5 Best Hot Stocks To Buy Right Now

4. Sociedad Quimica y Minera (NYSE:SQM)

YTD Return as of October 17: 72%

Number of Hedge Fund Holders: 29

Sociedad Quimica y Minera (NYSE:SQM) is a leading Chilean chemical company and one of the world’s largest producers of lithium. Sociedad Quimica y Minera (NYSE:SQM) has pulled back in 2022 and now can be an optimal time to invest in the stock. As of October 17, the stock is trading at a PE multiple of 12x and is awarding stockholders with a dividend yield of 12.73%. The company has a trailing twelve-month operating margin of 48.4% and free cash flows of $1.35 billion. Sociedad Quimica y Minera (NYSE:SQM) is up 72% for the year, as of October 14, and is ranked high among the best momentum stocks to buy now.

This September, BMO Capital analyst Joel Jackson raised his price target on Sociedad Quimica y Minera (NYSE:SQM) to $130 from $125 and maintained an Outperform rating on the shares. On October 4, Deutsche Bank analyst Corinne Blanchard raised his price target on Sociedad Quimica y Minera (NYSE:SQM) to $128 from $125 and reiterated a Buy rating on the shares.

At the end of Q2 2022, 29 hedge funds were long Sociedad Quimica y Minera (NYSE:SQM) and held stakes worth $658.6 million in the company. This is compared to 28 positions in the previous quarter with stakes worth $493.2 million. The hedge fund sentiment for the stock is positive. As of June 30, Marshall Wace LLP is the largest shareholder in Sociedad Quimica y Minera (NYSE:SQM) and has stakes worth $147.7 million in the company.