Braskem (NYSE:BAK) Upgraded to Buy at UBS Group

UBS Group upgraded shares of Braskem (NYSE:BAK) from a neutral rating to a buy rating in a report released on Wednesday, MarketBeat.com reports. They currently have $10.00 price target on the stock, up from their previous price target of $7.70.

BAK has been the subject of a number of other reports. JPMorgan Chase & Co. dropped their price objective on shares of Braskem from $10.00 to $9.50 and set a neutral rating for the company in a research note on Tuesday, September 10th. Citigroup raised shares of Braskem from a neutral rating to a buy rating in a research note on Tuesday, August 20th.

Braskem Stock Down 2.6 %

BAK opened at $6.86 on Wednesday. Braskem has a 1-year low of $5.28 and a 1-year high of $10.98. The firm’s 50 day simple moving average is $6.43 and its two-hundred day simple moving average is $7.50. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 23.25. The company has a market capitalization of $3.10 billion, a PE ratio of -2.12 and a beta of 2.02.

Braskem (NYSE:BAK) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.78) by $0.30. Braskem had a negative net margin of 12.98% and a negative return on equity of 276.59%. The firm had revenue of $3.66 billion during the quarter, compared to analysts’ expectations of $3.56 billion. As a group, equities analysts forecast that Braskem will post -1.3 EPS for the current year.

Hedge Funds Weigh In On Braskem

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

Braskem Company Profile

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.