Zacks Research Upgrades Braskem (NYSE:BAK) to “Strong-Buy”
by Scott Moore · The Cerbat GemBraskem (NYSE:BAK – Get Free Report) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Monday,Zacks.com reports.
A number of other research firms have also weighed in on BAK. Citigroup upgraded Braskem from a “strong sell” rating to a “hold” rating in a report on Wednesday, April 1st. Weiss Ratings restated a “sell (e+)” rating on shares of Braskem in a report on Wednesday, January 21st. Finally, Bank of America lowered Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 target price for the company. in a report on Thursday, March 26th. One analyst has rated the stock with a Strong Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus price target of $3.87.
Check Out Our Latest Analysis on BAK
Braskem Stock Performance
Shares of NYSE BAK opened at $3.53 on Monday. The firm has a market capitalization of $1.41 billion, a price-to-earnings ratio of -0.76 and a beta of 1.74. The stock has a 50 day moving average price of $3.96 and a 200 day moving average price of $3.24. Braskem has a 52-week low of $2.32 and a 52-week high of $5.30.
Braskem (NYSE:BAK – Get Free Report) last announced its quarterly earnings results on Saturday, February 14th. The company reported ($2.33) earnings per share (EPS) for the quarter. The firm had revenue of $2.56 billion during the quarter. Braskem had a negative net margin of 14.53% and a negative return on equity of 21.95%. Analysts forecast that Braskem will post -0.77 earnings per share for the current year.
Hedge Funds Weigh In On Braskem
Large investors have recently made changes to their positions in the business. Creative Planning increased its position in shares of Braskem by 145.0% during the third quarter. Creative Planning now owns 56,790 shares of the company’s stock worth $137,000 after purchasing an additional 33,614 shares in the last quarter. Van ECK Associates Corp acquired a new position in shares of Braskem in the 3rd quarter valued at $117,000. Millennium Management LLC acquired a new position in shares of Braskem in the 4th quarter valued at $112,000. Virtu Financial LLC increased its position in shares of Braskem by 28.7% in the 3rd quarter. Virtu Financial LLC now owns 44,587 shares of the company’s stock valued at $108,000 after acquiring an additional 9,938 shares during the period. Finally, Squarepoint Ops LLC acquired a new position in shares of Braskem in the 4th quarter valued at $79,000.
Braskem Company Profile
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.