Zacks Investment Research Lowers Braskem (NYSE:BAK) to Hold

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

According to Zacks, “Braskem SA figures as the largest petrochemical operation in Latin America and among the five largest private companies in Brazil. With industrial facilities located in Alagoas, Bahia, São Paulo and Rio Grande do Sul, Braskem produces primary base petrochemicals such as ethylene, propylene, benzene, caprolactam, DMT and termoplastic resins (polypropylene, polyethylene, PVC and PET) gas and GLP. “

A number of other equities research analysts have also weighed in on the stock. Bank of America began coverage on shares of Braskem in a report on Tuesday. They set a buy rating and a $32.00 price objective on the stock. TheStreet raised shares of Braskem from a c- rating to a b- rating in a report on Friday, August 13th. Finally, UBS Group raised shares of Braskem from a neutral rating to a buy rating in a report on Tuesday, September 14th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Buy and an average price target of $23.25.

NYSE BAK opened at $22.19 on Tuesday. The firm has a market capitalization of $8.85 billion, a P/E ratio of 5.04 and a beta of 1.66. The company has a current ratio of 1.26, a quick ratio of 0.85 and a debt-to-equity ratio of 5.44. Braskem has a 12-month low of $7.00 and a 12-month high of $26.93. The firm’s fifty day simple moving average is $23.42 and its two-hundred day simple moving average is $20.41.

Braskem (NYSE:BAK) last announced its quarterly earnings data on Tuesday, August 3rd. The company reported $3.52 earnings per share for the quarter, beating analysts’ consensus estimates of $2.22 by $1.30. Braskem had a net margin of 11.24% and a negative return on equity of 811.92%. As a group, sell-side analysts predict that Braskem will post 6.58 earnings per share for the current fiscal year.

Large investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in Braskem in the first quarter valued at $32,000. Wells Fargo & Company MN boosted its holdings in Braskem by 311.1% in the second quarter. Wells Fargo & Company MN now owns 1,850 shares of the company’s stock valued at $44,000 after purchasing an additional 1,400 shares during the last quarter. UBS Group AG boosted its holdings in Braskem by 225.7% in the first quarter. UBS Group AG now owns 4,654 shares of the company’s stock valued at $66,000 after purchasing an additional 3,225 shares during the last quarter. Liberty Wealth Management LLC purchased a new stake in Braskem in the second quarter valued at $97,000. Finally, Morgan Stanley raised its position in shares of Braskem by 107.6% in the first quarter. Morgan Stanley now owns 6,834 shares of the company’s stock worth $97,000 after acquiring an additional 3,542 shares during the period.

About Braskem

Braskem SA engages in the manufacture of petrochemicals and other related products. It operates through the following segments: Brazil, USA, and Europe and Mexico. The Brazil segment includes production and sale of chemicals, supply of electricity, and production and sale of PE. The USA and Europe segment involves production, operation, and sale of polypropylene in the United States and Germany.

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