on Friday, April 6th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Braskem currently has a consensus rating of “Buy” and a consensus price target of $34.00.

Shares of Braskem opened at $25.99 on Thursday, Marketbeat.com reports. The firm has a market cap of $10.36 billion, a PE ratio of 8.00 and a beta of 1.17. The company has a debt-to-equity ratio of 3.19, a current ratio of 0.94 and a quick ratio of 0.57. Braskem SA has a 52-week low of $20.10 and a 52-week high of $33.73.

Braskem (NYSE:BAK) last announced its quarterly earnings results on Wednesday, May 9th. The energy company reported $0.81 earnings per share (EPS) for the quarter. The company had revenue of $4.02 billion during the quarter. Braskem had a net margin of 6.12% and a return on equity of 51.49%. sell-side analysts anticipate that Braskem SA will post 2.25 EPS for the current year.

Braskem Company Profile

Braskem SA, together with its subsidiaries, produces and sells thermoplastic resins. Its Basic Petrochemicals segment offers olefins, such as ethylene, polymer and chemical grade propylene, butadiene, and butene-1; BTX products comprising benzene, para-xylene, and toluene; fuels, including automotive gasoline, liquefied petroleum gas, ethyl tertiary butyl ether, and methyl tertiary butyl ether; intermediates, such as cumene; and aliphatics, aromatics, and hydrogenates solvents, as well as specialties, such as isoprene, dicyclopentadiene, piperylene, nonene, tetramer, polyisobutylene, and hydrocarbon resins.

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