Braskem (NYSE:BAK) Cut to “Underperform” at Bank of America

Bank of America lowered shares of Braskem (NYSE:BAK) from a neutral rating to an underperform rating in a research note issued to investors on Thursday morning, MarketBeat reports. They currently have $2.80 price objective on the stock.

A number of other analysts have also recently issued reports on the company. Zacks Research cut Braskem from a “strong-buy” rating to a “hold” rating in a report on Monday, January 19th. Citigroup cut Braskem from a “hold” rating to a “sell” rating in a research report on Monday, February 16th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Braskem in a report on Wednesday, January 21st. Three investment analysts have rated the stock with a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Strong Sell” and an average target price of $3.87.

Braskem Price Performance

Braskem stock opened at $3.53 on Thursday. Braskem has a one year low of $2.32 and a one year high of $5.30. The business has a fifty day moving average price of $3.95 and a 200-day moving average price of $3.23. The firm has a market capitalization of $1.41 billion, a P/E ratio of -0.76 and a beta of 1.84.

Institutional Investors Weigh In On Braskem

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Signaturefd LLC grew its position in Braskem by 50.1% during the fourth quarter. Signaturefd LLC now owns 13,524 shares of the company’s stock worth $40,000 after buying an additional 4,513 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in Braskem by 444.4% in the 4th quarter. EverSource Wealth Advisors LLC now owns 8,579 shares of the company’s stock worth $25,000 after acquiring an additional 7,003 shares during the last quarter. Quadrant Capital Group LLC raised 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 acquiring an additional 8,832 shares in the last quarter. Virtu Financial LLC boosted its position in shares of Braskem by 28.7% during the 3rd quarter. Virtu Financial LLC now owns 44,587 shares of the company’s stock valued at $108,000 after acquiring an additional 9,938 shares during the last quarter. Finally, Ballentine Partners LLC bought a new stake in shares of Braskem during the 3rd quarter valued at about $34,000.

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.