Braskem (NYSE:BAK) Rating Increased to Strong-Buy at Zacks Research

Braskem (NYSE:BAK) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

BAK has been the topic of a number of other reports. Citigroup lowered shares of Braskem from a “buy” rating to a “hold” rating in a report on Friday, October 10th. UBS Group cut shares of Braskem from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $5.10 to $3.80 in a research note on Friday, September 26th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Braskem in a research report on Wednesday, October 8th. Finally, Santander lowered Braskem from a “neutral” rating to an “underperform” rating in a research report on Thursday, October 16th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Braskem presently has an average rating of “Hold” and an average price target of $4.40.

Braskem Stock Up 1.2%

NYSE BAK opened at $2.97 on Monday. The company has a market cap of $1.18 billion, a price-to-earnings ratio of -1.30 and a beta of 1.89. Braskem has a twelve month low of $2.32 and a twelve month high of $5.10. The business’s fifty day moving average is $2.82 and its 200 day moving average is $3.02.

Braskem (NYSE:BAK) last posted its earnings results on Wednesday, November 12th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.48) by $0.46. The firm had revenue of $3.25 billion during the quarter, compared to the consensus estimate of $3.23 billion. On average, research analysts anticipate that Braskem will post -0.77 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in BAK. UBS Group AG lifted its stake in shares of Braskem by 2.6% in 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 period. Jump Financial LLC increased its holdings in Braskem by 607.1% in the second quarter. Jump Financial LLC now owns 263,771 shares of the company’s stock worth $865,000 after purchasing an additional 226,467 shares in the last quarter. Graham Capital Management L.P. bought a new stake in Braskem in the first quarter worth approximately $532,000. American Century Companies Inc. lifted its stake in Braskem by 12.6% in the first quarter. American Century Companies Inc. now owns 110,035 shares of the company’s stock valued at $424,000 after buying an additional 12,300 shares during the period. Finally, Creative Planning grew its position in shares of Braskem by 145.0% during the 3rd quarter. Creative Planning now owns 56,790 shares of the company’s stock worth $137,000 after buying an additional 33,614 shares during the period.

Braskem Company Profile

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.