Gruss Capital Management LP Decreased Braskem S A (BAK) Position by $10.40 Million

January 20, 2018 - By Adrian Erickson

Howard Guberman decreased its stake in Braskem S A (BAK) by 55.17% based on its latest 2017Q3 regulatory filing with the SEC. Gruss Capital Management Lp sold 400,000 shares as the company’s stock declined 8.97% while stock markets rallied. The hedge fund run by Howard Guberman held 325,000 shares of the major chemicals company at the end of 2017Q3, valued at $8.69 million, down from 725,000 at the end of the previous reported quarter. Gruss Capital Management Lp who had been investing in Braskem S A for a number of months, seems to be less bullish one the $13.21 billion market cap company. The stock increased 6.77% or $2.03 during the last trading session, reaching $32.01. About 856,280 shares traded or 69.50% up from the average. Braskem S.A. (NYSE:BAK) has risen 73.46% since January 20, 2017 and is uptrending. It has outperformed by 56.76% the S&P500.

Gruss Capital Management Lp, which manages about $3.35 billion and $1.15 billion US Long portfolio, upped its stake in Hyatt Hotels Corp (NYSE:H) by 490,000 shares to 645,000 shares, valued at $39.86M in 2017Q3, according to the filing. It also increased its holding in Axalta Coating Sys Ltd by 125,000 shares in the quarter, for a total of 1.10 million shares, and has risen its stake in Verisign Inc (NASDAQ:VRSN).

Analysts await Braskem S.A. (NYSE:BAK) to report earnings on August, 16. BAK’s profit will be $334.35M for 9.88 P/E if the $0.81 EPS becomes a reality. After $0.64 actual EPS reported by Braskem S.A. for the previous quarter, Wall Street now forecasts 26.56 % EPS growth.

More notable recent Braskem S.A. (NYSE:BAK) news were published by: Benzinga.com which released: “28 Stocks Moving In Tuesday’s Pre-Market Session” on January 16, 2018, also Digitaljournal.com with their article: “Deadline Upcoming in $10 Million Settlement in the Braskem SA (ADR) (NYSE:BAK …” published on January 15, 2018, Seekingalpha.com published: “Look Into Braskem: On The Way Up, With Big Dividends” on October 20, 2016. More interesting news about Braskem S.A. (NYSE:BAK) were released by: Marketwatch.com and their article: “Braskem S/A ADR” published on December 22, 2009 as well as Benzinga.com‘s news article titled: “Jim Cramer Advises Viewers On Braskem SA, Ormat Technologies And More” with publication date: November 21, 2017.

Braskem S.A. (NYSE:BAK) Ratings Coverage

Among 4 analysts covering Braskem SA (NYSE:BAK), 4 have Buy rating, 0 Sell and 0 Hold. Therefore 100% are positive. Braskem SA had 5 analyst reports since September 21, 2015 according to SRatingsIntel. The stock of Braskem S.A. (NYSE:BAK) earned “Overweight” rating by JP Morgan on Monday, December 5. The firm earned “Buy” rating on Tuesday, October 11 by HSBC. Bank of America upgraded the shares of BAK in report on Tuesday, May 24 to “Buy” rating.

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