Braskem (NYSE:BAK) Raised to Hold at Citigroup

Braskem (NYSE:BAK) was upgraded by research analysts at Citigroup from a “strong sell” rating to a “hold” rating in a research note issued to investors on Wednesday,Zacks.com reports.

A number of other equities research analysts have also recently issued reports on BAK. Bank of America cut shares of Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 price target for the company. in a report on Thursday, March 26th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Braskem in a research note on Wednesday, January 21st. Finally, Zacks Research cut Braskem from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 19th. Four equities research analysts have rated the stock with a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $3.87.

Braskem Stock Up 1.8%

NYSE:BAK opened at $3.60 on Wednesday. The company’s 50 day moving average is $3.98 and its 200-day moving average is $3.23. Braskem has a 12 month low of $2.32 and a 12 month high of $5.30. The firm has a market cap of $1.43 billion, a price-to-earnings ratio of -0.78 and a beta of 1.74.

Braskem (NYSE:BAK) last posted its quarterly earnings data on Saturday, February 14th. The company reported ($2.33) earnings per share (EPS) for the quarter. Braskem had a negative return on equity of 21.95% and a negative net margin of 14.53%.The firm had revenue of $2.56 billion for the quarter. Research analysts predict that Braskem will post -0.77 EPS for the current fiscal year.

Institutional Trading of Braskem

Several institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC boosted its stake in Braskem by 619.5% in 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 in the last quarter. Jump Financial LLC lifted its holdings in shares of Braskem by 607.1% during the second quarter. Jump Financial LLC now owns 263,771 shares of the company’s stock valued at $865,000 after acquiring an additional 226,467 shares during the period. Marshall Wace LLP acquired a new stake in shares of Braskem in the 4th quarter valued at $477,000. 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 valued at $652,000 after purchasing an additional 145,655 shares in the last quarter. Finally, X Square Capital LLC grew its holdings in shares of Braskem by 117.6% in the 4th quarter. X Square Capital LLC now owns 185,000 shares of the company’s stock worth $546,000 after purchasing an additional 100,000 shares during the last quarter.

Braskem Company Profile

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.