Bank of America Downgrades Braskem (NYSE:BAK) to Underperform

Braskem (NYSE:BAK) was downgraded by Bank of America from a “neutral” rating to an “underperform” rating in a report released on Thursday, Marketbeat reports. They presently have a $2.80 price objective on the stock. Bank of America‘s price objective indicates a potential downside of 20.57% from the stock’s previous close.

BAK has been the topic of a number of other research reports. Citigroup downgraded Braskem from a “hold” rating to a “sell” rating in a research note on Monday, February 16th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Braskem in a report on Wednesday, January 21st. Finally, Zacks Research lowered Braskem from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 19th. Three investment analysts have rated the stock with a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Strong Sell” and an average price target of $3.87.

Braskem Price Performance

Shares of NYSE BAK opened at $3.53 on Thursday. Braskem has a fifty-two week low of $2.32 and a fifty-two week high of $5.30. The firm has a market capitalization of $1.41 billion, a P/E ratio of -1.55 and a beta of 1.84. The company’s 50 day simple moving average is $3.95 and its 200 day simple moving average is $3.23.

Institutional Trading of Braskem

A number of institutional investors have recently made changes to their positions in BAK. EverSource Wealth Advisors LLC increased its stake in Braskem by 444.4% in the 4th quarter. EverSource Wealth Advisors LLC now owns 8,579 shares of the company’s stock valued at $25,000 after buying an additional 7,003 shares during the last quarter. Ballentine Partners LLC acquired a new position in shares of Braskem during the 3rd quarter worth about $34,000. Quadrant Capital Group LLC grew its holdings in shares of 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 in the last quarter. Signaturefd LLC increased its position in shares of Braskem by 50.1% in the fourth 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 last quarter. Finally, Evergreen Capital Management LLC acquired a new stake in shares of Braskem in the fourth quarter valued at about $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.