Brokerages Set Braskem S.A. (NYSE:BAK) Price Target at $3.40

Braskem S.A. (NYSE:BAK) has earned a consensus rating of “Strong Sell” from the eight research firms that are presently covering the firm, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a sell recommendation and three have given a hold recommendation to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $3.40.

A number of equities research analysts recently issued reports on the company. Zacks Research lowered Braskem from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 18th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Braskem in a research report on Monday, April 20th. Citigroup cut shares of Braskem from a “neutral” rating to a “sell” rating in a research note on Thursday, June 25th. Bradesco Corretora lowered shares of Braskem from an “outperform” rating to an “underperform” rating and set a $1.50 price objective on the stock. in a research report on Tuesday, April 21st. Finally, Bank of America lowered shares of Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 price objective on the stock. in a research report on Thursday, March 26th.

Braskem Trading Up 2.7%

BAK stock opened at $2.46 on Friday. The stock has a 50-day moving average price of $3.51 and a two-hundred day moving average price of $3.64. The stock has a market cap of $982.55 million, a PE ratio of -0.58, a price-to-earnings-growth ratio of 0.14 and a beta of 1.61. Braskem has a 1 year low of $2.25 and a 1 year high of $5.39.

Braskem (NYSE:BAK) last released its quarterly earnings results on Thursday, May 14th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.48. The firm had revenue of $3.51 billion for the quarter, compared to the consensus estimate of $3.39 billion. Braskem had a negative return on equity of 23.17% and a negative net margin of 13.72%. On average, analysts forecast that Braskem will post 1.64 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Braskem

Several institutional investors and hedge funds have recently added to or reduced their stakes in BAK. Jump Financial LLC boosted its stake in shares of Braskem by 607.1% during the 2nd quarter. Jump Financial LLC now owns 263,771 shares of the company’s stock worth $865,000 after buying an additional 226,467 shares during the last quarter. Jane Street Group LLC increased its position in shares of Braskem by 130.3% in the second quarter. Jane Street Group LLC now owns 49,301 shares of the company’s stock valued at $162,000 after acquiring an additional 27,891 shares during the last quarter. Van ECK Associates Corp bought a new stake in Braskem during the third quarter worth about $117,000. UBS Group AG raised its holdings in Braskem by 2.6% during the third quarter. UBS Group AG now owns 783,445 shares of the company’s stock worth $1,896,000 after acquiring an additional 19,956 shares in the last quarter. Finally, Virtu Financial LLC boosted its position in Braskem by 28.7% during the third quarter. Virtu Financial LLC now owns 44,587 shares of the company’s stock valued at $108,000 after purchasing an additional 9,938 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.