Braskem (NYSE:BAK) Cut to “Hold” at Zacks Research

Zacks Research cut shares of Braskem (NYSE:BAK) from a strong-buy rating to a hold rating in a research report released on Tuesday morning,Zacks.com reports.

BAK has been the subject of several other reports. JPMorgan Chase & Co. cut their price objective on Braskem from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Wednesday, August 27th. UBS Group cut shares of Braskem from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $5.10 to $3.80 in a research note on Friday, September 26th. Four equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $4.40.

Braskem Price Performance

Shares of Braskem stock opened at $2.50 on Tuesday. Braskem has a 1 year low of $2.42 and a 1 year high of $7.56. The company has a market capitalization of $995.30 million, a P/E ratio of -0.99 and a beta of 1.76. The business has a 50 day moving average price of $3.14 and a 200 day moving average price of $3.43.

Braskem (NYSE:BAK) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.70) by $0.56. The company had revenue of $3.38 billion for the quarter, compared to analyst estimates of $18.76 billion. As a group, research analysts expect that Braskem will post -0.77 EPS for the current fiscal year.

Institutional Trading of Braskem

Several institutional investors have recently made changes to their positions in BAK. Bank of America Corp DE grew its stake in shares of Braskem by 431.0% during the 4th quarter. Bank of America Corp DE now owns 134,824 shares of the company’s stock valued at $520,000 after buying an additional 109,433 shares during the period. Squarepoint Ops LLC purchased a new stake in shares of Braskem during the 4th quarter valued at $164,000. GAMMA Investing LLC grew its stake in shares of Braskem by 654.9% during the 1st quarter. GAMMA Investing LLC now owns 19,824 shares of the company’s stock valued at $76,000 after buying an additional 17,198 shares during the period. Ballentine Partners LLC purchased a new stake in shares of Braskem during the 1st quarter valued at $58,000. Finally, Kapitalo Investimentos Ltda grew its stake in shares of Braskem by 1,136,346.5% during the 1st quarter. Kapitalo Investimentos Ltda now owns 1,466,016 shares of the company’s stock valued at $5,644,000 after buying an additional 1,465,887 shares during the period.

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.