Braskem (NYSE:BAK) Lifted to “Buy” at UBS Group
by Mitch Edgeman · The Markets DailyUBS Group upgraded shares of Braskem (NYSE:BAK – Free Report) from a neutral rating to a buy rating in a research note issued to investors on Wednesday, Marketbeat reports. They currently have $10.00 price target on the stock, up from their prior price target of $7.70.
BAK has been the topic of a number of other reports. JPMorgan Chase & Co. reduced their price objective on shares of Braskem from $10.00 to $9.50 and set a neutral rating on the stock in a research report on Tuesday, September 10th. Citigroup raised shares of Braskem from a neutral rating to a buy rating in a research report on Tuesday, August 20th.
Read Our Latest Research Report on BAK
Braskem Stock Down 2.6 %
Shares of NYSE BAK opened at $6.86 on Wednesday. The company has a quick ratio of 0.84, a current ratio of 1.31 and a debt-to-equity ratio of 23.25. The firm’s fifty day moving average is $6.43 and its 200 day moving average is $7.51. The company has a market cap of $3.10 billion, a price-to-earnings ratio of -2.12 and a beta of 2.02. Braskem has a 52 week low of $5.28 and a 52 week high of $10.98.
Braskem (NYSE:BAK – Get Free Report) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.78) by $0.30. The business had revenue of $3.66 billion for the quarter, compared to the consensus estimate of $3.56 billion. Braskem had a negative net margin of 12.98% and a negative return on equity of 276.59%. On average, equities research analysts expect that Braskem will post -1.3 earnings per share for the current year.
Institutional Trading of Braskem
Hedge funds and other institutional investors have recently modified their holdings of the business. Boston Partners purchased a new stake in shares of Braskem in the 1st quarter worth about $627,000. Jump Financial LLC grew its position in shares of Braskem by 4.3% in the 4th quarter. Jump Financial LLC now owns 67,392 shares of the company’s stock worth $594,000 after buying an additional 2,790 shares during the period. Trexquant Investment LP grew its position in shares of Braskem by 197.1% in the 4th quarter. Trexquant Investment LP now owns 141,852 shares of the company’s stock worth $1,251,000 after buying an additional 94,099 shares during the period. SPX Gestao de Recursos Ltda boosted its stake in Braskem by 266.9% in the 4th quarter. SPX Gestao de Recursos Ltda now owns 239,536 shares of the company’s stock worth $2,113,000 after purchasing an additional 174,250 shares in the last quarter. Finally, Marshall Wace LLP boosted its stake in Braskem by 872.0% in the 2nd quarter. Marshall Wace LLP now owns 268,352 shares of the company’s stock worth $1,731,000 after purchasing an additional 240,744 shares in the last quarter.
About Braskem
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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