Zacks: Braskem SA (BAK) Given Consensus Recommendation of “Buy” by Brokerages
Braskem SA (NYSE:BAK) has earned an average broker rating score of 2.00 (Buy) from the two analysts that cover the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold recommendation and one has given a strong buy recommendation to the company. Braskem SA’s rating score has declined by 100% from 90 days ago as a result of various analysts’ ratings changes.
Brokerages have set a 1 year consensus price objective of $17.50 for the company and are predicting that the company will post $0.55 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Braskem SA an industry rank of 81 out of 265 based on the ratings given to related companies.
A number of brokerages recently issued reports on BAK. Zacks Investment Research upgraded shares of Braskem SA from a “hold” rating to a “strong-buy” rating and set a $20.00 target price for the company in a research report on Thursday, October 27th. HSBC initiated coverage on shares of Braskem SA in a research report on Tuesday, October 11th. They issued a “buy” rating and a $18.00 price objective for the company.
Shares of Braskem SA (NYSE:BAK) opened at 16.31 on Monday. The stock has a market cap of $6.49 billion, a P/E ratio of 9.55 and a beta of 1.59. The company has a 50 day moving average of $16.91 and a 200 day moving average of $13.80. Braskem SA has a 12 month low of $10.82 and a 12 month high of $18.40.
Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Braskem SA by 4.4% in the second quarter. Vanguard Group Inc. now owns 885,475 shares of the company’s stock valued at $10,493,000 after buying an additional 36,946 shares in the last quarter. Gramercy Funds Management LLC acquired a new stake in shares of Braskem SA during the third quarter valued at approximately $12,212,000. Panagora Asset Management Inc. boosted its stake in shares of Braskem SA by 220.3% in the second quarter. Panagora Asset Management Inc. now owns 687,549 shares of the company’s stock valued at $8,147,000 after buying an additional 472,880 shares in the last quarter. Hussman Strategic Advisors Inc. boosted its stake in shares of Braskem SA by 36.0% in the second quarter. Hussman Strategic Advisors Inc. now owns 408,000 shares of the company’s stock valued at $4,835,000 after buying an additional 108,000 shares in the last quarter. Finally, Credit Suisse AG boosted its stake in shares of Braskem SA by 5.1% in the third quarter. Credit Suisse AG now owns 399,201 shares of the company’s stock valued at $6,139,000 after buying an additional 19,324 shares in the last quarter. Hedge funds and other institutional investors own 1.03% of the company’s stock.
About Braskem SA
Braskem SA produces thermoplastic resins. The Company’s segments are Basic petrochemicals, Polyolefins, Vinyls, the United States and Europe, and Chemical distribution. It is also engaged in the import and export of chemicals, petrochemicals and fuels, the production, supply and sale of utilities such as steam, water, compressed air, industrial gases, the provision of industrial services, and the production, supply and sale of electric energy.
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