Brokerages Set Braskem S.A. (NYSE:BAK) Price Target at $3.40

Braskem S.A. (NYSE:BAK) has been assigned an average recommendation of “Strong Sell” from the eight research firms that are currently covering the stock, Marketbeat.com reports. Five investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $3.40.

Several analysts have commented on the company. Citigroup downgraded Braskem from a “neutral” rating to a “sell” rating in a research note on Thursday, June 25th. Zacks Research lowered Braskem from a “strong-buy” rating to a “hold” rating in a report on Monday, May 18th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Braskem in a report on Friday, July 17th. Finally, JPMorgan Chase & Co. lowered shares of Braskem from an “overweight” rating to a “neutral” rating in a research report on Tuesday, June 30th.

Braskem Stock Performance

Shares of Braskem stock opened at $1.90 on Monday. The company has a market capitalization of $755.35 million, a P/E ratio of -0.78, a PEG ratio of 0.11 and a beta of 1.56. Braskem has a 1 year low of $1.40 and a 1 year high of $5.39. The company’s fifty day moving average is $2.21 and its two-hundred day moving average is $3.32.

Braskem (NYSE:BAK) last announced its earnings results on Friday, June 26th. The company reported $1.61 EPS for the quarter. Braskem had a negative net margin of 7.28% and a negative return on equity of 67.75%. The business had revenue of $4.20 billion during the quarter. As a group, equities analysts expect that Braskem will post 1.58 earnings per share for the current year.

Institutional Investors Weigh In On Braskem

Hedge funds have recently added to or reduced their stakes in the company. UBS Group AG increased its position in Braskem by 2.6% during the 3rd quarter. UBS Group AG now owns 783,445 shares of the company’s stock worth $1,896,000 after purchasing an additional 19,956 shares during the period. Brooklands Fund Management Ltd acquired a new stake in shares of Braskem in the 1st quarter valued at approximately $2,013,000. State Street Corp boosted its stake in shares of Braskem by 7.2% in the fourth quarter. State Street Corp now owns 311,507 shares of the company’s stock valued at $919,000 after buying an additional 20,805 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Braskem by 619.5% in the fourth quarter. Renaissance Technologies LLC now owns 265,488 shares of the company’s stock valued at $783,000 after buying an additional 228,588 shares in the last quarter. Finally, Jump Financial LLC grew its holdings in 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.

Braskem Company Profile

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.