Short Interest in Methanex Co. (NASDAQ:MEOH) Declines By 38.4%

Methanex Co. (NASDAQ:MEOH) (TSE:MX) was the target of a significant drop in short interest in the month of June. As of June 30th, there was short interest totalling 2,970,000 shares, a drop of 38.4% from the June 15th total of 4,820,000 shares. Based on an average trading volume of 940,700 shares, the short-interest ratio is currently 3.2 days. Approximately 3.9% of the shares of the company are sold short.

Several large investors have recently bought and sold shares of the company. Westbourne Investment Advisors Inc. lifted its stake in shares of Methanex by 1.2% in the 1st quarter. Westbourne Investment Advisors Inc. now owns 111,343 shares of the specialty chemicals company’s stock valued at $1,357,000 after purchasing an additional 1,320 shares during the last quarter. Stephenson National Bank & Trust bought a new stake in shares of Methanex in the 4th quarter valued at approximately $57,000. State Street Corp lifted its stake in shares of Methanex by 19.9% in the 4th quarter. State Street Corp now owns 9,301 shares of the specialty chemicals company’s stock valued at $359,000 after purchasing an additional 1,546 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Methanex by 0.6% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 274,592 shares of the specialty chemicals company’s stock valued at $3,316,000 after purchasing an additional 1,570 shares during the last quarter. Finally, Signaturefd LLC lifted its stake in shares of Methanex by 369.8% in the 1st quarter. Signaturefd LLC now owns 2,565 shares of the specialty chemicals company’s stock valued at $31,000 after purchasing an additional 2,019 shares during the last quarter. 59.46% of the stock is owned by institutional investors and hedge funds.

Several research analysts have weighed in on the stock. ValuEngine upgraded shares of Methanex from a “hold” rating to a “buy” rating in a research report on Friday, May 1st. Zacks Investment Research downgraded shares of Methanex from a “hold” rating to a “sell” rating and set a $17.00 price objective on the stock. in a research report on Thursday, April 30th. Royal Bank of Canada decreased their price objective on shares of Methanex from $45.00 to $25.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 31st. Citigroup decreased their price objective on shares of Methanex from $19.00 to $13.00 and set a “neutral” rating on the stock in a research report on Thursday, April 9th. Finally, Barclays raised their price objective on shares of Methanex from $16.00 to $18.00 and gave the company an “equal weight” rating in a research report on Wednesday. Five research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $25.40.

Methanex stock traded up $0.53 during midday trading on Friday, reaching $18.75. 774,469 shares of the stock traded hands, compared to its average volume of 765,708. The stock’s fifty day moving average is $18.75 and its 200-day moving average is $24.34. Methanex has a 12 month low of $9.00 and a 12 month high of $45.75. The stock has a market cap of $1.43 billion, a P/E ratio of 29.76 and a beta of 2.25. The company has a quick ratio of 1.83, a current ratio of 2.27 and a debt-to-equity ratio of 1.68.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings results on Tuesday, May 5th. The specialty chemicals company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.03. Methanex had a return on equity of 1.39% and a net margin of 2.59%. The company had revenue of $696.00 million during the quarter, compared to analyst estimates of $703.23 million. During the same period in the prior year, the company earned $0.73 earnings per share. The firm’s revenue was down 22.8% on a year-over-year basis. On average, equities analysts predict that Methanex will post -2.72 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were paid a $0.0375 dividend. This represents a $0.15 annualized dividend and a dividend yield of 0.80%. The ex-dividend date of this dividend was Monday, June 15th. Methanex’s payout ratio is 16.13%.

Methanex Company Profile

Methanex Corporation produces and supplies methanol in North America, the Asia Pacific, Europe, and South America. It also purchases methanol produced by others under methanol offtake contracts and on the spot market. The company was founded in 1968 and is headquartered in Vancouver, Canada.

Further Reading: Market Timing

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