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

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

A number of other equities analysts have also recently commented on BAK. Santander cut Braskem from a “neutral” rating to an “underperform” rating in a report on Thursday, October 16th. UBS Group lowered Braskem from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $5.10 to $3.80 in a research note on Friday, September 26th. Citigroup downgraded Braskem from a “buy” rating to a “hold” rating in a research note on Friday, October 10th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Braskem in a report on Wednesday, October 8th. Five analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Braskem presently has a consensus rating of “Reduce” and an average price target of $4.40.

Braskem Trading Up 8.7%

Shares of NYSE:BAK opened at $3.31 on Monday. The firm has a 50 day moving average of $2.97 and a 200-day moving average of $2.98. Braskem has a 12 month low of $2.32 and a 12 month high of $5.10. The stock has a market capitalization of $1.21 billion, a PE ratio of -1.45 and a beta of 1.88.

Braskem (NYSE:BAK) last posted its quarterly earnings results on Wednesday, November 12th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.48) by $0.46. The firm had revenue of $3.25 billion for the quarter, compared to analyst estimates of $3.23 billion. On average, research analysts predict that Braskem will post -0.77 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in BAK. Jump Financial LLC increased its position in shares of Braskem by 607.1% during the second quarter. Jump Financial LLC now owns 263,771 shares of the company’s stock worth $865,000 after buying an additional 226,467 shares during the period. Van ECK Associates Corp bought a new position in shares of Braskem in the 3rd quarter worth about $117,000. Centric Wealth Management acquired a new position in shares of Braskem in the 2nd quarter valued at about $128,000. Creative Planning boosted its position in shares of Braskem by 145.0% during the 3rd quarter. Creative Planning now owns 56,790 shares of the company’s stock valued at $137,000 after purchasing an additional 33,614 shares in the last quarter. Finally, Jane Street Group LLC grew its stake in Braskem by 130.3% during the second quarter. Jane Street Group LLC now owns 49,301 shares of the company’s stock worth $162,000 after purchasing an additional 27,891 shares during the period.

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.