Sociedad Quimica y Minera (NYSE:SQM) Posts Quarterly Earnings Results, Beats Estimates By $0.28 EPS

Sociedad Quimica y Minera (NYSE:SQM) announced its quarterly earnings results on Tuesday. The basic materials company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.28, reports. The business had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.24 billion. Sociedad Quimica y Minera had a return on equity of 11.99% and a net margin of 15.38%.The business’s revenue was up 136.7% on a year-over-year basis. During the same quarter last year, the business posted $0.79 EPS.

Sociedad Quimica y Minera Stock Up 2.3%

Sociedad Quimica y Minera stock traded up $1.70 during midday trading on Wednesday, reaching $76.17. The stock had a trading volume of 750,305 shares, compared to its average volume of 1,259,399. The company has a fifty day moving average price of $73.04 and a two-hundred day moving average price of $77.69. Sociedad Quimica y Minera has a 12 month low of $40.58 and a 12 month high of $98.00. The company has a current ratio of 2.76, a quick ratio of 2.01 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $21.76 billion, a P/E ratio of 26.71, a PEG ratio of 0.20 and a beta of 0.98.

Analyst Ratings Changes

Several research firms recently commented on SQM. JPMorgan Chase & Co. cut shares of Sociedad Quimica y Minera from an “overweight” rating to a “neutral” rating and raised their price target for the stock from $94.00 to $100.00 in a report on Tuesday, June 2nd. Wall Street Zen lowered Sociedad Quimica y Minera from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 1st. Deutsche Bank Aktiengesellschaft lowered their target price on Sociedad Quimica y Minera from $105.00 to $98.00 and set a “buy” rating on the stock in a research note on Tuesday, July 14th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Sociedad Quimica y Minera in a research note on Wednesday, June 24th. Finally, Scotiabank lowered their price target on Sociedad Quimica y Minera from $105.00 to $93.00 and set a “sector outperform” rating for the company in a research note on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $73.58.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Royal Bank of Canada grew its stake in shares of Sociedad Quimica y Minera by 18.5% during the 1st quarter. Royal Bank of Canada now owns 198,789 shares of the basic materials company’s stock worth $7,898,000 after acquiring an additional 31,066 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Sociedad Quimica y Minera by 53.8% during the first quarter. Goldman Sachs Group Inc. now owns 358,646 shares of the basic materials company’s stock valued at $14,249,000 after purchasing an additional 125,506 shares during the last quarter. Cetera Investment Advisers boosted its position in Sociedad Quimica y Minera by 20.4% during the second quarter. Cetera Investment Advisers now owns 20,886 shares of the basic materials company’s stock worth $737,000 after purchasing an additional 3,545 shares during the period. Invesco Ltd. increased its stake in shares of Sociedad Quimica y Minera by 38.3% in the second quarter. Invesco Ltd. now owns 159,027 shares of the basic materials company’s stock worth $5,609,000 after purchasing an additional 44,062 shares in the last quarter. Finally, First Trust Advisors LP raised its position in shares of Sociedad Quimica y Minera by 3.0% in the second quarter. First Trust Advisors LP now owns 124,575 shares of the basic materials company’s stock valued at $4,394,000 after purchasing an additional 3,634 shares during the period. Institutional investors own 12.41% of the company’s stock.

Sociedad Quimica y Minera Company Profile

Sociedad Química y Minera de Chile SA (NYSE: SQM) is a leading global producer of specialty chemicals and minerals headquartered in Santiago, Chile. The company focuses on the extraction and processing of key inputs for the agricultural, industrial and high‐tech sectors. Its core business activities include the mining of lithium, potassium and iodine, as well as the manufacture of value‐added products derived from these raw materials.

SQM’s product portfolio spans lithium carbonate and lithium hydroxide used in electric vehicle batteries and energy storage systems; potassium chloride and potassium nitrate fertilizers designed for precision agriculture; and iodine and its derivatives for pharmaceutical, food and electronics applications.