JPMorgan Chase & Co. Trims Braskem (NYSE:BAK) Target Price to $10.00

Braskem (NYSE:BAK) had its price target lowered by JPMorgan Chase & Co. from $11.00 to $10.00 in a research note released on Friday, Benzinga reports. The firm currently has a neutral rating on the stock.

Braskem Stock Performance

NYSE:BAK opened at $7.38 on Friday. The stock’s fifty day moving average is $8.93 and its 200 day moving average is $8.24. Braskem has a fifty-two week low of $6.30 and a fifty-two week high of $12.67. The company has a debt-to-equity ratio of 23.25, a quick ratio of 1.02 and a current ratio of 1.46.

Braskem (NYSE:BAK) last released its quarterly earnings results on Tuesday, March 19th. The company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.25). Braskem had a negative net margin of 8.98% and a negative return on equity of 146.26%. The company had revenue of $3.37 billion for the quarter, compared to analysts’ expectations of $3.50 billion. As a group, equities research analysts forecast that Braskem will post -1.71 earnings per share for the current fiscal year.

Institutional Trading of Braskem

Several hedge funds and other institutional investors have recently bought and sold shares of BAK. SPX Gestao de Recursos Ltda increased its stake in shares of Braskem by 266.9% during the fourth quarter. SPX Gestao de Recursos Ltda now owns 239,536 shares of the company’s stock valued at $2,113,000 after buying an additional 174,250 shares during the period. Trexquant Investment LP increased its stake in shares of Braskem by 197.1% during the fourth quarter. Trexquant Investment LP now owns 141,852 shares of the company’s stock valued at $1,251,000 after buying an additional 94,099 shares during the period. Optiver Holding B.V. increased its stake in shares of Braskem by 16.8% during the third quarter. Optiver Holding B.V. now owns 417,432 shares of the company’s stock valued at $3,427,000 after buying an additional 59,916 shares during the period. Alpine Global Management LLC purchased a new position in shares of Braskem during the third quarter valued at $82,000. Finally, Jump Financial LLC increased its stake in shares of Braskem by 4.3% during the fourth quarter. Jump Financial LLC now owns 67,392 shares of the company’s stock valued at $594,000 after buying an additional 2,790 shares during the period.

Braskem Company Profile

Braskem SA, together with its subsidiaries, produces and sells thermoplastic resins. The company operates through three segments: Brazil, United States and Europe, and Mexico. The Brazil segment produces and sells olefins, including ethylene, polymer and chemical grade propylene, butadiene, and butene-1; benzene, toluene, and xylenes products; fuels, such as automotive gasoline, liquefied petroleum gas, ethyl tertiary-butyl ether, and methyl tertiary-butyl ether; intermediates, such as cumene; aliphatics, aromatics, and hydrogenated solvents; and specialties comprising isoprene, dicyclopentadiene, piperylene, nonene, tetramer, polyisobutylene, and hydrocarbon resins.