Braskem (NYSE:BAK) was downgraded by Zacks Investment Research from a "strong-buy" rating to a "hold" rating in a note issued to investors on Tuesday, Zacks.com reports.
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. "
A number of other research analysts also recently issued reports on BAK. UBS Group upgraded Braskem from a "neutral" rating to a "buy" rating in a research note on Tuesday, September 14th. TheStreet upgraded Braskem from a "c-" rating to a "b-" rating in a research note on Friday, August 13th. Finally, Bank of America initiated coverage on Braskem in a research note on Tuesday. They set a "buy" rating and a $32.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $23.25.
NYSE:BAK traded up $0.31 during mid-day trading on Tuesday, reaching $22.19. The company's stock had a trading volume of 218,162 shares, compared to its average volume of 267,252. The firm's fifty day moving average price is $23.44 and its two-hundred day moving average price is $20.33. The stock has a market cap of $8.85 billion, a P/E ratio of 5.04 and a beta of 1.66. Braskem has a 12-month low of $7.00 and a 12-month high of $26.93. The company has a current ratio of 1.26, a quick ratio of 0.85 and a debt-to-equity ratio of 5.44.
Braskem (NYSE:BAK) last released its quarterly earnings results on Tuesday, August 3rd. The company reported $3.52 earnings per share (EPS) for the quarter, beating the Zacks' consensus estimate of $2.22 by $1.30. Braskem had a negative return on equity of 811.92% and a net margin of 11.24%. Analysts predict that Braskem will post 6.58 earnings per share for the current fiscal year.
A number of large investors have recently added to or reduced their stakes in the stock. Natixis Advisors L.P. purchased a new stake in Braskem in the first quarter worth $200,000. BlackRock Inc. purchased a new stake in Braskem in the first quarter worth $32,000. Acadian Asset Management LLC purchased a new stake in Braskem in the first quarter worth $1,264,000. UBS Group AG increased its stake in Braskem by 225.7% in the first quarter. UBS Group AG now owns 4,654 shares of the company's stock worth $66,000 after purchasing an additional 3,225 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in Braskem by 588.3% in the first quarter. JPMorgan Chase & Co. now owns 90,935 shares of the company's stock worth $1,293,000 after purchasing an additional 77,724 shares during the period.
Braskem Company Profile
Braskem SA engages in the manufacture of petrochemicals and other related products. It operates through the following segments: Brazil, USA, and Europe and Mexico. The Brazil segment includes production and sale of chemicals, supply of electricity, and production and sale of PE. The USA and Europe segment involves production, operation, and sale of polypropylene in the United States and Germany.
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