Braskem S.A. (NYSE:BAK – Get Free Report)’s stock price gapped up prior to trading on Thursday. The stock had previously closed at $1.45, but opened at $1.52. Braskem shares last traded at $1.5250, with a volume of 181,885 shares traded.
Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on BAK shares. JPMorgan Chase & Co. lowered Braskem from an “overweight” rating to a “neutral” rating in a research note on Tuesday, June 30th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Braskem in a research report on Friday, July 17th. UBS Group cut Braskem from a “neutral” rating to a “sell” rating and reduced their target price for the company from $4.00 to $1.50 in a research note on Tuesday, September 15th. Citigroup downgraded shares of Braskem from a “neutral” rating to a “sell” rating in a research report on Thursday, June 25th. Finally, HSBC lowered shares of Braskem from a “buy” rating to a “hold” rating and dropped their price target for the stock from $6.50 to $1.50 in a research note on Monday. Three research analysts have rated the stock with a Hold rating and six have given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Strong Sell” and a consensus target price of $2.56.
Braskem Trading Up 6.6%
Braskem (NYSE:BAK – Get Free Report) last issued its earnings results on Friday, June 26th. The company reported $1.61 earnings per share for the quarter. The firm 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%. On average, equities research analysts predict that Braskem S.A. will post 1.58 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Braskem
A number of hedge funds have recently made changes to their positions in BAK. EverSource Wealth Advisors LLC boosted its position in shares of Braskem by 444.4% during the fourth quarter. EverSource Wealth Advisors LLC now owns 8,579 shares of the company’s stock worth $25,000 after buying an additional 7,003 shares during the period. Cetera Investment Advisers bought a new stake in Braskem during the 1st quarter valued at $51,000. Citadel Advisors LLC bought a new stake in Braskem during the 2nd quarter valued at $89,000. Ramsey Quantitative Systems acquired a new position in Braskem during the 2nd quarter worth $155,000. Finally, Private Advisor Group LLC acquired a new position in Braskem during the 1st quarter worth $157,000.
Braskem Company Profile
Braskem SA is a Brazilian petrochemical company headquartered in São Paulo. Established in 2002 through the combination of Odebrecht Química and the petrochemical company Copene, Braskem has developed into one of Latin America’s major producers of thermoplastic resins and basic petrochemicals.
The company manufactures polyethylene, polypropylene and polyvinyl chloride (PVC), which are used in packaging, construction, automotive components, consumer goods and other industrial applications.
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