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

Braskem (NYSE:BAK) had its price target lowered by stock analysts at JPMorgan Chase & Co. from $10.00 to $9.50 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 49.84% from the stock’s current price.

Separately, Citigroup upgraded shares of Braskem from a “neutral” rating to a “buy” rating in a research note on Tuesday, August 20th.

Braskem Stock Down 2.9 %

BAK stock traded down $0.19 during midday trading on Tuesday, hitting $6.34. The company’s stock had a trading volume of 312,805 shares, compared to its average volume of 851,880. The firm has a 50-day simple moving average of $6.43 and a 200-day simple moving average of $7.60. The company has a debt-to-equity ratio of 23.25, a quick ratio of 0.84 and a current ratio of 1.31. Braskem has a 52-week low of $5.28 and a 52-week high of $10.98.

Braskem (NYSE:BAK) last released its earnings results on Thursday, August 8th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $3.56 billion. As a group, equities analysts predict that Braskem will post -1.3 EPS for the current year.

Institutional Trading of Braskem

A number of institutional investors have recently bought and sold shares of BAK. 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 valued at $266,000 after purchasing an additional 15,600 shares in the last quarter. MBB Public Markets I LLC grew its position 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 buying an additional 654,806 shares during the last quarter. Marshall Wace LLP raised its stake in Braskem by 872.0% during the 2nd quarter. Marshall Wace LLP now owns 268,352 shares of the company’s stock worth $1,731,000 after acquiring an additional 240,744 shares in the last quarter. American Century Companies Inc. raised 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 worth $722,000 after acquiring an additional 1,807 shares in the last quarter. Finally, Boston Partners purchased a new stake in Braskem in the first quarter valued at $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.