Braskem (NYSE:BAK) Raised to Hold at Citigroup

Braskem (NYSE:BAK) was upgraded by research analysts at Citigroup from a “strong sell” rating to a “hold” rating in a report released on Wednesday,Zacks.com reports.

A number of other analysts have also weighed in on the stock. Zacks Research lowered shares of Braskem from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 19th. Weiss Ratings restated a “sell (e+)” rating on shares of Braskem in a report on Wednesday, January 21st. Finally, Bank of America downgraded shares of Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 price objective on the stock. in a research note on Thursday, March 26th. Four investment analysts have rated the stock with a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, Braskem presently has an average rating of “Reduce” and a consensus price target of $3.87.

Braskem Stock Down 2.9%

Shares of NYSE:BAK opened at $3.56 on Wednesday. The business’s 50 day moving average is $3.97 and its 200 day moving average is $3.23. The stock has a market cap of $1.42 billion, a P/E ratio of -0.77 and a beta of 1.84. Braskem has a 52-week low of $2.32 and a 52-week high of $5.30.

Braskem (NYSE:BAK) last issued its earnings results on Saturday, February 14th. The company reported ($2.33) earnings per share for the quarter. Braskem had a negative return on equity of 21.95% and a negative net margin of 14.53%.The firm had revenue of $2.56 billion during the quarter. On average, sell-side analysts anticipate that Braskem will post -0.77 EPS for the current fiscal year.

Hedge Funds Weigh In On Braskem

Several institutional investors and hedge funds have recently added to or reduced their stakes in BAK. EverSource Wealth Advisors LLC raised its holdings in Braskem by 444.4% in the fourth quarter. EverSource Wealth Advisors LLC now owns 8,579 shares of the company’s stock worth $25,000 after purchasing an additional 7,003 shares in the last quarter. Quadrant Capital Group LLC boosted its holdings in shares of Braskem by 222.1% in the 4th quarter. Quadrant Capital Group LLC now owns 12,809 shares of the company’s stock valued at $38,000 after buying an additional 8,832 shares in the last quarter. Signaturefd LLC boosted its holdings in shares of Braskem by 50.1% in the 4th quarter. Signaturefd LLC now owns 13,524 shares of the company’s stock valued at $40,000 after buying an additional 4,513 shares in the last quarter. Ballentine Partners LLC purchased a new position in shares of Braskem in the 3rd quarter worth approximately $34,000. Finally, Evergreen Capital Management LLC purchased a new position in shares of Braskem in the 4th quarter worth approximately $44,000.

About Braskem

Braskem (NYSE:BAK) is a leading integrated petrochemical company based in São Paulo, Brazil, and holds the distinction of being the largest thermoplastic resins producer in Latin America. The company operates across the entire value chain, from feedstock sourcing and polymer production to distribution and recycling. Braskem’s comprehensive approach to petrochemical manufacturing enables it to serve a diverse set of end markets with a broad portfolio of products.

Braskem’s core product lines include polypropylene, polyethylene and polyvinyl chloride (PVC), which are used in industries such as packaging, automotive, construction and electrical & electronics.