Sociedad Química y Minera de Chile (NYSE:SQM) Shares Gap Down After Analyst Downgrade

Sociedad Química y Minera de Chile S.A. (NYSE:SQM)’s stock price gapped down before the market opened on Friday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $35.00 to $31.00. The stock had previously closed at $39.63, but opened at $38.57. Deutsche Bank Aktiengesellschaft currently has a hold rating on the stock. Sociedad Química y Minera de Chile shares last traded at $38.30, with a volume of 220,720 shares.

Several other equities analysts have also recently issued reports on the stock. Berenberg Bank started coverage on shares of Sociedad Química y Minera de Chile in a research report on Wednesday, July 31st. They issued a “hold” rating and a $35.00 price target for the company. Bank of America reduced their price objective on shares of Sociedad Química y Minera de Chile from $47.00 to $38.00 and set an “underperform” rating on the stock in a research note on Wednesday, August 21st. Jefferies Financial Group cut their target price on Sociedad Química y Minera de Chile from $62.80 to $55.00 and set a “buy” rating on the stock in a report on Monday, August 26th. JPMorgan Chase & Co. lowered shares of Sociedad Química y Minera de Chile from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $55.00 to $44.00 in a research note on Friday, October 11th. Finally, The Goldman Sachs Group raised Sociedad Química y Minera de Chile from a “neutral” rating to a “buy” rating in a research note on Friday, August 9th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $48.06.

Hedge Funds Weigh In On Sociedad Química y Minera de Chile

Hedge funds and other institutional investors have recently modified their holdings of the company. Y Intercept Hong Kong Ltd bought a new position in shares of Sociedad Química y Minera de Chile in the 3rd quarter worth approximately $560,000. MML Investors Services LLC bought a new position in Sociedad Química y Minera de Chile in the third quarter worth $202,000. State Street Corp lifted its position in Sociedad Química y Minera de Chile by 8.9% during the third quarter. State Street Corp now owns 265,545 shares of the basic materials company’s stock valued at $11,068,000 after buying an additional 21,778 shares during the period. Concentric Capital Strategies LP bought a new stake in shares of Sociedad Química y Minera de Chile during the 3rd quarter valued at $4,213,000. Finally, Erste Asset Management GmbH purchased a new stake in shares of Sociedad Química y Minera de Chile in the 3rd quarter worth about $834,000. 12.41% of the stock is owned by institutional investors.

Sociedad Química y Minera de Chile Stock Performance

The company has a current ratio of 2.19, a quick ratio of 1.47 and a debt-to-equity ratio of 0.59. The company’s 50 day moving average is $39.61 and its 200-day moving average is $40.76. The company has a market capitalization of $10.85 billion, a P/E ratio of 359.45 and a beta of 1.03.

Sociedad Química y Minera de Chile (NYSE:SQM) last issued its quarterly earnings results on Wednesday, August 21st. The basic materials company reported $0.75 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.24). The company had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.27 billion. Sociedad Química y Minera de Chile had a return on equity of 23.15% and a net margin of 0.48%. During the same period in the prior year, the firm earned $2.03 earnings per share. Equities analysts anticipate that Sociedad Química y Minera de Chile S.A. will post -0.92 EPS for the current fiscal year.

Sociedad Química y Minera de Chile Company Profile

Sociedad Química y Minera de Chile SA operates as a mining company worldwide. The company offers specialty plant nutrients, including sodium potassium nitrate, specialty blends, and other specialty fertilizers under Ultrasol, Qrop, Speedfol, Allganic, Ultrasoline, ProP, and Prohydric brands. It also provides iodine and its derivatives for use in medical, agricultural, industrial, and human and animal nutrition products comprising x-ray contrast media, biocides, antiseptics and disinfectants, pharmaceutical intermediates, polarizing films for LCD and LED screens, chemicals, organic compounds, and pigments, as well as added to edible salt to prevent iodine deficiency disorders.