Zacks Investment Research Downgrades Braskem (BAK) to Strong Sell

Zacks Investment Research lowered shares of Braskem (NYSE:BAK) from a hold rating to a strong sell rating in a research report report published on Monday, December 18th.

According to Zacks, “Braskem SA figures as the largest petrochemical operation in Latin America and among the five largest private companies in Brazil. With industrial facilities located in Alagoas, Bahia, São Paulo and Rio Grande do Sul, Braskem produces primary base petrochemicals such as ethylene, propylene, benzene, caprolactam, DMT and termoplastic resins (polypropylene, polyethylene, PVC and PET) gas and GLP. “

Separately, UBS Group downgraded Braskem from a buy rating to a neutral rating in a research report on Tuesday, November 21st. One analyst has rated the stock with a sell rating, two have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Braskem has a consensus rating of Hold and an average price target of $34.00.

Braskem (NYSE:BAK) traded up $1.15 during trading hours on Monday, hitting $28.94. The stock had a trading volume of 698,390 shares, compared to its average volume of 477,261. Braskem has a 1-year low of $17.44 and a 1-year high of $33.73. The firm has a market capitalization of $10,960.00, a price-to-earnings ratio of 32.52 and a beta of 1.05. The company has a debt-to-equity ratio of 2.88, a quick ratio of 0.58 and a current ratio of 0.86.

The firm also recently declared a special dividend, which was paid on Friday, December 22nd. Investors of record on Monday, December 11th were issued a $0.7748 dividend. The ex-dividend date of this dividend was Friday, December 8th. Braskem’s dividend payout ratio is currently 84.27%.

Large investors have recently added to or reduced their stakes in the business. Gruss Capital Management LP bought a new stake in shares of Braskem in the 2nd quarter worth approximately $15,022,000. Renaissance Technologies LLC increased its position in Braskem by 15.3% in the 2nd quarter. Renaissance Technologies LLC now owns 3,762,500 shares of the energy company’s stock valued at $77,959,000 after acquiring an additional 499,700 shares during the period. Contrarian Capital Management L.L.C. increased its position in Braskem by 18.4% in the 3rd quarter. Contrarian Capital Management L.L.C. now owns 2,556,204 shares of the energy company’s stock valued at $68,353,000 after acquiring an additional 396,895 shares during the period. Caxton Associates LP acquired a new stake in Braskem in the 3rd quarter valued at approximately $7,156,000. Finally, JPMorgan Chase & Co. increased its position in shares of Braskem by 75.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 261,291 shares of the energy company’s stock valued at $5,414,000 after purchasing an additional 112,024 shares during the period. 0.63% of the stock is currently owned by institutional investors.

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Braskem Company Profile

Braskem SA produces thermoplastic resins. The Company’s segments are Basic petrochemicals, Polyolefins, Vinyls, the United States and Europe, and Chemical distribution. It is also engaged in the import and export of chemicals, petrochemicals and fuels, the production, supply and sale of utilities such as steam, water, compressed air, industrial gases, the provision of industrial services, and the production, supply and sale of electric energy.

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