Braskem (NYSE:BAK) Upgraded by Citigroup to “Hold” Rating

Braskem (NYSE:BAK) was upgraded by stock analysts at Citigroup from a “strong sell” rating to a “hold” rating in a note issued to investors on Wednesday,Zacks.com reports.

A number of other research firms have also recently weighed in on BAK. Zacks Research cut shares of Braskem from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 19th. Bank of America cut 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. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Braskem in a report on Wednesday, January 21st. Four analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $3.87.

Braskem Stock Performance

Shares of Braskem stock opened at $3.56 on Wednesday. The stock 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 moving average price of $3.97 and a 200-day moving average price of $3.23. Braskem has a one year low of $2.32 and a one year high of $5.30.

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

Hedge Funds Weigh In On Braskem

Several hedge funds have recently bought and sold shares of BAK. EverSource Wealth Advisors LLC increased its stake 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 period. Ballentine Partners LLC purchased a new stake in shares of Braskem during the third quarter valued at $34,000. Quadrant Capital Group LLC grew its holdings 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 worth $38,000 after purchasing an additional 8,832 shares during the last quarter. Signaturefd LLC increased its stake in Braskem by 50.1% in the 4th quarter. Signaturefd LLC now owns 13,524 shares of the company’s stock worth $40,000 after buying an additional 4,513 shares during the period. Finally, Evergreen Capital Management LLC purchased a new position in Braskem in the 4th quarter worth about $44,000.

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.