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

Shares of Braskem S.A. (NYSE:BAK) have been given an average recommendation of “Reduce” by the eight ratings firms that are currently covering the stock, MarketBeat.com reports. Four analysts have rated the stock with a sell recommendation, three have given a hold recommendation and one has given a buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $3.40.

Several equities analysts have issued reports on BAK shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Braskem in a report on Monday, April 20th. Bank of America lowered Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 price objective on the stock. in a report on Thursday, March 26th. JPMorgan Chase & Co. raised Braskem from a “neutral” rating to an “overweight” rating and set a $5.50 price objective on the stock in a report on Tuesday, May 12th. Zacks Research lowered Braskem from a “strong-buy” rating to a “hold” rating in a report on Monday, May 18th. Finally, Bradesco Corretora lowered Braskem from an “outperform” rating to an “underperform” rating and set a $1.50 price objective on the stock. in a report on Tuesday, April 21st.

Hedge Funds Weigh In On Braskem

Several institutional investors have recently added to or reduced their stakes in the stock. Jump Financial LLC raised its stake in Braskem by 607.1% during the 2nd quarter. Jump Financial LLC now owns 263,771 shares of the company’s stock valued at $865,000 after acquiring an additional 226,467 shares during the last quarter. Jane Street Group LLC lifted its position in Braskem by 130.3% during the 2nd quarter. Jane Street Group LLC now owns 49,301 shares of the company’s stock worth $162,000 after acquiring an additional 27,891 shares during the period. Ballentine Partners LLC acquired a new stake in Braskem during the 3rd quarter worth approximately $34,000. Van ECK Associates Corp acquired a new stake in Braskem during the 3rd quarter worth approximately $117,000. Finally, UBS Group AG lifted 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 acquiring an additional 19,956 shares during the period.

Braskem Stock Performance

Shares of BAK stock opened at $4.18 on Friday. The stock’s 50-day moving average is $4.01 and its two-hundred day moving average is $3.61. The firm has a market cap of $1.67 billion, a price-to-earnings ratio of -0.99, a PEG ratio of 0.13 and a beta of 1.56. Braskem has a 1 year low of $2.32 and a 1 year high of $5.39.

Braskem (NYSE:BAK) last issued its quarterly earnings data on Thursday, May 14th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.48. The company had revenue of $3.51 billion for the quarter, compared to analyst estimates of $3.39 billion. Braskem had a negative return on equity of 23.17% and a negative net margin of 13.72%. As a group, research analysts predict that Braskem will post 2.07 EPS for the current year.

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.