Braskem (NYSE:BAK) Upgraded to Hold at Citigroup

Citigroup upgraded shares of Braskem (NYSE:BAK) from a strong sell rating to a hold rating in a research note published on Wednesday morning,Zacks.com reports.

Other analysts have also issued research reports about the stock. Zacks Research lowered shares of Braskem from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 19th. Weiss Ratings restated a “sell (e+)” rating on shares of Braskem in a research report on Wednesday, January 21st. Finally, Bank of America lowered shares of Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 price target on the stock. in a research note on Thursday, March 26th. Four equities research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $3.87.

Braskem Price Performance

Shares of BAK stock opened at $3.56 on Wednesday. Braskem has a 1-year low of $2.32 and a 1-year high of $5.30. The company has a market cap of $1.42 billion, a price-to-earnings ratio of -0.77 and a beta of 1.84. The stock has a 50 day simple moving average of $3.97 and a 200-day simple moving average of $3.23.

Braskem (NYSE:BAK) last released its quarterly earnings results on Saturday, February 14th. The company reported ($2.33) earnings per share (EPS) for the quarter. The company had revenue of $2.56 billion during the quarter. Braskem had a negative net margin of 14.53% and a negative return on equity of 21.95%. Analysts anticipate that Braskem will post -0.77 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Braskem

Several institutional investors and hedge funds have recently added to or reduced their stakes in BAK. Millennium Management LLC purchased a new stake in shares of Braskem during the fourth quarter worth $112,000. Schonfeld Strategic Advisors LLC purchased a new position in shares of Braskem in the fourth quarter worth about $232,000. Squarepoint Ops LLC purchased a new position in shares of Braskem in the fourth quarter worth about $79,000. Marshall Wace LLP acquired a new position in Braskem during the fourth quarter worth about $477,000. Finally, State Street Corp grew its stake in Braskem by 7.2% during the 4th quarter. State Street Corp now owns 311,507 shares of the company’s stock valued at $919,000 after acquiring an additional 20,805 shares in the last quarter.

About Braskem

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.