BidaskClub Lowers Braskem S.A. (NYSE:BAK) to Hold
Braskem S.A. (NYSE:BAK) was downgraded by research analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued on Friday.
Other analysts have also recently issued reports about the company. ValuEngine raised Braskem from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 2nd. Zacks Investment Research raised Braskem from a “hold” rating to a “strong-buy” rating and set a $24.00 price objective for the company in a research report on Friday, June 30th. Finally, Morgan Stanley raised Braskem from an “equal weight” rating to an “overweight” rating in a research report on Monday, July 17th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $21.33.
Shares of Braskem (NYSE BAK) traded up 1.51% on Friday, reaching $24.16. The company’s stock had a trading volume of 80,052 shares. Braskem has a 1-year low of $12.61 and a 1-year high of $25.68. The company’s 50 day moving average is $22.81 and its 200-day moving average is $21.25.
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Hedge funds have recently added to or reduced their stakes in the company. UBS Group AG boosted its stake in Braskem by 5.2% in the first quarter. UBS Group AG now owns 6,010 shares of the energy company’s stock valued at $122,000 after buying an additional 297 shares during the last quarter. Comerica Bank boosted its stake in Braskem by 1.5% in the first quarter. Comerica Bank now owns 9,889 shares of the energy company’s stock valued at $211,000 after buying an additional 147 shares during the last quarter. Eqis Capital Management Inc. boosted its stake in Braskem by 15.4% in the first quarter. Eqis Capital Management Inc. now owns 13,652 shares of the energy company’s stock valued at $278,000 after buying an additional 1,818 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Braskem during the first quarter valued at $294,000. Finally, Envestnet Asset Management Inc. boosted its stake in Braskem by 0.9% in the first quarter. Envestnet Asset Management Inc. now owns 16,065 shares of the energy company’s stock valued at $326,000 after buying an additional 139 shares during the last quarter. 0.85% of the stock is owned by institutional investors and hedge funds.
Braskem Company Profile
Braskem SA produces thermoplastic resins. The Company’s segments are Basic petrochemicals, Polyolefins, Vinyls, the United States and Europe, and Chemical distribution. It is also engaged in the import and export of chemicals, petrochemicals and fuels, the production, supply and sale of utilities such as steam, water, compressed air, industrial gases, the provision of industrial services, and the production, supply and sale of electric energy.
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