Braskem (NYSE:BAK) Sets New 1-Year Low on Analyst Downgrade

Braskem S.A. (NYSE:BAK) hit a new 52-week low on Tuesday after JPMorgan Chase & Co. downgraded the stock from an overweight rating to a neutral rating. The company traded as low as $2.25 and last traded at $2.3750, with a volume of 515924 shares changing hands. The stock had previously closed at $2.51.

BAK has been the topic of several other research reports. Bradesco Corretora downgraded Braskem from an “outperform” rating to an “underperform” rating and set a $1.50 price target on the stock. in a research note on Tuesday, April 21st. Bank of America cut Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 price objective for the company. in a research note on Thursday, March 26th. Weiss Ratings reissued a “sell (e+)” rating on shares of Braskem in a report on Monday, April 20th. Citigroup cut Braskem from a “neutral” rating to a “sell” rating in a research note on Thursday. Finally, Zacks Research downgraded Braskem from a “strong-buy” rating to a “hold” rating in a report on Monday, May 18th. Three investment analysts have rated the stock with a Hold rating and five have given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Strong Sell” and an average price target of $3.40.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of BAK. Signaturefd LLC raised its holdings in shares of Braskem by 50.1% during the fourth quarter. Signaturefd LLC now owns 13,524 shares of the company’s stock valued at $40,000 after purchasing an additional 4,513 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in 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 during the last quarter. Quadrant Capital Group LLC grew its position in Braskem by 222.1% in the 4th quarter. Quadrant Capital Group LLC now owns 12,809 shares of the company’s stock worth $38,000 after purchasing an additional 8,832 shares during the period. Virtu Financial LLC grew its position in Braskem by 28.7% in the 3rd quarter. Virtu Financial LLC now owns 44,587 shares of the company’s stock worth $108,000 after purchasing an additional 9,938 shares during the period. Finally, Cetera Investment Advisers purchased a new stake in Braskem during the 1st quarter valued at $51,000.

Braskem Trading Down 3.8%

The business’s 50 day simple moving average is $3.83 and its two-hundred day simple moving average is $3.68. The firm has a market capitalization of $962.22 million, a PE ratio of -0.57, a price-to-earnings-growth ratio of 0.05 and a beta of 1.57.

Braskem (NYSE:BAK) last released its quarterly earnings results on Thursday, May 14th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.48. Braskem had a negative return on equity of 23.17% and a negative net margin of 13.72%.The firm had revenue of $3.51 billion for the quarter, compared to the consensus estimate of $3.39 billion. As a group, equities research analysts anticipate that Braskem S.A. will post 3.1 earnings per share for the current year.

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.