Investment analysts at HSBC initiated coverage on shares of Braskem SA (NYSE:BAK) in a research report issued on Tuesday. The brokerage set a “buy” rating and a $18.00 price target on the stock. HSBC’s price target points to a potential upside of 8.89% from the stock’s previous close.
Separately, Zacks Investment Research downgraded Braskem SA from a “buy” rating to a “strong sell” rating in a research note on Monday, July 25th.
Braskem SA (NYSE:BAK) opened at 16.53 on Tuesday. Braskem SA has a 12-month low of $9.44 and a 12-month high of $16.65. The company has a 50 day moving average of $14.68 and a 200-day moving average of $12.94. The stock has a market capitalization of $6.58 billion, a price-to-earnings ratio of 7.13 and a beta of 1.69.
The company also recently disclosed a dividend, which will be paid on Tuesday, October 18th. Investors of record on Tuesday, October 11th will be paid a $0.764 dividend. This is an increase from Braskem SA’s previous dividend of $0.65. The ex-dividend date is Thursday, October 6th. Braskem SA’s dividend payout ratio is currently 69.23%.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Advisor Group Inc. purchased a new position in Braskem SA during the second quarter valued at approximately $110,000. Royal Bank of Canada bought a new stake in shares of Braskem SA during the first quarter valued at about $145,000. Bank of New York Mellon Corp bought a new stake in shares of Braskem SA during the second quarter valued at about $173,000. Nuveen Fund Advisors LLC bought a new stake in shares of Braskem SA during the second quarter valued at about $173,000. Finally, Trexquant Investment LP bought a new stake in shares of Braskem SA during the second quarter valued at about $226,000. 1.16% of the stock is owned by hedge funds and other institutional investors.
About Braskem SA
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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