Braskem (NYSE:BAK) Lowered to Neutral Rating by UBS Group

UBS Group cut shares of Braskem (NYSE:BAK) from a buy rating to a neutral rating in a research report report published on Friday, Marketbeat Ratings reports. UBS Group currently has $3.80 price target on the stock, down from their previous price target of $5.10.

Other analysts have also recently issued research reports about the company. Zacks Research upgraded Braskem from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 1st. JPMorgan Chase & Co. dropped their price objective on Braskem from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Wednesday, August 27th. One analyst has rated the stock with a Strong Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $4.40.

Braskem Stock Performance

Braskem stock opened at $2.62 on Friday. Braskem has a one year low of $2.51 and a one year high of $7.71. The business has a fifty day moving average of $3.19 and a two-hundred day moving average of $3.47. The company has a market cap of $1.04 billion, a P/E ratio of -1.04 and a beta of 1.81.

Braskem (NYSE:BAK) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.70) by $0.56. The firm had revenue of $3.38 billion for the quarter, compared to analyst estimates of $18.76 billion. Sell-side analysts predict that Braskem will post -0.77 EPS for the current year.

Hedge Funds Weigh In On Braskem

Hedge funds and other institutional investors have recently modified their holdings of the company. Kapitalo Investimentos Ltda lifted its stake in shares of Braskem by 1,136,346.5% in the 1st quarter. Kapitalo Investimentos Ltda now owns 1,466,016 shares of the company’s stock valued at $5,644,000 after purchasing an additional 1,465,887 shares in the last quarter. Bank of America Corp DE lifted its position in Braskem by 431.0% during the 4th quarter. Bank of America Corp DE now owns 134,824 shares of the company’s stock worth $520,000 after acquiring an additional 109,433 shares in the last quarter. Graham Capital Management L.P. acquired a new position in Braskem during the 1st quarter worth approximately $532,000. GAMMA Investing LLC lifted its position in Braskem by 654.9% during the 1st quarter. GAMMA Investing LLC now owns 19,824 shares of the company’s stock worth $76,000 after acquiring an additional 17,198 shares in the last quarter. Finally, Ballentine Partners LLC acquired a new position in Braskem during the 1st quarter worth approximately $58,000.

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.