Braskem (NYSE:BAK) Hits New 52-Week Low on Analyst Downgrade

Braskem S.A. (NYSE:BAK) shares reached a new 52-week low during mid-day trading on Tuesday after JPMorgan Chase & Co. downgraded the stock from an overweight rating to a neutral rating. The company traded as low as $2.25 and last traded at $2.3750, with a volume of 515924 shares. The stock had previously closed at $2.51.

Other research analysts also recently issued reports about the stock. Bank of America downgraded shares of Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 price target on the stock. in a research report on Thursday, March 26th. Weiss Ratings restated a “sell (e+)” rating on shares of Braskem in a research note on Monday, April 20th. Citigroup cut Braskem from a “neutral” rating to a “sell” rating in a report on Thursday. Zacks Research downgraded Braskem from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 18th. Finally, Bradesco Corretora cut Braskem from an “outperform” rating to an “underperform” rating and set a $1.50 price target for the company. in a research report on Tuesday, April 21st. Three analysts have rated the stock with a Hold rating and five have issued a Sell rating to the company. According to MarketBeat.com, Braskem currently has an average rating of “Strong Sell” and a consensus target price of $3.40.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. UBS Group AG grew its position in shares of 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 purchasing an additional 19,956 shares in the last quarter. Brooklands Fund Management Ltd bought a new position in Braskem during the first quarter valued at $2,013,000. State Street Corp grew its position in Braskem by 7.2% in the fourth quarter. State Street Corp now owns 311,507 shares of the company’s stock worth $919,000 after acquiring an additional 20,805 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Braskem by 619.5% in the 4th quarter. Renaissance Technologies LLC now owns 265,488 shares of the company’s stock worth $783,000 after purchasing an additional 228,588 shares during the period. Finally, Jump Financial LLC increased its position in Braskem by 607.1% during the second quarter. Jump Financial LLC now owns 263,771 shares of the company’s stock valued at $865,000 after acquiring an additional 226,467 shares during the last quarter.

Braskem Stock Down 3.8%

The firm has a market cap of $962.22 million, a PE ratio of -0.57, a P/E/G ratio of 0.05 and a beta of 1.57. The company’s 50 day moving average price is $3.83 and its two-hundred day moving average price is $3.68.

Braskem (NYSE:BAK) last released its earnings results on Thursday, May 14th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.48. Braskem had a negative net margin of 13.72% and a negative return on equity of 23.17%. The firm had revenue of $3.51 billion during the quarter, compared to analyst estimates of $3.39 billion. On average, analysts expect that Braskem S.A. will post 3.1 earnings per share for the current fiscal year.

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.