Braskem S.A. (NYSE:BAK – Get Free Report) was the target of a large decline in short interest in July. As of July 31st, there was short interest totalling 1,870,000 shares, a decline of 15.4% from the July 15th total of 2,210,000 shares. Based on an average trading volume of 676,600 shares, the days-to-cover ratio is currently 2.8 days.
Wall Street Analysts Forecast Growth
Separately, JPMorgan Chase & Co. decreased their price objective on shares of Braskem from $11.00 to $10.00 and set a “neutral” rating on the stock in a research report on Friday, May 24th.
Check Out Our Latest Stock Report on BAK
Braskem Trading Up 2.3 %
Institutional Investors Weigh In On Braskem
A number of institutional investors have recently bought and sold shares of BAK. Jump Financial LLC grew its holdings in shares of Braskem by 4.3% during the 4th quarter. Jump Financial LLC now owns 67,392 shares of the company’s stock worth $594,000 after purchasing an additional 2,790 shares during the period. Boston Partners acquired a new position in Braskem during the first quarter valued at approximately $627,000. American Century Companies Inc. lifted its position in Braskem by 1.6% during the second quarter. American Century Companies Inc. now owns 111,968 shares of the company’s stock valued at $722,000 after buying an additional 1,807 shares in the last quarter. Trexquant Investment LP grew its stake in Braskem by 197.1% during the fourth quarter. Trexquant Investment LP now owns 141,852 shares of the company’s stock worth $1,251,000 after buying an additional 94,099 shares during the period. Finally, Marshall Wace LLP increased its position in shares of Braskem by 872.0% in the second quarter. Marshall Wace LLP now owns 268,352 shares of the company’s stock worth $1,731,000 after acquiring an additional 240,744 shares in the last quarter.
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.
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