Sociedad Química y Minera de Chile (NYSE:SQM) Price Target Cut to $50.00 by Analysts at Scotiabank

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

Other analysts have also recently issued reports about the stock. Bank of America lowered their target price on shares of Sociedad Química y Minera de Chile from $47.00 to $38.00 and set an “underperform” rating for the company in a research note on Wednesday, August 21st. StockNews.com raised shares of Sociedad Química y Minera de Chile to a “sell” rating in a research note on Thursday. Jefferies Financial Group decreased 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. Deutsche Bank Aktiengesellschaft dropped 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. Finally, JPMorgan Chase & Co. cut shares of Sociedad Química y Minera de Chile from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $55.00 to $44.00 in a research note on Friday, October 11th. Two analysts have rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $45.56.

Sociedad Química y Minera de Chile Price Performance

Shares of NYSE SQM traded up $0.59 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. The stock has a 50 day moving average of $39.61 and a 200-day moving average of $40.59. The company has a market capitalization of $11.10 billion, a price-to-earnings ratio of -34.99 and a beta of 1.03. Sociedad Química y Minera de Chile has a 12-month low of $32.24 and a 12-month high of $64.62. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.94 and a quick ratio of 2.05.

Institutional Trading of Sociedad Química y Minera de Chile

Several hedge funds have recently added to or reduced their stakes in SQM. Blue Trust Inc. lifted its stake in shares of Sociedad Química y Minera de Chile by 396.2% in the 2nd quarter. Blue Trust Inc. now owns 913 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 729 shares during the period. Signaturefd LLC lifted its position in 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 purchasing an additional 1,385 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in 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 valued at $87,000 after purchasing 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 $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 worth $207,000 after buying an additional 3,398 shares in the last quarter. Institutional investors own 12.41% of the company’s stock.

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.