Braskem (NYSE:BAK) Rating Lowered to “Hold” at Zacks Research

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

Several other brokerages have also issued reports on BAK. Citigroup upgraded shares of Braskem from a “strong sell” rating to a “hold” rating in a research note on Wednesday, April 1st. Weiss Ratings restated a “sell (e+)” rating on shares of Braskem in a research note on Monday, April 20th. JPMorgan Chase & Co. upgraded shares of Braskem from a “neutral” rating to an “overweight” rating and set a $5.50 price target for the company in a research note on Tuesday, May 12th. Bradesco Corretora lowered shares of Braskem from an “outperform” rating to an “underperform” rating and set a $1.50 price target for the company. in a research note on Tuesday, April 21st. Finally, Bank of America lowered shares of Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 price target for the company. in a research note on Thursday, March 26th. One analyst has rated the stock with a Buy rating, three have given a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, Braskem has an average rating of “Reduce” and an average price target of $3.40.

Braskem Stock Performance

Shares of BAK stock opened at $4.85 on Monday. The firm has a market cap of $1.93 billion, a price-to-earnings ratio of -1.15, a P/E/G ratio of 0.14 and a beta of 1.56. Braskem has a 52 week low of $2.32 and a 52 week high of $5.39. The firm’s 50-day simple moving average is $4.01 and its two-hundred day simple moving average is $3.50.

Braskem (NYSE:BAK) last issued its quarterly earnings results on Thursday, May 14th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $3.39 billion. Analysts forecast that Braskem will post 2.07 earnings per share for the current year.

Hedge Funds Weigh In On Braskem

Large investors have recently modified their holdings of the business. EverSource Wealth Advisors LLC increased its stake in shares of Braskem by 444.4% in 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. Ballentine Partners LLC purchased a new position in shares of Braskem in the third quarter worth about $34,000. Quadrant Capital Group LLC boosted its position in shares of Braskem by 222.1% in the fourth quarter. Quadrant Capital Group LLC now owns 12,809 shares of the company’s stock valued at $38,000 after acquiring an additional 8,832 shares during the period. Signaturefd LLC boosted its position in shares of Braskem by 50.1% in the fourth quarter. Signaturefd LLC now owns 13,524 shares of the company’s stock valued at $40,000 after acquiring an additional 4,513 shares during the period. Finally, Evergreen Capital Management LLC bought a new position in shares of Braskem in the fourth quarter valued at approximately $44,000.

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.