Braskem S.A. (NYSE:BAK) announced an annual dividend on Monday, December 6th, Wall Street Journal reports. Investors of record on Monday, December 13th will be paid a dividend of 2.7104 per share on Thursday, December 30th. This represents a yield of 11.6%. The ex-dividend date of this dividend is Friday, December 10th.
Braskem has a dividend payout ratio of 9.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Braskem to earn $4.62 per share next year, which means the company should continue to be able to cover its $0.42 annual dividend with an expected future payout ratio of 9.1%.
NYSE:BAK traded up $1.85 during mid-day trading on Monday, hitting $23.29. The stock had a trading volume of 319,221 shares, compared to its average volume of 251,745. The stock has a market capitalization of $9.28 billion, a price-to-earnings ratio of 3.37, a P/E/G ratio of 0.22 and a beta of 1.70. The company has a 50 day simple moving average of $19.70 and a 200-day simple moving average of $21.68. Braskem has a 52 week low of $8.28 and a 52 week high of $26.93. The company has a current ratio of 1.33, a quick ratio of 0.89 and a debt-to-equity ratio of 0.73.
Braskem (NYSE:BAK) last issued its quarterly earnings data on Tuesday, November 9th. The company reported $1.70 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.09 by ($0.39). The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.25 billion. Braskem had a net margin of 14.93% and a return on equity of 437.34%. As a group, equities research analysts anticipate that Braskem will post 8.78 earnings per share for the current year.
BAK has been the topic of several research analyst reports. Bank of America initiated coverage on shares of Braskem in a research note on Tuesday, September 21st. They set a “buy” rating and a $32.00 target price on the stock. Zacks Investment Research raised shares of Braskem from a “hold” rating to a “buy” rating and set a $20.00 target price on the stock in a research note on Wednesday, November 24th. UBS Group raised shares of Braskem from a “neutral” rating to a “buy” rating in a research note on Tuesday, September 14th. TheStreet raised shares of Braskem from a “c-” rating to a “b-” rating in a research note on Friday, August 13th. Finally, Citigroup raised their target price on shares of Braskem from $25.00 to $68.00 and gave the company a “neutral” rating in a research note on Tuesday, November 2nd. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Braskem currently has an average rating of “Buy” and an average price target of $30.80.
Several institutional investors and hedge funds have recently made changes to their positions in BAK. Wells Fargo & Company MN grew its stake in shares of Braskem by 311.1% in the 2nd quarter. Wells Fargo & Company MN now owns 1,850 shares of the company’s stock worth $44,000 after purchasing an additional 1,400 shares during the last quarter. UBS Group AG grew its stake in shares of Braskem by 115.7% in the 3rd quarter. UBS Group AG now owns 4,016 shares of the company’s stock worth $88,000 after purchasing an additional 2,154 shares during the last quarter. Morgan Stanley boosted its holdings in shares of Braskem by 107.6% in the first quarter. Morgan Stanley now owns 6,834 shares of the company’s stock worth $97,000 after buying an additional 3,542 shares during the period. Millennium Management LLC boosted its holdings in shares of Braskem by 115.6% in the third quarter. Millennium Management LLC now owns 26,934 shares of the company’s stock worth $588,000 after buying an additional 14,441 shares during the period. Finally, Invesco Ltd. boosted its holdings in shares of Braskem by 3.2% in the third quarter. Invesco Ltd. now owns 55,689 shares of the company’s stock worth $1,216,000 after buying an additional 1,715 shares during the period.
About Braskem
Braskem SA engages in the manufacture of petrochemicals and other related products. It operates through the following segments: Brazil, USA, and Europe and Mexico. The Brazil segment includes production and sale of chemicals, supply of electricity, and production and sale of PE. The USA and Europe segment involves production, operation, and sale of polypropylene in the United States and Germany.