Braskem (NYSE:BAK) Upgraded to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Braskem (NYSE:BAK) to a hold rating in a research note released on Saturday,Wall Street Zen reports.

Several other analysts have also recently commented on the stock. Citigroup cut shares of Braskem from a “neutral” rating to a “sell” rating in a research report on Thursday, June 25th. UBS Group lowered Braskem from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $4.00 to $1.50 in a research report on Tuesday, September 15th. JPMorgan Chase & Co. lowered Braskem from an “overweight” rating to a “neutral” rating in a research report on Tuesday, June 30th. HSBC cut Braskem from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $6.50 to $1.50 in a research note on Monday, September 28th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Braskem in a report on Thursday. Three equities research analysts have rated the stock with a Hold rating and five have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Strong Sell” and an average price target of $2.56.

Braskem Price Performance

BAK opened at $1.67 on Friday. The company has a market cap of $663.67 million, a price-to-earnings ratio of -0.69, a price-to-earnings-growth ratio of 0.10 and a beta of 1.56. The firm has a 50 day simple moving average of $1.81 and a 200 day simple moving average of $2.82. Braskem has a fifty-two week low of $1.40 and a fifty-two week high of $5.39.

Braskem (NYSE:BAK) last announced its quarterly earnings data on Friday, June 26th. The company reported $1.61 earnings per share for the quarter. Braskem had a negative net margin of 7.28% and a negative return on equity of 67.75%. The business had revenue of $4.20 billion for the quarter. As a group, analysts expect that Braskem will post 1.58 EPS for the current year.

Hedge Funds Weigh In On Braskem

Large investors have recently added to or reduced their stakes in the company. Brooklands Fund Management Ltd acquired a new stake in shares of Braskem in the 1st quarter valued at about $2,013,000. SmartHarvest Portfolios LLC boosted its position in shares of Braskem by 49.7% during the first 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. Bank of America Corp DE boosted its position in shares of Braskem by 178,471.4% during the first 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. Engineers Gate Manager LP grew its holdings in shares of Braskem by 192.8% during the second quarter. Engineers Gate Manager LP now owns 68,198 shares of the company’s stock worth $166,000 after buying an additional 44,905 shares in the last quarter. Finally, Private Advisor Group LLC bought a new position in shares of Braskem during the first quarter worth about $157,000.

Braskem Company Profile

Braskem SA is a Brazilian petrochemical company headquartered in São Paulo, Brazil. The company produces basic chemicals and thermoplastic resins used in packaging, construction, automotive components, consumer goods, agriculture, and other industrial applications.

Its product portfolio includes olefins such as ethylene and propylene, polyolefins including polyethylene and polypropylene, polyvinyl chloride (PVC), caustic soda, and other chemical intermediates. Braskem also markets renewable polyethylene under the “I’m green” brand, which is made from sugarcane-based ethanol.

Established in 2002 through the consolidation of petrochemical assets in Brazil, Braskem expanded internationally through subsequent acquisitions and investments.