Braskem (NYSE:BAK) Upgraded at Zacks Research

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

Several other brokerages have also recently weighed in on BAK. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Braskem in a research note on Wednesday, January 21st. Bank of America cut shares of Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 price objective on the stock. in a research note on Thursday, March 26th. Finally, Citigroup raised shares of Braskem from a “strong sell” rating to a “hold” rating in a research note on Wednesday, April 1st. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Braskem presently has a consensus rating of “Reduce” and a consensus target price of $3.87.

Braskem Trading Up 6.5%

Shares of Braskem stock opened at $3.53 on Monday. The stock has a market capitalization of $1.41 billion, a price-to-earnings ratio of -0.76 and a beta of 1.74. Braskem has a 1-year low of $2.32 and a 1-year high of $5.30. The firm’s 50-day moving average price is $3.96 and its two-hundred day moving average price is $3.24.

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

Hedge Funds Weigh In On Braskem

Several large investors have recently bought and sold shares of BAK. Jump Financial LLC lifted its holdings in Braskem by 607.1% in the second quarter. Jump Financial LLC now owns 263,771 shares of the company’s stock valued at $865,000 after buying an additional 226,467 shares during the period. Jane Street Group LLC raised its holdings in Braskem by 130.3% in 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. Ballentine Partners LLC acquired a new stake in Braskem in the third quarter worth $34,000. Van ECK Associates Corp acquired a new stake in Braskem in the third quarter worth $117,000. Finally, UBS Group AG raised its holdings in Braskem by 2.6% in the third quarter. UBS Group AG now owns 783,445 shares of the company’s stock worth $1,896,000 after purchasing an additional 19,956 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.