Scotiabank Lowers Sociedad Química y Minera de Chile (NYSE:SQM) Price Target to $50.00

Sociedad Química y Minera de Chile (NYSE:SQM) had its price objective dropped by Scotiabank from $60.00 to $50.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the basic materials company’s stock. Scotiabank’s price target indicates a potential upside of 28.70% from the stock’s current price.

A number of other equities research analysts have also issued reports on SQM. Berenberg Bank initiated coverage on Sociedad Química y Minera de Chile in a research report on Wednesday, July 31st. They set a “hold” rating and a $35.00 target price on the stock. Deutsche Bank Aktiengesellschaft reduced their price objective 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 note on Thursday. Jefferies Financial Group dropped their target price on shares of Sociedad Química y Minera de Chile from $62.80 to $55.00 and set a “buy” rating on the stock in a research report on Monday, August 26th. The Goldman Sachs Group upgraded shares of Sociedad Química y Minera de Chile from a “neutral” rating to a “buy” rating in a research report on Friday, August 9th. Finally, StockNews.com upgraded shares of Sociedad Química y Minera de Chile to a “sell” rating in a research report on Thursday. Two analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $45.56.

Sociedad Química y Minera de Chile Price Performance

Sociedad Química y Minera de Chile stock traded up $0.59 during mid-day trading on Monday, hitting $38.85. The company’s stock had a trading volume of 1,303,274 shares, compared to its average volume of 1,175,953. Sociedad Química y Minera de Chile has a twelve month low of $32.24 and a twelve month high of $64.62. The stock’s fifty day moving average price is $39.61 and its two-hundred day moving average price is $40.59. The stock has a market capitalization of $11.10 billion, a P/E ratio of -34.99 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.

Institutional Inflows and Outflows

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

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.