Braskem (NYSE:BAK) Lifted to “Buy” at Citigroup

Citigroup upgraded shares of Braskem (NYSE:BAK) from a neutral rating to a buy rating in a research report released on Tuesday morning, MarketBeat.com reports.

Separately, JPMorgan Chase & Co. reduced their price target on Braskem from $11.00 to $10.00 and set a neutral rating on the stock in a report on Friday, May 24th.

Braskem Stock Down 4.5 %

BAK opened at $6.09 on Tuesday. The company has a market cap of $2.75 billion, a P/E ratio of -1.89 and a beta of 2.05. The business’s 50-day moving average price is $6.47 and its 200-day moving average price is $7.68. The company has a current ratio of 1.46, a quick ratio of 0.95 and a debt-to-equity ratio of 23.25. Braskem has a 12 month low of $5.28 and a 12 month high of $10.98.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of BAK. Jump Financial LLC increased its holdings in Braskem by 4.3% during the 4th quarter. Jump Financial LLC now owns 67,392 shares of the company’s stock valued at $594,000 after purchasing an additional 2,790 shares during the period. Trexquant Investment LP increased its holdings in Braskem by 197.1% during the 4th quarter. Trexquant Investment LP now owns 141,852 shares of the company’s stock valued at $1,251,000 after purchasing an additional 94,099 shares during the period. SPX Gestao de Recursos Ltda boosted its position in Braskem by 266.9% during the 4th quarter. SPX Gestao de Recursos Ltda now owns 239,536 shares of the company’s stock valued at $2,113,000 after acquiring an additional 174,250 shares in the last quarter. Boston Partners bought a new stake in Braskem during the 1st quarter valued at approximately $627,000. Finally, American Century Companies Inc. boosted its position in Braskem by 1.6% during the 2nd quarter. American Century Companies Inc. now owns 111,968 shares of the company’s stock valued at $722,000 after acquiring an additional 1,807 shares in the last quarter.

Braskem Company Profile

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.