Braskem (NYSE:BAK) Upgraded to “Buy” at Citigroup

Citigroup upgraded shares of Braskem (NYSE:BAK) from a neutral rating to a buy rating in a research report sent to investors on Tuesday, MarketBeat reports.

Separately, JPMorgan Chase & Co. cut their price target on shares of Braskem from $11.00 to $10.00 and set a neutral rating on the stock in a report on Friday, May 24th.

Braskem Trading Up 3.9 %

NYSE BAK opened at $6.33 on Tuesday. The company has a current ratio of 1.46, a quick ratio of 0.95 and a debt-to-equity ratio of 23.25. The business has a fifty day simple moving average of $6.45 and a 200 day simple moving average of $7.67. Braskem has a 12 month low of $5.28 and a 12 month high of $10.98. The firm has a market capitalization of $2.86 billion, a P/E ratio of -1.96 and a beta of 2.05.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of BAK. Point72 Asset Management L.P. boosted its holdings in shares of Braskem by 60.9% in the 2nd quarter. Point72 Asset Management L.P. now owns 41,200 shares of the company’s stock worth $266,000 after buying an additional 15,600 shares during the last quarter. Jump Financial LLC boosted its stake in Braskem by 4.3% in the fourth quarter. Jump Financial LLC now owns 67,392 shares of the company’s stock valued at $594,000 after acquiring an additional 2,790 shares during the last quarter. Boston Partners bought a new position in shares of Braskem during the 1st quarter valued at approximately $627,000. American Century Companies Inc. grew its position in shares of Braskem by 1.6% during the 2nd quarter. American Century Companies Inc. now owns 111,968 shares of the company’s stock valued at $722,000 after acquiring an additional 1,807 shares during the period. Finally, Trexquant Investment LP increased its stake in shares of Braskem by 197.1% during the 4th quarter. Trexquant Investment LP now owns 141,852 shares of the company’s stock worth $1,251,000 after purchasing an additional 94,099 shares during 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.