Zacks Research Downgrades Braskem (NYSE:BAK) to Hold

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

BAK has been the topic of a number of other research reports. Citigroup downgraded Braskem from a “buy” rating to a “hold” rating in a research report on Friday, October 10th. UBS Group lowered Braskem from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $5.10 to $3.80 in a report on Friday, September 26th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Braskem in a research note on Wednesday, October 8th. Finally, Santander cut shares of Braskem from a “neutral” rating to an “underperform” rating in a research report on Thursday, October 16th. Five research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Braskem currently has a consensus rating of “Reduce” and an average price target of $4.40.

Braskem Stock Performance

Shares of Braskem stock opened at $3.05 on Monday. The firm has a 50-day moving average of $2.96 and a 200-day moving average of $2.98. Braskem has a 52-week low of $2.32 and a 52-week high of $5.10. The stock has a market cap of $1.24 billion, a PE ratio of -1.34 and a beta of 1.88.

Braskem (NYSE:BAK) last issued its quarterly earnings data on Wednesday, November 12th. The company reported ($0.02) earnings per share for the quarter, topping 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. Equities research analysts predict that Braskem will post -0.77 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Braskem

A number of institutional investors have recently modified their holdings of the company. Centric Wealth Management bought a new position in Braskem during the second quarter worth $128,000. Jump Financial LLC lifted its position in shares of Braskem by 607.1% during the 2nd quarter. Jump Financial LLC now owns 263,771 shares of the company’s stock valued at $865,000 after acquiring an additional 226,467 shares during the period. Jane Street Group LLC boosted its stake in Braskem by 130.3% during the second quarter. Jane Street Group LLC now owns 49,301 shares of the company’s stock worth $162,000 after acquiring an additional 27,891 shares in the last quarter. Ballentine Partners LLC acquired a new stake in Braskem in the third quarter worth $34,000. Finally, Van ECK Associates Corp bought a new stake in Braskem in the third quarter valued at $117,000.

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.