Bank of America Issues Positive Forecast for Sociedad Quimica y Minera (NYSE:SQM) Stock Price

Sociedad Quimica y Minera (NYSE:SQM) had its target price hoisted by Bank of America from $49.00 to $53.00 in a research report released on Wednesday,Benzinga reports. They currently have an underperform rating on the basic materials company’s stock.

Other equities analysts also recently issued research reports about the stock. Zacks Research downgraded shares of Sociedad Quimica y Minera from a “strong-buy” rating to a “hold” rating in a research note on Monday. Wall Street Zen upgraded Sociedad Quimica y Minera from a “hold” rating to a “buy” rating in a report on Saturday, March 7th. Clarkson Capital reissued a “neutral” rating and issued a $90.00 price target on shares of Sociedad Quimica y Minera in a research report on Thursday, January 22nd. The Goldman Sachs Group restated a “neutral” rating and set a $63.00 price objective (up from $45.00) on shares of Sociedad Quimica y Minera in a research note on Thursday, December 4th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Sociedad Quimica y Minera in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Sociedad Quimica y Minera has an average rating of “Hold” and a consensus target price of $71.42.

Sociedad Quimica y Minera Stock Up 2.8%

Shares of Sociedad Quimica y Minera stock opened at $79.08 on Wednesday. The company has a debt-to-equity ratio of 0.52, a current ratio of 3.27 and a quick ratio of 2.25. Sociedad Quimica y Minera has a 1 year low of $29.36 and a 1 year high of $86.13. The firm’s 50-day moving average is $75.82 and its two-hundred day moving average is $62.49. The stock has a market cap of $22.59 billion, a price-to-earnings ratio of 38.58 and a beta of 0.99.

Sociedad Quimica y Minera (NYSE:SQM) last posted its quarterly earnings results on Saturday, February 28th. The basic materials company reported $0.64 EPS for the quarter, missing the consensus estimate of $0.75 by ($0.11). Sociedad Quimica y Minera had a net margin of 12.85% and a return on equity of 9.69%. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.24 billion. During the same quarter in the prior year, the firm posted $0.42 EPS. The company’s revenue for the quarter was up 23.3% compared to the same quarter last year. As a group, research analysts expect that Sociedad Quimica y Minera will post -1.31 earnings per share for the current fiscal year.

Sociedad Quimica y Minera Dividend Announcement

The firm also recently declared a special dividend, which was paid on Monday, January 5th. Stockholders of record on Tuesday, December 30th were given a dividend of $0.1236 per share. The ex-dividend date of this dividend was Tuesday, December 30th. Sociedad Quimica y Minera’s dividend payout ratio is presently 5.85%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Boston Common Asset Management LLC acquired a new stake in Sociedad Quimica y Minera in the 3rd quarter valued at $2,767,000. Robeco Institutional Asset Management B.V. raised its position in Sociedad Quimica y Minera by 33.4% during the third quarter. Robeco Institutional Asset Management B.V. now owns 71,429 shares of the basic materials company’s stock worth $3,070,000 after acquiring an additional 17,869 shares during the period. Peregrine Investment Management Inc. raised its position in Sociedad Quimica y Minera by 58.6% during the third quarter. Peregrine Investment Management Inc. now owns 219,150 shares of the basic materials company’s stock worth $9,419,000 after acquiring an additional 80,970 shares during the period. Mitsubishi UFJ Trust & Banking Corp purchased a new position in Sociedad Quimica y Minera during the third quarter valued at $690,000. Finally, Fortis Capital Advisors LLC acquired a new stake in shares of Sociedad Quimica y Minera in the third quarter valued at about $729,000. 12.41% of the stock is currently owned by hedge funds and other institutional investors.

Sociedad Quimica y Minera Company Profile

Sociedad Química y Minera de Chile SA (NYSE: SQM) is a leading global producer of specialty chemicals and minerals headquartered in Santiago, Chile. The company focuses on the extraction and processing of key inputs for the agricultural, industrial and high‐tech sectors. Its core business activities include the mining of lithium, potassium and iodine, as well as the manufacture of value‐added products derived from these raw materials.

SQM’s product portfolio spans lithium carbonate and lithium hydroxide used in electric vehicle batteries and energy storage systems; potassium chloride and potassium nitrate fertilizers designed for precision agriculture; and iodine and its derivatives for pharmaceutical, food and electronics applications.