Sociedad Quimica y Minera (NYSE:SQM) Hits New 52-Week High - Here's What Happened

Key Points

• Sociedad Quimica y Minera (SQM)** reached a new 52-week high of $47.51 during trading, closing at $47.41 with a volume of 388,963 shares.
• Brokerages have updated their price targets for SQM, with BMO Capital Markets raising it to $55.00, while Zacks Research upgraded the stock's rating from "strong sell" to "hold."
• The company reported quarterly earnings of $0.31 per share, missing analysts' expectations, and indicated a 19.4% revenue decline compared to the prior year.

Sociedad Quimica y Minera S.A. (NYSE:SQM - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $47.51 and last traded at $47.41, with a volume of 388963 shares changing hands. The stock had previously closed at $46.37.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SQM. BMO Capital Markets increased their price target on Sociedad Quimica y Minera from $45.00 to $55.00 and gave the company an "outperform" rating in a report on Thursday. JPMorgan Chase & Co. increased their price target on Sociedad Quimica y Minera from $39.00 to $41.00 and gave the company a "neutral" rating in a report on Monday, July 28th. Scotiabank lowered their target price on Sociedad Quimica y Minera from $50.00 to $45.00 and set a "sector outperform" rating for the company in a research note on Friday, May 30th. Finally, Zacks Research upgraded Sociedad Quimica y Minera from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 13th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $45.40.

Sociedad Quimica y Minera Stock Up 1.1%

The company has a current ratio of 2.88, a quick ratio of 1.96 and a debt-to-equity ratio of 0.71. The stock's 50-day simple moving average is $38.61 and its 200-day simple moving average is $37.45. The firm has a market capitalization of $13.39 billion, a P/E ratio of 28.13 and a beta of 1.03.

Sociedad Quimica y Minera (NYSE:SQM - Get Free Report) last released its earnings results on Wednesday, August 20th. The basic materials company reported $0.31 earnings per share for the quarter, missing analysts' consensus estimates of $0.52 by ($0.21). The company had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.08 billion. Sociedad Quimica y Minera had a net margin of 11.29% and a return on equity of 9.17%. The firm's revenue was down 19.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.75 earnings per share. As a group, research analysts predict that Sociedad Quimica y Minera S.A. will post -1.31 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SQM. Brooklyn Investment Group raised its position in shares of Sociedad Quimica y Minera by 61,700.0% during the 1st quarter. Brooklyn Investment Group now owns 618 shares of the basic materials company's stock valued at $25,000 after buying an additional 617 shares in the last quarter. Banque Cantonale Vaudoise bought a new stake in Sociedad Quimica y Minera in the 1st quarter worth $34,000. Farther Finance Advisors LLC boosted its stake in shares of Sociedad Quimica y Minera by 153.0% during the 2nd quarter. Farther Finance Advisors LLC now owns 969 shares of the basic materials company's stock valued at $34,000 after purchasing an additional 586 shares in the last quarter. Grove Bank & Trust bought a new stake in shares of Sociedad Quimica y Minera during the 1st quarter valued at about $46,000. Finally, IFP Advisors Inc lifted its position in Sociedad Quimica y Minera by 728.0% during the 1st quarter. IFP Advisors Inc now owns 1,242 shares of the basic materials company's stock valued at $49,000 after acquiring an additional 1,092 shares during the period. 12.41% of the stock is owned by institutional investors.

About Sociedad Quimica y Minera

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.

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