Braskem (NYSE:BAK) Rating Lowered to Hold at Zacks Research

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

Several other research firms have also recently commented on BAK. Bradesco Corretora cut Braskem from an “outperform” rating to an “underperform” rating and set a $1.50 price target for the company. in a report on Tuesday, April 21st. Weiss Ratings restated a “sell (e+)” rating on shares of Braskem in a report on Monday, April 20th. Citigroup upgraded Braskem from a “strong sell” rating to a “hold” rating in a report on Wednesday, April 1st. Bank of America cut Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 price target for the company. in a report on Thursday, March 26th. Finally, JPMorgan Chase & Co. upgraded Braskem from a “neutral” rating to an “overweight” rating and set a $5.50 price target for the company in a report on Tuesday, May 12th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and four have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus target price of $3.40.

Braskem Trading Down 3.5%

Shares of BAK stock opened at $4.85 on Monday. The firm has a 50-day moving average price of $4.01 and a 200 day moving average price of $3.50. Braskem has a twelve month low of $2.32 and a twelve month high of $5.39. The company has a market capitalization of $1.93 billion, a price-to-earnings ratio of -1.15, a PEG ratio of 0.14 and a beta of 1.56.

Braskem (NYSE:BAK) last posted its quarterly earnings results on Thursday, May 14th. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.21 by $0.48. The company had revenue of $3.51 billion during the quarter, compared to analysts’ expectations of $3.39 billion. Braskem had a negative return on equity of 23.17% and a negative net margin of 13.72%. As a group, research analysts predict that Braskem will post 2.07 earnings per share for the current year.

Hedge Funds Weigh In On Braskem

Institutional investors and hedge funds have recently bought and sold shares of the stock. EverSource Wealth Advisors LLC boosted its holdings 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 period. Quadrant Capital Group LLC boosted its holdings in Braskem by 222.1% in the 4th quarter. Quadrant Capital Group LLC now owns 12,809 shares of the company’s stock worth $38,000 after acquiring an additional 8,832 shares during the period. Signaturefd LLC boosted its holdings in Braskem by 50.1% in the 4th quarter. Signaturefd LLC now owns 13,524 shares of the company’s stock worth $40,000 after acquiring an additional 4,513 shares during the period. Cetera Investment Advisers purchased a new position in Braskem in the 1st quarter worth approximately $51,000. Finally, Ballentine Partners LLC purchased a new position in Braskem in the 3rd quarter worth approximately $34,000.

Braskem Company Profile

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.