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

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

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

Braskem Stock Up 8.7 %

Shares of BAK opened at $6.97 on Tuesday. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 23.25. Braskem has a 12 month low of $5.28 and a 12 month high of $10.98. The stock’s 50 day moving average is $6.42 and its two-hundred day moving average is $7.56. The firm has a market cap of $3.15 billion, a P/E ratio of -2.16 and a beta of 2.02.

Braskem (NYSE:BAK) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.48) EPS for the quarter, beating the consensus estimate of ($0.78) by $0.30. The company had revenue of $3.66 billion for the quarter, compared to analyst estimates of $3.56 billion. Braskem had a negative return on equity of 276.59% and a negative net margin of 12.98%. Analysts predict that Braskem will post -1.3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Braskem

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Jump Financial LLC lifted its position in Braskem by 4.3% during the fourth quarter. Jump Financial LLC now owns 67,392 shares of the company’s stock worth $594,000 after buying an additional 2,790 shares in the last quarter. Trexquant Investment LP lifted its position in Braskem by 197.1% during the fourth quarter. Trexquant Investment LP now owns 141,852 shares of the company’s stock worth $1,251,000 after buying an additional 94,099 shares in the last quarter. SPX Gestao de Recursos Ltda lifted its position in Braskem by 266.9% during the fourth quarter. SPX Gestao de Recursos Ltda now owns 239,536 shares of the company’s stock worth $2,113,000 after buying an additional 174,250 shares in the last quarter. Boston Partners purchased a new position in Braskem during the first quarter worth approximately $627,000. Finally, American Century Companies Inc. lifted its position in Braskem by 1.6% during the second quarter. American Century Companies Inc. now owns 111,968 shares of the company’s stock worth $722,000 after buying an additional 1,807 shares in the last quarter.

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.