Braskem (NYSE:BAK) Price Target Cut to $10.00 by Analysts at JPMorgan Chase & Co.

Braskem (NYSE:BAK) had its price target cut by JPMorgan Chase & Co. from $11.00 to $10.00 in a research note published on Friday, Benzinga reports. They currently have a neutral rating on the stock.

Braskem Stock Performance

NYSE BAK opened at $7.38 on Friday. The stock’s fifty day moving average is $8.93 and its two-hundred day moving average is $8.24. The company has a debt-to-equity ratio of 23.25, a current ratio of 1.46 and a quick ratio of 1.02. Braskem has a fifty-two week low of $6.30 and a fifty-two week high of $12.67.

Braskem (NYSE:BAK) last released its quarterly earnings data on Tuesday, March 19th. The company reported ($0.80) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.25). The company had revenue of $3.37 billion for the quarter, compared to analyst estimates of $3.50 billion. Braskem had a negative return on equity of 146.26% and a negative net margin of 8.98%. Equities analysts forecast that Braskem will post -1.71 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Braskem

Several large investors have recently modified their holdings of the business. Optiver Holding B.V. lifted its stake in shares of Braskem by 16.8% in the 3rd quarter. Optiver Holding B.V. now owns 417,432 shares of the company’s stock valued at $3,427,000 after purchasing an additional 59,916 shares during the last quarter. SPX Gestao de Recursos Ltda lifted its stake in shares of Braskem by 266.9% in the 4th quarter. SPX Gestao de Recursos Ltda now owns 239,536 shares of the company’s stock valued at $2,113,000 after purchasing an additional 174,250 shares during the last quarter. Trexquant Investment LP lifted its stake in shares of Braskem by 197.1% in the 4th quarter. Trexquant Investment LP now owns 141,852 shares of the company’s stock valued at $1,251,000 after purchasing an additional 94,099 shares during the last quarter. Jump Financial LLC lifted its stake in shares of Braskem by 4.3% in the 4th quarter. Jump Financial LLC now owns 67,392 shares of the company’s stock valued at $594,000 after purchasing an additional 2,790 shares during the last quarter. Finally, Alpine Global Management LLC acquired a new position in shares of Braskem in the 3rd quarter valued at $82,000.

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.