Braskem S.A. (NYSE:BAK) Receives Average Recommendation of “Reduce” from Analysts

Shares of Braskem S.A. (NYSE:BAK) have been assigned an average recommendation of “Reduce” from the seven ratings firms that are currently covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating and five have assigned a hold rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $4.40.

Several research firms recently commented on BAK. UBS Group downgraded shares of Braskem from a “buy” rating to a “neutral” rating and reduced their price target for the company from $5.10 to $3.80 in a research report on Friday, September 26th. Citigroup cut shares of Braskem from a “buy” rating to a “hold” rating in a report on Friday, October 10th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Braskem in a research note on Wednesday, October 8th. Santander cut Braskem from a “neutral” rating to an “underperform” rating in a research report on Thursday, October 16th. Finally, Zacks Research cut Braskem from a “strong-buy” rating to a “hold” rating in a research report on Monday.

Braskem Stock Up 1.5%

Shares of NYSE BAK opened at $3.35 on Friday. The business has a 50-day moving average price of $2.98 and a 200 day moving average price of $2.98. The stock has a market cap of $1.32 billion, a PE ratio of -1.47 and a beta of 1.88. Braskem has a 52-week low of $2.32 and a 52-week high of $5.10.

Braskem (NYSE:BAK) last issued its quarterly earnings data on Wednesday, November 12th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.46. The firm had revenue of $3.25 billion during the quarter, compared to analysts’ expectations of $3.23 billion. Sell-side analysts anticipate that Braskem will post -0.77 earnings per share for the current year.

Hedge Funds Weigh In On Braskem

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Centric Wealth Management purchased a new position in Braskem during the 2nd quarter worth $128,000. Jump Financial LLC increased its stake in shares of Braskem by 607.1% during the second quarter. Jump Financial LLC now owns 263,771 shares of the company’s stock worth $865,000 after acquiring an additional 226,467 shares during the period. Jane Street Group LLC raised its holdings in Braskem by 130.3% during 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 in the last quarter. Ballentine Partners LLC acquired a new stake in Braskem in the third quarter valued at about $34,000. Finally, Van ECK Associates Corp purchased a new stake in Braskem in the 3rd quarter valued at approximately $117,000.

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.