Braskem SA (NYSE:BAK) Rating Increased to Buy at BidaskClub

Braskem SA (NYSE:BAK) was upgraded by BidaskClub from a “hold” rating to a “buy” rating in a report issued on Thursday, July 6th.

BAK has been the topic of several other research reports. Zacks Investment Research raised Braskem SA from a “hold” rating to a “strong-buy” rating and set a $24.00 price target on the stock in a research report on Tuesday, June 6th. ValuEngine raised Braskem SA from a “buy” rating to a “strong-buy” rating in a report on Friday, June 2nd. Five analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $21.33.

Shares of Braskem SA (NYSE:BAK) traded up 3.67% on Thursday, reaching $25.43. 343,767 shares of the company’s stock traded hands. Braskem SA has a 12-month low of $11.05 and a 12-month high of $25.66. The stock has a 50-day moving average of $21.79 and a 200 day moving average of $21.09.

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Several hedge funds have recently bought and sold shares of BAK. Comerica Bank acquired a new stake in Braskem SA during the fourth quarter worth $215,000. Dimensional Fund Advisors LP increased its stake in Braskem SA by 0.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,003,902 shares of the energy company’s stock worth $21,291,000 after buying an additional 5,118 shares during the period. Allianz Asset Management AG increased its stake in Braskem SA by 7.2% in the fourth quarter. Allianz Asset Management AG now owns 40,400 shares of the energy company’s stock worth $857,000 after buying an additional 2,700 shares during the period. Guggenheim Capital LLC increased its stake in Braskem SA by 209.8% in the fourth quarter. Guggenheim Capital LLC now owns 380,635 shares of the energy company’s stock worth $8,074,000 after buying an additional 257,782 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Braskem SA during the fourth quarter worth $295,000. Hedge funds and other institutional investors own 0.95% of the company’s stock.

About Braskem SA

Braskem SA produces thermoplastic resins. The Company’s segments are Basic petrochemicals, Polyolefins, Vinyls, the United States and Europe, and Chemical distribution. It is also engaged in the import and export of chemicals, petrochemicals and fuels, the production, supply and sale of utilities such as steam, water, compressed air, industrial gases, the provision of industrial services, and the production, supply and sale of electric energy.

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