Scotiabank Has Pessimistic Outlook of SQM FY2024 Earnings

Sociedad Química y Minera de Chile S.A. (NYSE:SQM - Free Report) - Investment analysts at Scotiabank cut their FY2024 earnings per share (EPS) estimates for shares of Sociedad Química y Minera de Chile in a research note issued on Monday, November 25th. Scotiabank analyst B. Isaacson now forecasts that the basic materials company will post earnings per share of ($1.37) for the year, down from their previous forecast of ($0.86). Scotiabank has a "Sector Outperform" rating and a $50.00 price objective on the stock. The consensus estimate for Sociedad Química y Minera de Chile's current full-year earnings is ($1.12) per share. Scotiabank also issued estimates for Sociedad Química y Minera de Chile's FY2025 earnings at $3.92 EPS.

A number of other brokerages have also issued reports on SQM. Berenberg Bank began 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 for the company. Jefferies Financial Group decreased their price target on Sociedad Química y Minera de Chile from $62.80 to $55.00 and set a "buy" rating for the company in a research note on Monday, August 26th. Deutsche Bank Aktiengesellschaft decreased their price target on Sociedad Química y Minera de Chile from $35.00 to $31.00 and set a "hold" rating for the company in a research note on Thursday, November 21st. Bank of America decreased their price target on 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. Finally, JPMorgan Chase & Co. lowered Sociedad Química y Minera de Chile from an "overweight" rating to a "neutral" rating and decreased their target price for the company from $55.00 to $44.00 in a research report on Friday, October 11th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $45.56.

Sociedad Química y Minera de Chile Trading Up 1.4 %

Shares of NYSE:SQM traded up $0.53 during trading on Thursday, hitting $38.56. The company had a trading volume of 1,156,013 shares, compared to its average volume of 1,174,337. The stock has a market cap of $11.01 billion, a price-to-earnings ratio of -34.77 and a beta of 1.03. Sociedad Química y Minera de Chile has a one year low of $32.24 and a one year high of $64.62. The company has a fifty day simple moving average of $39.64 and a two-hundred day simple moving average of $40.45. 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 Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. abrdn plc grew its stake in Sociedad Química y Minera de Chile by 2.7% during the 3rd quarter. abrdn plc now owns 1,204,942 shares of the basic materials company's stock worth $49,668,000 after buying an additional 31,955 shares during the last quarter. Van ECK Associates Corp grew its stake in Sociedad Química y Minera de Chile by 41.6% during the 2nd quarter. Van ECK Associates Corp now owns 899,646 shares of the basic materials company's stock worth $36,661,000 after buying an additional 264,324 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in Sociedad Química y Minera de Chile by 2.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 887,342 shares of the basic materials company's stock worth $36,984,000 after buying an additional 24,999 shares during the last quarter. Prudential PLC grew its stake in Sociedad Química y Minera de Chile by 18.9% during the 2nd quarter. Prudential PLC now owns 612,538 shares of the basic materials company's stock worth $24,961,000 after buying an additional 97,479 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Sociedad Química y Minera de Chile by 2.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 488,456 shares of the basic materials company's stock worth $19,921,000 after buying an additional 13,756 shares during the last quarter. 12.41% of the stock is currently owned by hedge funds and other institutional investors.

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.