Braskem (NYSE:BAK) Price Target Cut to $9.50

Braskem (NYSE:BAK) had its price target dropped by JPMorgan Chase & Co. from $10.00 to $9.50 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 48.44% from the stock’s previous close.

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

Braskem Stock Performance

BAK opened at $6.40 on Tuesday. Braskem has a fifty-two week low of $5.28 and a fifty-two week 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 firm’s fifty day moving average price is $6.43 and its two-hundred day moving average price is $7.58.

Braskem (NYSE:BAK) last issued its earnings results on Thursday, August 8th. The company reported ($0.48) earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $3.66 billion for the quarter, compared to analyst estimates of $3.56 billion. On average, equities analysts anticipate that Braskem will post -1.3 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Point72 Asset Management L.P. increased its position in shares of 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 purchasing an additional 15,600 shares in the last quarter. MBB Public Markets I LLC grew its stake in Braskem by 69.5% during the second quarter. MBB Public Markets I LLC now owns 1,597,293 shares of the company’s stock worth $10,303,000 after buying an additional 654,806 shares during the last quarter. Marshall Wace LLP increased its holdings in shares of Braskem by 872.0% during the second quarter. Marshall Wace LLP now owns 268,352 shares of the company’s stock worth $1,731,000 after buying an additional 240,744 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Braskem by 1.6% in the second 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 last quarter. Finally, Boston Partners acquired a new position in shares of Braskem in the 1st quarter worth approximately $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.