Braskem (NYSE:BAK) Hits New 1-Year High – Still a Buy?

Braskem S.A. (NYSE:BAK) hit a new 52-week high during trading on Thursday . The stock traded as high as $5.40 and last traded at $4.9750, with a volume of 5935340 shares. The stock had previously closed at $4.79.

Analyst Ratings Changes

BAK has been the topic of several recent analyst reports. Citigroup raised Braskem from a “strong sell” rating to a “hold” rating in a report on Wednesday, April 1st. Zacks Research raised Braskem from a “hold” rating to a “strong-buy” rating in a report on Monday, April 6th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Braskem in a report on Monday, April 20th. Bank of America cut Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 price target on the stock. in a report on Thursday, March 26th. Finally, Bradesco Corretora cut Braskem from an “outperform” rating to an “underperform” rating and set a $1.50 price target on the stock. in a report on Tuesday, April 21st. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, two have issued a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Reduce” and an average target price of $3.40.

Braskem Trading Up 3.9%

The company has a market capitalization of $1.98 billion, a PE ratio of -1.08 and a beta of 1.56. The stock has a fifty day moving average of $3.97 and a two-hundred day moving average of $3.44.

Braskem (NYSE:BAK) last announced its quarterly earnings data on Saturday, February 14th. The company reported ($2.33) earnings per share for the quarter. The firm 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%. Equities analysts forecast that Braskem S.A. will post -2 EPS for the current year.

Hedge Funds Weigh In On Braskem

A number of large investors have recently modified their holdings of BAK. EverSource Wealth Advisors LLC raised its holdings in shares of Braskem by 444.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 8,579 shares of the company’s stock valued at $25,000 after buying an additional 7,003 shares in the last quarter. Ballentine Partners LLC purchased a new position in Braskem in the 3rd quarter worth approximately $34,000. Quadrant Capital Group LLC increased its stake 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. 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 purchasing an additional 4,513 shares during the period. Finally, Evergreen Capital Management LLC purchased a new position in Braskem in the 4th quarter worth approximately $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.