Braskem S.A. (NYSE:BAK) Receives Consensus Rating of “Reduce” from Brokerages

Braskem S.A. (NYSE:BAK) has been assigned an average recommendation of “Reduce” from the seven analysts that are covering the company, Marketbeat reports. Three analysts have rated the stock with a sell recommendation and four have given a hold recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $4.40.

Several research analysts have recently commented on BAK shares. Citigroup downgraded Braskem from a “neutral” rating to a “sell” rating in a report on Monday. Zacks Research cut Braskem from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 19th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Braskem in a research note on Wednesday, January 21st.

Braskem Stock Performance

Shares of BAK opened at $3.83 on Thursday. Braskem has a fifty-two week low of $2.32 and a fifty-two week high of $4.74. The firm has a 50 day moving average price of $3.24 and a 200-day moving average price of $3.03.

Hedge Funds Weigh In On Braskem

Hedge funds and other institutional investors have recently modified their holdings of the company. Centric Wealth Management purchased a new stake in shares of Braskem during the second quarter worth about $128,000. Jump Financial LLC raised its position 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 purchasing an additional 226,467 shares during the last quarter. Jane Street Group LLC lifted its holdings in Braskem by 130.3% in the 2nd quarter. Jane Street Group LLC now owns 49,301 shares of the company’s stock worth $162,000 after buying an additional 27,891 shares during the period. Ballentine Partners LLC bought a new stake in shares of Braskem in the 3rd quarter worth approximately $34,000. Finally, Van ECK Associates Corp bought a new stake in shares of Braskem in the 3rd quarter worth approximately $117,000.

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.