Braskem (NYSE:BAK) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Braskem (NYSE:BAK) to a hold rating in a research report report published on Saturday morning,Wall Street Zen reports.

A number of other brokerages have also recently commented on BAK. JPMorgan Chase & Co. cut shares of Braskem from an “overweight” rating to a “neutral” rating in a report on Tuesday, June 30th. UBS Group downgraded shares of Braskem from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $4.00 to $1.50 in a research report on Tuesday, September 15th. HSBC lowered shares of Braskem from a “buy” rating to a “hold” rating and decreased their price target for the stock from $6.50 to $1.50 in a research note on Monday, September 28th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Braskem in a research note on Thursday. Finally, Citigroup cut shares of Braskem from a “neutral” rating to a “sell” rating in a research report on Thursday, June 25th. Three analysts have rated the stock with a Hold rating and five have issued a Sell rating to the stock. Based on data from MarketBeat, Braskem has an average rating of “Strong Sell” and an average price target of $2.56.

Braskem Stock Up 2.7%

BAK opened at $1.71 on Friday. Braskem has a 52 week low of $1.40 and a 52 week high of $5.39. The stock has a market cap of $679.61 million, a PE ratio of 0.59, a PEG ratio of 0.10 and a beta of 1.56. The business has a 50 day moving average of $1.80 and a 200-day moving average of $2.80.

Braskem (NYSE:BAK) last issued its quarterly earnings results on Friday, June 26th. The company reported $1.61 earnings per share for the quarter. The company had revenue of $4.20 billion for the quarter. Braskem had a negative return on equity of 67.75% and a negative net margin of 7.28%. Equities analysts anticipate that Braskem will post 1.58 EPS for the current year.

Institutional Investors Weigh In On Braskem

A number of institutional investors have recently modified their holdings of BAK. Cetera Investment Advisers bought a new position in shares of Braskem during the first quarter valued at $51,000. Citadel Advisors LLC bought a new position in Braskem in the 2nd quarter worth about $89,000. Private Advisor Group LLC bought a new position in Braskem in the 1st quarter worth about $157,000. Bank of America Corp DE boosted its stake in Braskem by 178,471.4% in the 1st quarter. Bank of America Corp DE now owns 50,000 shares of the company’s stock worth $183,000 after purchasing an additional 49,972 shares in the last quarter. Finally, SmartHarvest Portfolios LLC grew its position in Braskem by 49.7% during the 1st quarter. SmartHarvest Portfolios LLC now owns 54,466 shares of the company’s stock valued at $199,000 after purchasing an additional 18,085 shares during the last quarter.

About Braskem

Braskem SA is a Brazilian petrochemical company headquartered in São Paulo, Brazil. The company produces basic chemicals and thermoplastic resins used in packaging, construction, automotive components, consumer goods, agriculture, and other industrial applications.

Its product portfolio includes olefins such as ethylene and propylene, polyolefins including polyethylene and polypropylene, polyvinyl chloride (PVC), caustic soda, and other chemical intermediates. Braskem also markets renewable polyethylene under the “I’m green” brand, which is made from sugarcane-based ethanol.

Established in 2002 through the consolidation of petrochemical assets in Brazil, Braskem expanded internationally through subsequent acquisitions and investments.