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

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

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

Braskem Price Performance

Braskem stock opened at $3.05 on Monday. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of -1.34 and a beta of 1.88. The company’s 50 day simple moving average is $2.96 and its 200 day simple moving average is $2.98. Braskem has a fifty-two week low of $2.32 and a fifty-two week high of $5.10.

Braskem (NYSE:BAK) last posted its earnings results 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 firm had revenue of $3.25 billion during the quarter, compared to analyst estimates of $3.23 billion. As a group, analysts predict that Braskem will post -0.77 EPS for the current fiscal year.

Institutional Trading of Braskem

Large investors have recently made changes to their positions in the company. Signaturefd LLC grew 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 buying an additional 4,513 shares during the last quarter. Virtu Financial LLC raised its stake 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 acquiring an additional 9,938 shares during the last quarter. Ballentine Partners LLC acquired a new stake in Braskem during the 3rd quarter worth about $34,000. Dark Forest Capital Management LP grew its stake in Braskem by 94.7% during the 3rd quarter. Dark Forest Capital Management LP now owns 32,127 shares of the company’s stock valued at $78,000 after purchasing an additional 15,630 shares during the last quarter. Finally, UBS Group AG grew its stake in Braskem by 2.6% during the 3rd quarter. UBS Group AG now owns 783,445 shares of the company’s stock valued at $1,896,000 after purchasing an additional 19,956 shares during 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.