Scotiabank Issues Pessimistic Forecast for Sociedad Química y Minera de Chile (NYSE:SQM) Stock Price

Sociedad Química y Minera de Chile (NYSE:SQM) had its target price decreased by investment analysts at Scotiabank from $60.00 to $50.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “sector outperform” rating on the basic materials company’s stock. Scotiabank’s price target would suggest a potential upside of 31.48% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Sociedad Química y Minera de Chile from $35.00 to $31.00 and set a “hold” rating for the company in a research report on Thursday, November 21st. StockNews.com raised shares of Sociedad Química y Minera de Chile to a “sell” rating in a report on Thursday, November 21st. The Goldman Sachs Group raised shares of Sociedad Química y Minera de Chile from a “neutral” rating to a “buy” rating in a report on Friday, August 9th. Jefferies Financial Group cut their price objective on shares of Sociedad Química y Minera de Chile from $62.80 to $55.00 and set a “buy” rating for the company in a report on Monday, August 26th. Finally, JPMorgan Chase & Co. lowered shares of Sociedad Química y Minera de Chile from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $55.00 to $44.00 in a report on Friday, October 11th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $45.56.

Sociedad Química y Minera de Chile Price Performance

NYSE SQM opened at $38.03 on Monday. Sociedad Química y Minera de Chile has a 52 week low of $32.24 and a 52 week high of $64.62. The firm has a market capitalization of $10.86 billion, a P/E ratio of -34.26 and a beta of 1.03. The company has a quick ratio of 2.05, a current ratio of 2.94 and a debt-to-equity ratio of 0.74. The company has a 50-day moving average price of $39.63 and a 200-day moving average price of $40.52.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SQM. Blue Trust Inc. boosted its position in shares of Sociedad Química y Minera de Chile by 396.2% during the 2nd quarter. Blue Trust Inc. now owns 913 shares of the basic materials company’s stock valued at $37,000 after acquiring an additional 729 shares during the last quarter. Signaturefd LLC boosted its position in shares of Sociedad Química y Minera de Chile by 204.9% during the 2nd quarter. Signaturefd LLC now owns 2,061 shares of the basic materials company’s stock valued at $84,000 after acquiring an additional 1,385 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in Sociedad Química y Minera de Chile by 47.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,133 shares of the basic materials company’s stock worth $87,000 after buying an additional 683 shares during the last quarter. MML Investors Services LLC bought a new stake in Sociedad Química y Minera de Chile in the third quarter worth $202,000. Finally, DekaBank Deutsche Girozentrale lifted its position in Sociedad Química y Minera de Chile by 216.4% in the second quarter. DekaBank Deutsche Girozentrale now owns 4,968 shares of the basic materials company’s stock worth $207,000 after buying an additional 3,398 shares during the last quarter. 12.41% of the stock is currently owned by institutional investors.

About Sociedad Química y Minera de Chile

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.