Braskem S.A. (BAK) Downgraded by Zacks Investment Research to “Hold”
Zacks Investment Research cut shares of Braskem S.A. (NYSE:BAK) from a buy rating to a hold rating in a research note issued to investors on Tuesday morning.
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. “
BAK has been the subject of a number of other reports. BidaskClub cut shares of Braskem from a strong-buy rating to a buy rating in a research report on Thursday, July 27th. Morgan Stanley raised shares of Braskem from an equal weight rating to an overweight rating in a research report on Monday, July 17th. Finally, ValuEngine raised shares of Braskem from a buy rating to a strong-buy rating in a research report on Friday, June 2nd. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Braskem has a consensus rating of Buy and a consensus target price of $21.33.
Shares of Braskem (NYSE:BAK) opened at 24.40 on Tuesday. Braskem has a one year low of $13.12 and a one year high of $25.68. The company has a market cap of $9.71 billion, a price-to-earnings ratio of 24.40 and a beta of 1.14. The company has a 50 day moving average price of $23.85 and a 200 day moving average price of $21.47.
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Several large investors have recently made changes to their positions in BAK. Gruss Capital Management LP acquired a new stake in shares of Braskem during the second quarter worth approximately $15,022,000. Renaissance Technologies LLC boosted its stake in shares of Braskem by 25.2% in the first quarter. Renaissance Technologies LLC now owns 3,262,800 shares of the energy company’s stock worth $66,398,000 after buying an additional 657,400 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Braskem by 173.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,003,223 shares of the energy company’s stock worth $20,415,000 after buying an additional 636,561 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Braskem by 75.0% in the second quarter. JPMorgan Chase & Co. now owns 261,291 shares of the energy company’s stock worth $5,414,000 after buying an additional 112,024 shares during the last quarter. Finally, Redwood Capital Management LLC acquired a new stake in shares of Braskem during the second quarter worth approximately $2,282,000. 0.66% of the stock is owned by institutional investors and hedge funds.
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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