Braskem (NYSE:BAK) Upgraded at Zacks Research

Braskem (NYSE:BAK) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

Other research analysts have also issued research reports about the stock. Bank of America lowered shares of Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 price objective for the company. in a research report on Thursday, March 26th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Braskem in a research report on Wednesday, January 21st. Finally, Citigroup raised shares of Braskem from a “strong sell” rating to a “hold” rating in a research report on Wednesday, April 1st. One investment analyst has rated the stock with a Strong Buy rating, three have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $3.87.

Braskem Stock Performance

Shares of BAK opened at $3.53 on Monday. The company has a 50-day simple moving average of $3.96 and a 200-day simple moving average of $3.24. The firm has a market capitalization of $1.41 billion, a P/E ratio of -0.76 and a beta of 1.74. Braskem has a 52 week low of $2.32 and a 52 week high of $5.30.

Braskem (NYSE:BAK) last announced its quarterly earnings data on Saturday, February 14th. The company reported ($2.33) EPS for the quarter. The company had revenue of $2.56 billion for the quarter. Braskem had a negative net margin of 14.53% and a negative return on equity of 21.95%. As a group, equities analysts forecast that Braskem will post -0.77 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BAK. Jump Financial LLC raised its position in Braskem by 607.1% in the second quarter. Jump Financial LLC now owns 263,771 shares of the company’s stock worth $865,000 after purchasing an additional 226,467 shares in the last quarter. Jane Street Group LLC raised its position in Braskem by 130.3% in the second quarter. Jane Street Group LLC now owns 49,301 shares of the company’s stock worth $162,000 after purchasing an additional 27,891 shares in the last quarter. Ballentine Partners LLC acquired a new position in Braskem in the third quarter worth about $34,000. Van ECK Associates Corp bought a new stake in Braskem during the third quarter worth about $117,000. Finally, UBS Group AG grew its stake in Braskem by 2.6% during the third quarter. UBS Group AG now owns 783,445 shares of the company’s stock worth $1,896,000 after buying an additional 19,956 shares during the last quarter.

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.