Braskem (NYSE:BAK) Lifted to “Buy” at UBS Group

by · The Markets Daily

UBS 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

(Get Free Report)

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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