Sociedad Quimica y Minera de Chile (NYSE:SQM) Trading Down 6.8% on Disappointing Earnings

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Sociedad Quimica y Minera de Chile (NYSE:SQM)’s share price fell 6.8% during mid-day trading on Thursday following a dissappointing earnings announcement. The company traded as low as $23.32 and last traded at $23.71, 1,933,678 shares were traded during mid-day trading. An increase of 148% from the average session volume of 780,056 shares. The stock had previously closed at $25.43.

The basic materials company reported $0.27 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.38 by ($0.11). Sociedad Quimica y Minera de Chile had a return on equity of 19.01% and a net margin of 18.06%. The firm had revenue of $494.10 million during the quarter, compared to the consensus estimate of $525.73 million. During the same period in the previous year, the company posted $0.51 earnings per share. The company’s revenue for the quarter was down 22.6% on a year-over-year basis.

SQM has been the subject of a number of research reports. Deutsche Bank set a $32.00 target price on shares of Sociedad Quimica y Minera de Chile and gave the company a “hold” rating in a research report on Tuesday, May 28th. Morgan Stanley raised shares of Sociedad Quimica y Minera de Chile from an “underweight” rating to an “equal weight” rating in a research report on Friday, July 12th. JPMorgan Chase & Co. downgraded shares of Sociedad Quimica y Minera de Chile from a “neutral” rating to an “underweight” rating and reduced their target price for the company from $29.00 to $23.00 in a research report on Thursday. BMO Capital Markets downgraded shares of Sociedad Quimica y Minera de Chile from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $47.00 to $31.00 in a research report on Thursday, May 23rd. Finally, ValuEngine downgraded shares of Sociedad Quimica y Minera de Chile from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Four analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the company’s stock. Sociedad Quimica y Minera de Chile has an average rating of “Hold” and a consensus target price of $35.50.

Hedge funds and other institutional investors have recently modified their holdings of the business. Allianz Asset Management GmbH grew its position in Sociedad Quimica y Minera de Chile by 1,719.3% during the 2nd quarter. Allianz Asset Management GmbH now owns 363,864 shares of the basic materials company’s stock worth $11,320,000 after acquiring an additional 343,864 shares during the last quarter. Clearbridge Investments LLC grew its position in Sociedad Quimica y Minera de Chile by 33.4% during the 1st quarter. Clearbridge Investments LLC now owns 994,919 shares of the basic materials company’s stock worth $38,245,000 after acquiring an additional 249,333 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC grew its position in Sociedad Quimica y Minera de Chile by 23.6% during the 2nd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 933,512 shares of the basic materials company’s stock worth $29,042,000 after acquiring an additional 178,200 shares during the last quarter. Boston Common Asset Management LLC grew its position in Sociedad Quimica y Minera de Chile by 31.7% during the 2nd quarter. Boston Common Asset Management LLC now owns 638,382 shares of the basic materials company’s stock worth $19,860,000 after acquiring an additional 153,585 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its position in Sociedad Quimica y Minera de Chile by 100.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 269,904 shares of the basic materials company’s stock worth $8,451,000 after acquiring an additional 135,516 shares during the last quarter. Hedge funds and other institutional investors own 9.89% of the company’s stock.

The firm has a market capitalization of $6.99 billion, a P/E ratio of 14.20, a price-to-earnings-growth ratio of 2.00 and a beta of 1.08. The stock has a 50-day moving average of $28.83 and a 200 day moving average of $34.58. The company has a debt-to-equity ratio of 0.63, a quick ratio of 2.42 and a current ratio of 3.92.

About Sociedad Quimica y Minera de Chile (NYSE:SQM)

Sociedad Química y Minera de Chile SA produces and distributes specialty plant nutrients, iodine and its derivatives, lithium and its derivatives, industrial chemicals, potassium, and other products and services. The company offers specialty plant nutrients, including potassium nitrate, sodium nitrate, sodium potassium nitrate, specialty mixes, and other specialty fertilizers for crops, such as vegetables, fruits, and flowers under the Ultrasol, Qrop, Speedfol, and Allganic brands.

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