Sociedad Quimica y Minera (NYSE:SQM) Shares Gap Down Following Weak Earnings

Shares of Sociedad Quimica y Minera S.A. (NYSE:SQM) gapped down prior to trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $45.05, but opened at $42.66. Sociedad Quimica y Minera shares last traded at $43.47, with a volume of 417,650 shares changing hands.

The basic materials company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.21). Sociedad Quimica y Minera had a net margin of 13.45% and a return on equity of 11.71%. The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.08 billion. During the same period last year, the company earned $0.75 EPS. The business’s quarterly revenue was down 19.4% on a year-over-year basis.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Zacks Research raised shares of Sociedad Quimica y Minera from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 13th. JPMorgan Chase & Co. increased their price target on shares of Sociedad Quimica y Minera from $39.00 to $41.00 and gave the company a “neutral” rating in a research note on Monday, July 28th. Scotiabank dropped their price target on shares of 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, BMO Capital Markets dropped their price target on shares of Sociedad Quimica y Minera from $55.00 to $45.00 and set an “outperform” rating for the company in a research note on Thursday, May 29th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.40.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Lazard Asset Management LLC boosted its holdings in Sociedad Quimica y Minera by 0.9% during the fourth quarter. Lazard Asset Management LLC now owns 1,965,641 shares of the basic materials company’s stock worth $71,470,000 after buying an additional 18,255 shares in the last quarter. Kingstone Capital Partners Texas LLC purchased a new stake in shares of Sociedad Quimica y Minera in the second quarter valued at about $67,759,000. Kopernik Global Investors LLC lifted its holdings in shares of Sociedad Quimica y Minera by 20.9% in the second quarter. Kopernik Global Investors LLC now owns 1,842,113 shares of the basic materials company’s stock valued at $64,971,000 after purchasing an additional 318,445 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Sociedad Quimica y Minera by 5.5% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,460,104 shares of the basic materials company’s stock valued at $51,498,000 after purchasing an additional 76,378 shares in the last quarter. Finally, Earnest Partners LLC lifted its holdings in shares of Sociedad Quimica y Minera by 2.3% in the first quarter. Earnest Partners LLC now owns 1,096,049 shares of the basic materials company’s stock valued at $43,546,000 after purchasing an additional 24,710 shares in the last quarter. 12.41% of the stock is currently owned by institutional investors and hedge funds.

Sociedad Quimica y Minera Trading Down 1.6%

The business’s 50-day moving average price is $38.10 and its two-hundred day moving average price is $37.38. The company has a debt-to-equity ratio of 0.71, a current ratio of 2.88 and a quick ratio of 1.96. The firm has a market cap of $12.67 billion, a price-to-earnings ratio of 21.02 and a beta of 1.03.

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.