JPMorgan Chase & Co. Trims Braskem (NYSE:BAK) Target Price to $9.50

Braskem (NYSE:BAK) had its target price trimmed by JPMorgan Chase & Co. from $10.00 to $9.50 in a research note issued to investors on Tuesday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Separately, Citigroup upgraded shares of Braskem from a neutral rating to a buy rating in a report on Tuesday, August 20th.

Braskem Stock Performance

BAK opened at $6.41 on Tuesday. The business’s 50-day moving average price is $6.42 and its two-hundred day moving average price is $7.57. Braskem has a 1 year low of $5.28 and a 1 year high of $10.98. The company has a debt-to-equity ratio of 23.25, a current ratio of 1.31 and a quick ratio of 0.84.

Braskem (NYSE:BAK) last announced its earnings results on Thursday, August 8th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.78) by $0.30. The business had revenue of $3.66 billion for the quarter, compared to analyst estimates of $3.56 billion. Braskem had a negative return on equity of 276.59% and a negative net margin of 12.98%. On average, equities research analysts anticipate that Braskem will post -1.3 earnings per share for the current year.

Hedge Funds Weigh In On Braskem

Hedge funds have recently modified their holdings of the stock. Boston Partners acquired a new position in Braskem during the first quarter valued at approximately $627,000. Jump Financial LLC raised its stake in shares of Braskem by 4.3% during the 4th quarter. Jump Financial LLC now owns 67,392 shares of the company’s stock worth $594,000 after purchasing an additional 2,790 shares in the last quarter. Trexquant Investment LP boosted its holdings in shares of Braskem by 197.1% in the 4th quarter. Trexquant Investment LP now owns 141,852 shares of the company’s stock valued at $1,251,000 after buying an additional 94,099 shares during the last quarter. SPX Gestao de Recursos Ltda grew its stake in shares of Braskem by 266.9% in the fourth quarter. SPX Gestao de Recursos Ltda now owns 239,536 shares of the company’s stock valued at $2,113,000 after buying an additional 174,250 shares in the last quarter. Finally, Marshall Wace LLP increased its holdings in Braskem by 872.0% during the second quarter. Marshall Wace LLP now owns 268,352 shares of the company’s stock worth $1,731,000 after buying an additional 240,744 shares during the last quarter.

About Braskem

Braskem SA, together with its subsidiaries, produces and sells thermoplastic resins. The company operates through three segments: Brazil, United States and Europe, and Mexico. The Brazil segment produces and sells olefins, including ethylene, polymer and chemical grade propylene, butadiene, and butene-1; benzene, toluene, and xylenes products; fuels, such as automotive gasoline, liquefied petroleum gas, ethyl tertiary-butyl ether, and methyl tertiary-butyl ether; intermediates, such as cumene; aliphatics, aromatics, and hydrogenated solvents; and specialties comprising isoprene, dicyclopentadiene, piperylene, nonene, tetramer, polyisobutylene, and hydrocarbon resins.