Braskem (NYSE:BAK) Cut to Hold at Zacks Research

Key Points

• Zacks Research has downgraded Braskem from a "strong-buy" rating to a "hold" rating, reflecting concerns about its stock performance.
• Recent reports from UBS and JPMorgan also downgraded Braskem's stock, lowering their price targets to $3.80 and $5.00, respectively.
• Braskem's shares opened at $2.56, experiencing a slight rise of 5.6% amid these downgrades.

Braskem (NYSE:BAK - Get Free Report) was downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating in a note issued to investors on Tuesday,Zacks.com reports.

BAK has been the topic of a number of other reports. UBS Group lowered Braskem from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $5.10 to $3.80 in a research note on Friday, September 26th. JPMorgan Chase & Co. lowered their target price on shares of Braskem from $6.00 to $5.00 and set a "neutral" rating on the stock in a report on Wednesday, August 27th. Four analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $4.40.

Braskem Stock Up 5.6%

Shares of BAK opened at $2.56 on Tuesday. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of -1.01 and a beta of 1.77. Braskem has a 12 month low of $2.42 and a 12 month high of $7.61. The company has a 50-day moving average price of $3.15 and a two-hundred day moving average price of $3.44.

Braskem (NYSE:BAK - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.70) by $0.56. The company had revenue of $3.38 billion during the quarter, compared to the consensus estimate of $18.76 billion. Equities research analysts expect that Braskem will post -0.77 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in BAK. R Squared Ltd lifted its stake in shares of Braskem by 55.2% in the 1st quarter. R Squared Ltd now owns 17,600 shares of the company's stock valued at $68,000 after purchasing an additional 6,260 shares during the period. American Century Companies Inc. grew its stake in shares of Braskem by 12.6% during the first quarter. American Century Companies Inc. now owns 110,035 shares of the company's stock worth $424,000 after purchasing an additional 12,300 shares during the period. Ballentine Partners LLC bought a new stake in Braskem in the first quarter valued at about $58,000. GAMMA Investing LLC lifted its stake in Braskem by 654.9% in the first quarter. GAMMA Investing LLC now owns 19,824 shares of the company's stock valued at $76,000 after buying an additional 17,198 shares during the period. Finally, Jump Financial LLC lifted its stake in Braskem by 114.4% in the first quarter. Jump Financial LLC now owns 37,304 shares of the company's stock valued at $144,000 after buying an additional 19,904 shares during the period.

Braskem Company Profile

Braskem SA, together with its subsidiaries, produces and sells thermoplastic resins. The company operates through three segments: Brazil, United States and Europe, and Mexico. The Brazil segment produces and sells olefins, including ethylene, polymer and chemical grade propylene, butadiene, and butene-1; benzene, toluene, and xylenes products; fuels, such as automotive gasoline, liquefied petroleum gas, ethyl tertiary-butyl ether, and methyl tertiary-butyl ether; intermediates, such as cumene; aliphatics, aromatics, and hydrogenated solvents; and specialties comprising isoprene, dicyclopentadiene, piperylene, nonene, tetramer, polyisobutylene, and hydrocarbon resins.

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