Braskem (NYSE:BAK) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Braskem (NYSE:BAK) from a hold rating to a strong-buy rating in a report issued on Monday,Zacks.com reports.

Other research analysts have also issued reports about the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Braskem in a report on Wednesday, October 8th. Citigroup cut Braskem from a “buy” rating to a “hold” rating in a report on Friday, October 10th. Santander lowered shares of Braskem from a “neutral” rating to an “underperform” rating in a report on Thursday, October 16th. Finally, UBS Group lowered Braskem from a “buy” rating to a “neutral” rating and lowered their target price for the company from $5.10 to $3.80 in a research note on Friday, September 26th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $4.40.

Braskem Stock Performance

Shares of NYSE BAK opened at $2.97 on Monday. The firm’s 50 day moving average price is $2.82 and its 200 day moving average price is $3.02. The firm has a market cap of $1.18 billion, a P/E ratio of -1.30 and a beta of 1.89. Braskem has a 1 year low of $2.32 and a 1 year high of $5.10.

Braskem (NYSE:BAK) last released its earnings results on Wednesday, November 12th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.48) by $0.46. The business had revenue of $3.25 billion during the quarter, compared to analyst estimates of $3.23 billion. As a group, equities analysts predict that Braskem will post -0.77 EPS for the current year.

Hedge Funds Weigh In On Braskem

A number of hedge funds have recently bought and sold shares of the company. Virtu Financial LLC raised its stake in Braskem by 28.7% during the third quarter. Virtu Financial LLC now owns 44,587 shares of the company’s stock valued at $108,000 after buying an additional 9,938 shares in the last quarter. American Century Companies Inc. lifted its stake in Braskem by 12.6% during the first quarter. American Century Companies Inc. now owns 110,035 shares of the company’s stock worth $424,000 after purchasing an additional 12,300 shares during the last quarter. Ballentine Partners LLC bought a new stake in Braskem during the third quarter valued at $34,000. Dark Forest Capital Management LP increased its stake in Braskem by 94.7% during the third quarter. Dark Forest Capital Management LP now owns 32,127 shares of the company’s stock valued at $78,000 after purchasing an additional 15,630 shares during the last quarter. Finally, Jump Financial LLC boosted its holdings in shares of Braskem by 114.4% in the 1st quarter. Jump Financial LLC now owns 37,304 shares of the company’s stock valued at $144,000 after buying an additional 19,904 shares during the period.

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.