Sociedad Química y Minera de Chile (NYSE:SQM) Given New $50.00 Price Target at Scotiabank

Sociedad Química y Minera de Chile (NYSE:SQM) had its price target reduced by analysts at Scotiabank from $60.00 to $50.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the basic materials company’s stock. Scotiabank’s price objective suggests a potential upside of 31.48% from the stock’s current price.

A number of other research firms have also weighed in on SQM. Deutsche Bank Aktiengesellschaft reduced their target price on Sociedad Química y Minera de Chile from $35.00 to $31.00 and set a “hold” rating on the stock in a research note on Thursday, November 21st. StockNews.com upgraded Sociedad Química y Minera de Chile to a “sell” rating in a research note on Thursday, November 21st. 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 cut their price target on Sociedad Química y Minera de Chile from $47.00 to $38.00 and set an “underperform” rating on the stock in a research note on Wednesday, August 21st. Finally, Berenberg Bank assumed coverage on Sociedad Química y Minera de Chile in a research note on Wednesday, July 31st. They set a “hold” rating and a $35.00 price target on the stock. Two analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $45.56.

Sociedad Química y Minera de Chile Stock Down 2.1 %

Shares of SQM opened at $38.03 on Monday. 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 business has a fifty day moving average of $39.63 and a 200 day moving average of $40.52. Sociedad Química y Minera de Chile has a 52-week low of $32.24 and a 52-week high of $64.62. The company has a market cap of $10.86 billion, a PE ratio of -34.26 and a beta of 1.03.

Hedge Funds Weigh In On Sociedad Química y Minera de Chile

Several hedge funds have recently modified their holdings of the stock. abrdn plc increased its holdings in shares of Sociedad Química y Minera de Chile by 2.7% during the third quarter. abrdn plc now owns 1,204,942 shares of the basic materials company’s stock valued at $49,668,000 after acquiring an additional 31,955 shares in the last quarter. Van ECK Associates Corp boosted its position in Sociedad Química y Minera de Chile by 41.6% in the second quarter. Van ECK Associates Corp now owns 899,646 shares of the basic materials company’s stock valued at $36,661,000 after buying an additional 264,324 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in Sociedad Química y Minera de Chile by 2.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 887,342 shares of the basic materials company’s stock valued at $36,984,000 after buying an additional 24,999 shares during the last quarter. Prudential PLC boosted its position in Sociedad Química y Minera de Chile by 18.9% in the second quarter. Prudential PLC now owns 612,538 shares of the basic materials company’s stock valued at $24,961,000 after buying an additional 97,479 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Sociedad Química y Minera de Chile by 2.9% in the second quarter. Dimensional Fund Advisors LP now owns 488,456 shares of the basic materials company’s stock valued at $19,921,000 after buying an additional 13,756 shares during the last quarter. Institutional investors and hedge funds 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.