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

Citigroup upgraded shares of Braskem (NYSE:BAK) from a neutral rating to a buy rating in a research report report published on Tuesday morning, Marketbeat.com reports.

Separately, JPMorgan Chase & Co. decreased their price target on shares of Braskem from $11.00 to $10.00 and set a neutral rating for the company in a research note on Friday, May 24th.

Braskem Trading Up 3.9 %

NYSE BAK opened at $6.33 on Tuesday. The stock’s 50 day moving average is $6.45 and its 200 day moving average is $7.67. The company has a quick ratio of 0.95, a current ratio of 1.46 and a debt-to-equity ratio of 23.25. The firm has a market capitalization of $2.86 billion, a PE ratio of -1.96 and a beta of 2.05. Braskem has a twelve month low of $5.28 and a twelve month high of $10.98.

Institutional Trading of Braskem

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Point72 Asset Management L.P. boosted its holdings in Braskem by 60.9% in the second 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 in the last quarter. MBB Public Markets I LLC boosted its stake in Braskem by 69.5% in the 2nd quarter. MBB Public Markets I LLC now owns 1,597,293 shares of the company’s stock worth $10,303,000 after purchasing an additional 654,806 shares in the last quarter. Marshall Wace LLP grew its position in Braskem by 872.0% during the 2nd quarter. Marshall Wace LLP now owns 268,352 shares of the company’s stock valued at $1,731,000 after purchasing an additional 240,744 shares during the last quarter. American Century Companies Inc. increased its stake in 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 purchasing an additional 1,807 shares in the last quarter. Finally, Boston Partners purchased a new position in Braskem in the first quarter worth about $627,000.

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.