JPMorgan Chase & Co. Downgrades Sociedad Química y Minera de Chile (NYSE:SQM) to Neutral

Sociedad Química y Minera de Chile (NYSE:SQM) was downgraded by research analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research report issued on Friday, MarketBeat Ratings reports. They presently have a $44.00 target price on the basic materials company’s stock, down from their prior target price of $55.00. JPMorgan Chase & Co.‘s target price points to a potential upside of 3.70% from the company’s previous close.

Several other research analysts have also weighed in on the stock. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Sociedad Química y Minera de Chile from $45.00 to $36.00 and set a “hold” rating for the company in a report on Thursday, July 18th. The Goldman Sachs Group upgraded Sociedad Química y Minera de Chile from a “neutral” rating to a “buy” rating in a research note on Friday, August 9th. Bank of America reduced their target price on Sociedad Química y Minera de Chile from $47.00 to $38.00 and set an “underperform” rating on the stock in a report on Wednesday, August 21st. Berenberg Bank initiated coverage on Sociedad Química y Minera de Chile in a report on Wednesday, July 31st. They issued a “hold” rating and a $35.00 price target for the company. Finally, Jefferies Financial Group reduced their price objective on Sociedad Química y Minera de Chile from $62.80 to $55.00 and set a “buy” rating on the stock in a research note on Monday, August 26th. 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’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $48.69.

Sociedad Química y Minera de Chile Stock Down 3.4 %

Shares of Sociedad Química y Minera de Chile stock opened at $42.43 on Friday. Sociedad Química y Minera de Chile has a 1-year low of $32.24 and a 1-year high of $64.62. The company has a market capitalization of $12.12 billion, a PE ratio of 385.73 and a beta of 1.02. The company has a debt-to-equity ratio of 0.59, a current ratio of 2.19 and a quick ratio of 1.47. The business has a 50-day moving average of $38.24 and a 200-day moving average of $42.37.

Sociedad Química y Minera de Chile (NYSE:SQM) last posted its quarterly earnings data on Wednesday, August 21st. The basic materials company reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.24). The business had revenue of $1.29 billion for the quarter, compared to analysts’ expectations 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 quarter in the prior year, the firm earned $2.03 earnings per share. As a group, equities analysts forecast that Sociedad Química y Minera de Chile will post -0.88 EPS for the current fiscal year.

Hedge Funds Weigh In On Sociedad Química y Minera de Chile

Hedge funds and other institutional investors have recently made changes to their positions in the business. Van ECK Associates Corp boosted its position in Sociedad Química y Minera de Chile by 41.6% during the 2nd quarter. Van ECK Associates Corp now owns 899,646 shares of the basic materials company’s stock worth $36,661,000 after acquiring an additional 264,324 shares during the period. Marshall Wace LLP acquired a new position in Sociedad Química y Minera de Chile during the 2nd quarter valued at about $8,592,000. Lazard Asset Management LLC increased its stake in Sociedad Química y Minera de Chile by 8.4% during the 1st quarter. Lazard Asset Management LLC now owns 2,144,179 shares of the basic materials company’s stock valued at $105,407,000 after buying an additional 165,370 shares during the period. Prudential PLC raised its position in shares of Sociedad Química y Minera de Chile by 18.9% during the 2nd quarter. Prudential PLC now owns 612,538 shares of the basic materials company’s stock worth $24,961,000 after buying an additional 97,479 shares in the last quarter. Finally, Earnest Partners LLC boosted its holdings in shares of Sociedad Química y Minera de Chile by 9.3% in the first quarter. Earnest Partners LLC now owns 1,019,368 shares of the basic materials company’s stock valued at $50,112,000 after acquiring an additional 86,811 shares in the last quarter. 12.41% of the stock is currently owned by institutional investors and hedge funds.

Sociedad Química y Minera de Chile Company Profile

Sociedad Química y Minera de Chile SA produces and distributes specialty plant nutrients, iodine derivatives, lithium derivatives, potassium chloride and sulfate, industrial chemicals, and other products and services. The company offers specialty plant nutrients, including potassium nitrate, sodium nitrate, sodium potassium nitrate, specialty blends, and other specialty fertilizers.