Sociedad Quimica y Minera (NYSE:SQM) Raised to "Strong-Buy" at Wall Street Zen

Key Points

• Wall Street Zen upgraded SQM from “buy” to “strong-buy,” while broader analyst coverage remains “Moderate Buy,” with an average price target of $79.30.
• Sociedad Química y Minera reported quarterly EPS of $2.31, beating estimates of $2.03, while revenue rose 136.7% year over year to $2.47 billion.
• SQM shares opened at $64.47, well below their 52-week high of $98.00; institutional investors own 12.41% of the company, with several hedge funds recently initiating or increasing positions.

Sociedad Quimica y Minera (NYSE:SQM - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research note issued to investors on Sunday, Wall Street Zen reports.

SQM has been the subject of a number of other reports. Scotiabank boosted their price objective on Sociedad Quimica y Minera from $93.00 to $104.00 and gave the stock a "sector outperform" rating in a research report on Monday, August 24th. Citigroup raised Sociedad Quimica y Minera from a "neutral" rating to a "buy" rating and lowered their price objective for the stock from $97.00 to $95.00 in a research report on Thursday, August 27th. The Goldman Sachs Group increased their price objective on Sociedad Quimica y Minera from $64.00 to $82.00 and gave the company a "neutral" rating in a report on Wednesday, July 15th. Weiss Ratings raised Sociedad Quimica y Minera from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, September 25th. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on Sociedad Quimica y Minera from $105.00 to $98.00 and set a "buy" rating for the company in a research note on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $79.30.

Sociedad Quimica y Minera Stock Up 0.6%

Shares of SQM opened at $64.47 on Friday. Sociedad Quimica y Minera has a 52 week low of $40.58 and a 52 week high of $98.00. The company has a market capitalization of $18.42 billion, a price-to-earnings ratio of 13.29, a PEG ratio of 0.22 and a beta of 1.05. The stock's 50-day moving average price is $72.38 and its 200-day moving average price is $77.50. The company has a quick ratio of 1.96, a current ratio of 2.61 and a debt-to-equity ratio of 0.55.

Sociedad Quimica y Minera (NYSE:SQM - Get Free Report) last posted its earnings results on Friday, August 14th. The basic materials company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.28. Sociedad Quimica y Minera had a return on equity of 18.20% and a net margin of 20.62%.The firm had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.24 billion. During the same quarter in the prior year, the company earned $0.79 EPS. Sociedad Quimica y Minera's revenue was up 136.7% on a year-over-year basis. On average, sell-side analysts predict that Sociedad Quimica y Minera will post 7.3 EPS for the current year.

Hedge Funds Weigh In On Sociedad Quimica y Minera

Large investors have recently made changes to their positions in the stock. Castle Hook Partners LP acquired a new position in shares of Sociedad Quimica y Minera in the fourth quarter worth $69,257,000. Altshuler Shaham Ltd purchased a new stake in Sociedad Quimica y Minera during the 1st quarter worth about $50,183,000. Renaissance Technologies LLC raised its stake in Sociedad Quimica y Minera by 602.0% in the 1st quarter. Renaissance Technologies LLC now owns 502,484 shares of the basic materials company's stock valued at $40,671,000 after purchasing an additional 430,900 shares during the last quarter. ARGA Investment Management LP acquired a new position in Sociedad Quimica y Minera in the 1st quarter valued at about $21,297,000. Finally, ABN Amro Investment Solutions boosted its holdings in shares of Sociedad Quimica y Minera by 87.1% during the first quarter. ABN Amro Investment Solutions now owns 265,677 shares of the basic materials company's stock worth $21,504,000 after purchasing an additional 123,700 shares during the last quarter. Hedge funds and other institutional investors own 12.41% of the company's stock.

About Sociedad Quimica y Minera

Sociedad Química y Minera de Chile SA NYSE: SQM is a Chile-based mining and chemicals company that produces lithium, iodine, specialty plant nutrients and industrial chemicals. Its operations are primarily located in northern Chile, where the company extracts mineral resources from the Salar de Atacama and other deposits.

SQM is one of the world's significant producers of lithium compounds, including lithium carbonate and lithium hydroxide, which are used in rechargeable batteries, energy-storage systems, electric vehicles and other industrial applications.

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