Braskem (NYSE:BAK) Lowered to Hold Rating by Zacks Research

Zacks Research downgraded shares of Braskem (NYSE:BAK) from a strong-buy rating to a hold rating in a research note published on Monday morning,Zacks.com reports.

A number of other equities analysts have also recently commented on the company. JPMorgan Chase & Co. upgraded Braskem from a “neutral” rating to an “overweight” rating and set a $5.50 target price for the company in a report on Tuesday, May 12th. Bradesco Corretora cut Braskem from an “outperform” rating to an “underperform” rating and set a $1.50 target price for the company. in a report on Tuesday, April 21st. Weiss Ratings restated a “sell (e+)” rating on shares of Braskem in a report on Monday, April 20th. Citigroup upgraded Braskem from a “strong sell” rating to a “hold” rating in a report on Wednesday, April 1st. Finally, 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 report on Thursday, March 26th. One investment analyst has rated the stock with a Buy rating, three have assigned a Hold rating and four have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Reduce” and an average price target of $3.40.

Braskem Stock Performance

Shares of Braskem stock opened at $4.85 on Monday. The stock has a market cap of $1.93 billion, a price-to-earnings ratio of -1.15, a price-to-earnings-growth ratio of 0.14 and a beta of 1.56. The stock has a 50 day moving average price of $4.01 and a 200-day moving average price of $3.50. Braskem has a one year low of $2.32 and a one year high of $5.39.

Braskem (NYSE:BAK) last announced its earnings results on Thursday, May 14th. The company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.48. The firm had revenue of $3.51 billion during the quarter, compared to analysts’ expectations of $3.39 billion. Braskem had a negative return on equity of 23.17% and a negative net margin of 13.72%. Sell-side analysts predict that Braskem will post 2.07 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Braskem

Several hedge funds have recently made changes to their positions in the company. Bank of America Corp DE lifted its holdings in shares of Braskem by 178,471.4% in the 1st quarter. Bank of America Corp DE now owns 50,000 shares of the company’s stock worth $183,000 after buying an additional 49,972 shares during the period. Brooklands Fund Management Ltd purchased a new stake in shares of Braskem in the 1st quarter worth $2,013,000. Cetera Investment Advisers purchased a new stake in shares of Braskem in the 1st quarter worth $51,000. Private Advisor Group LLC purchased a new stake in shares of Braskem in the 1st quarter worth $157,000. Finally, SmartHarvest Portfolios LLC lifted its holdings in shares of Braskem by 49.7% in the 1st quarter. SmartHarvest Portfolios LLC now owns 54,466 shares of the company’s stock worth $199,000 after buying an additional 18,085 shares during the period.

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.