Braskem (NYSE:BAK) Price Target Lowered to $9.50 at JPMorgan Chase & Co.

Braskem (NYSE:BAK) had its price objective reduced by JPMorgan Chase & Co. from $10.00 to $9.50 in a report released on Tuesday morning, Benzinga reports. They currently have a neutral rating on the stock.

Separately, Citigroup raised Braskem from a neutral rating to a buy rating in a report on Tuesday, August 20th.

Braskem Trading Up 8.7 %

Shares of NYSE BAK opened at $6.97 on Tuesday. Braskem has a twelve month low of $5.28 and a twelve month high of $10.98. 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 stock has a fifty day simple moving average of $6.42 and a 200-day simple moving average of $7.56. The stock has a market capitalization of $3.15 billion, a PE ratio of -2.16 and a beta of 2.02.

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

Institutional Trading of Braskem

Several institutional investors and hedge funds have recently made changes to their positions in the company. Point72 Asset Management L.P. lifted 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 valued at $266,000 after purchasing an additional 15,600 shares during the last quarter. MBB Public Markets I LLC lifted its holdings in shares of Braskem by 69.5% in the 2nd quarter. MBB Public Markets I LLC now owns 1,597,293 shares of the company’s stock valued at $10,303,000 after purchasing an additional 654,806 shares during the last quarter. Marshall Wace LLP lifted its holdings in shares of Braskem by 872.0% in 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. lifted its holdings in shares of Braskem by 1.6% in 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 during the last quarter. Finally, Boston Partners purchased a new stake in shares of Braskem in the 1st quarter valued at about $627,000.

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.