Braskem (NYSE:BAK) Upgraded at Citigroup

Citigroup upgraded shares of Braskem (NYSE:BAK) from a strong sell rating to a hold rating in a report issued on Wednesday morning,Zacks.com reports.

Other equities research analysts have also recently issued research reports about the company. Zacks Research cut Braskem from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 19th. Bank of America lowered shares of Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 price objective on the stock. in a research report on Thursday, March 26th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Braskem in a report on Wednesday, January 21st. Four research analysts have rated the stock with a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, Braskem has an average rating of “Reduce” and a consensus target price of $3.87.

Braskem Stock Performance

NYSE BAK opened at $3.60 on Wednesday. The business has a 50 day simple moving average of $3.97 and a 200 day simple moving average of $3.24. Braskem has a 52-week low of $2.32 and a 52-week high of $5.30. The stock has a market cap of $1.43 billion, a price-to-earnings ratio of -0.78 and a beta of 1.74.

Braskem (NYSE:BAK) last announced its quarterly earnings results on Saturday, February 14th. The company reported ($2.33) earnings per share for the quarter. Braskem had a negative net margin of 14.53% and a negative return on equity of 21.95%. The company had revenue of $2.56 billion during the quarter. On average, analysts predict that Braskem will post -0.77 EPS for the current year.

Institutional Investors Weigh In On Braskem

Several hedge funds and other institutional investors have recently made changes to their positions in BAK. EverSource Wealth Advisors LLC increased its position in Braskem by 444.4% during the 4th quarter. EverSource Wealth Advisors LLC now owns 8,579 shares of the company’s stock worth $25,000 after purchasing an additional 7,003 shares in the last quarter. Ballentine Partners LLC bought a new stake in Braskem during the 3rd quarter worth approximately $34,000. Quadrant Capital Group LLC increased its position in Braskem by 222.1% in the 4th quarter. Quadrant Capital Group LLC now owns 12,809 shares of the company’s stock valued at $38,000 after acquiring an additional 8,832 shares during the period. Signaturefd LLC increased its position in Braskem by 50.1% in the 4th quarter. Signaturefd LLC now owns 13,524 shares of the company’s stock valued at $40,000 after acquiring an additional 4,513 shares during the period. Finally, Evergreen Capital Management LLC bought a new position in shares of Braskem during the fourth quarter valued at $44,000.

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.