Braskem S.A. (NYSE:BAK) Receives $3.40 Average Target Price from Brokerages

Braskem S.A. (NYSE:BAK) has been assigned an average rating of “Strong Sell” from the eight ratings firms that are covering the firm, Marketbeat.com reports. Five analysts have rated the stock with a sell recommendation and three have given a hold recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $3.40.

A number of research analysts have recently issued reports on the company. Citigroup downgraded Braskem from a “neutral” rating to a “sell” rating in a report on Thursday, June 25th. Bradesco Corretora lowered Braskem from an “outperform” rating to an “underperform” rating and set a $1.50 target price for the company. in a research report on Tuesday, April 21st. JPMorgan Chase & Co. lowered Braskem from an “overweight” rating to a “neutral” rating in a research report on Tuesday, June 30th. Zacks Research downgraded shares of Braskem from a “strong-buy” rating to a “hold” rating in a report on Monday, May 18th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Braskem in a report on Friday, July 17th.

Braskem Stock Down 6.8%

NYSE:BAK opened at $2.06 on Thursday. The stock has a market cap of $821.12 million, a price-to-earnings ratio of -0.49, a PEG ratio of 0.13 and a beta of 1.62. The company’s 50 day moving average price is $2.70 and its 200-day moving average price is $3.55. Braskem has a 52 week low of $2.03 and a 52 week high of $5.39.

Braskem (NYSE:BAK) last released its quarterly earnings data on Thursday, May 14th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.48. Braskem had a negative return on equity of 23.17% and a negative net margin of 13.72%.The business had revenue of $3.51 billion for the quarter, compared to analysts’ expectations of $3.39 billion. As a group, sell-side analysts anticipate that Braskem will post 1.52 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BAK. Brooklands Fund Management Ltd bought a new stake in Braskem in the 1st quarter worth approximately $2,013,000. Renaissance Technologies LLC lifted its holdings in shares of Braskem by 619.5% during the 4th quarter. Renaissance Technologies LLC now owns 265,488 shares of the company’s stock valued at $783,000 after buying an additional 228,588 shares during the period. Jump Financial LLC lifted its holdings in shares of Braskem by 607.1% during the 2nd quarter. Jump Financial LLC now owns 263,771 shares of the company’s stock valued at $865,000 after buying an additional 226,467 shares during the period. Marshall Wace LLP purchased a new position in shares of Braskem in the 4th quarter worth $477,000. Finally, Jane Street Group LLC boosted its stake in shares of Braskem by 193.6% in the 4th quarter. Jane Street Group LLC now owns 220,898 shares of the company’s stock worth $652,000 after buying an additional 145,655 shares during the last quarter.

About Braskem

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.