JPMorgan Chase & Co. Downgrades Braskem (NYSE:BAK) to Neutral

Braskem (NYSE:BAK) was downgraded by investment analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a report released on Tuesday, MarketBeat Ratings reports.

A number of other analysts also recently commented on the company. Citigroup downgraded Braskem from a “neutral” rating to a “sell” rating in a research note on Thursday. Bradesco Corretora cut Braskem from an “outperform” rating to an “underperform” rating and set a $1.50 price target for the company. in a research report on Tuesday, April 21st. Weiss Ratings reissued a “sell (e+)” rating on shares of Braskem in a report on Monday, April 20th. Bank of America lowered Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 price objective on the stock. in a research report on Thursday, March 26th. Finally, Zacks Research cut shares of Braskem from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 18th. Three analysts have rated the stock with a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat, Braskem presently has an average rating of “Strong Sell” and an average price target of $3.40.

Braskem Price Performance

NYSE:BAK opened at $2.52 on Tuesday. The company’s fifty day moving average price is $3.83 and its 200-day moving average price is $3.68. Braskem has a 1-year low of $2.32 and a 1-year high of $5.39. The firm has a market capitalization of $1.00 billion, a P/E ratio of -0.60, a PEG ratio of 0.05 and a beta of 1.57.

Braskem (NYSE:BAK) last posted its earnings results on Thursday, May 14th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.48. Braskem had a negative net margin of 13.72% and a negative return on equity of 23.17%. The company had revenue of $3.51 billion during the quarter, compared to the consensus estimate of $3.39 billion. Equities analysts anticipate that Braskem will post 3.1 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Signaturefd LLC boosted its stake in shares of Braskem by 50.1% in the fourth 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 last quarter. EverSource Wealth Advisors LLC increased its position in shares of Braskem by 444.4% during 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 raised its stake in 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 purchasing an additional 8,832 shares during the last quarter. Virtu Financial LLC raised its stake in Braskem by 28.7% in the 3rd quarter. Virtu Financial LLC now owns 44,587 shares of the company’s stock valued at $108,000 after purchasing an additional 9,938 shares during the last quarter. Finally, Cetera Investment Advisers purchased a new position in Braskem in the 1st quarter valued at $51,000.

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.