Braskem (NYSE:BAK) Downgraded to “Hold” Rating by Zacks Research

Braskem (NYSE:BAK) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

BAK has been the subject of several other research reports. Citigroup cut shares of Braskem from a “buy” rating to a “hold” rating in a research report on Friday, October 10th. UBS Group cut shares of Braskem from a “buy” rating to a “neutral” rating and decreased their price target for the company from $5.10 to $3.80 in a research note on Friday, September 26th. Santander cut shares of Braskem from a “neutral” rating to an “underperform” rating in a research report on Thursday, October 16th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Braskem in a report on Wednesday, October 8th. Five equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $4.40.

Braskem Price Performance

Shares of BAK opened at $3.05 on Monday. The company has a market capitalization of $1.24 billion, a P/E ratio of -1.34 and a beta of 1.88. Braskem has a one year low of $2.32 and a one year high of $5.10. The business’s 50 day simple moving average is $2.96 and its 200-day simple moving average is $2.98.

Braskem (NYSE:BAK) last announced its earnings results on Wednesday, November 12th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.46. The business had revenue of $3.25 billion during the quarter, compared to analyst estimates of $3.23 billion. On average, sell-side analysts anticipate that Braskem will post -0.77 EPS for the current fiscal year.

Hedge Funds Weigh In On Braskem

Several large investors have recently bought and sold shares of the business. Ballentine Partners LLC bought a new position in Braskem in the third quarter valued at approximately $34,000. Signaturefd LLC boosted its position in shares of Braskem by 50.1% in the 4th quarter. Signaturefd LLC now owns 13,524 shares of the company’s stock worth $40,000 after purchasing an additional 4,513 shares during the last quarter. Brevan Howard Capital Management LP bought a new position in shares of Braskem in the 3rd quarter worth $64,000. Dark Forest Capital Management LP grew its stake in shares of Braskem by 94.7% during the third quarter. Dark Forest Capital Management LP now owns 32,127 shares of the company’s stock worth $78,000 after purchasing an additional 15,630 shares during the period. Finally, Virtu Financial LLC increased its holdings in Braskem by 28.7% in the third quarter. Virtu Financial LLC now owns 44,587 shares of the company’s stock valued at $108,000 after purchasing an additional 9,938 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.