Braskem (NYSE:BAK) Price Target Lowered to $5.00 at JPMorgan Chase & Co.

Braskem (NYSE:BAK) had its price target lowered by JPMorgan Chase & Co. from $6.00 to $5.00 in a research report sent to investors on Wednesday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Braskem Price Performance

Shares of NYSE:BAK opened at $3.48 on Wednesday. The company has a market capitalization of $1.39 billion, a P/E ratio of -1.37 and a beta of 1.70. Braskem has a 1-year low of $2.80 and a 1-year high of $7.71. The firm’s 50 day simple moving average is $3.24 and its two-hundred day simple moving average is $3.59.

Braskem (NYSE:BAK) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.70) by $0.56. The firm had revenue of $3.38 billion during the quarter, compared to analysts’ expectations of $18.76 billion. On average, sell-side analysts anticipate that Braskem will post -0.77 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP boosted its stake in Braskem by 50.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 221,004 shares of the company’s stock worth $852,000 after purchasing an additional 73,801 shares during the period. Kapitalo Investimentos Ltda lifted its holdings in shares of Braskem by 1,136,346.5% in the first quarter. Kapitalo Investimentos Ltda now owns 1,466,016 shares of the company’s stock worth $5,644,000 after buying an additional 1,465,887 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Braskem by 126.1% during the fourth quarter. Renaissance Technologies LLC now owns 329,910 shares of the company’s stock worth $1,273,000 after acquiring an additional 184,010 shares during the last quarter. Bank of America Corp DE grew its stake in Braskem by 431.0% during the fourth quarter. Bank of America Corp DE now owns 134,824 shares of the company’s stock valued at $520,000 after acquiring an additional 109,433 shares in the last quarter. Finally, Jane Street Group LLC grew its stake in Braskem by 47.2% during the fourth quarter. Jane Street Group LLC now owns 133,564 shares of the company’s stock valued at $516,000 after acquiring an additional 42,828 shares in the last quarter.

About Braskem

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.