Union Bancaire Privee UBP SA purchased a new position in Methanex Corporation (NASDAQ:MEOH – Free Report) (TSE:MX) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 43,502 shares of the specialty chemicals company’s stock, valued at approximately $2,481,000. Union Bancaire Privee UBP SA owned approximately 0.06% of Methanex at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Value Partners Investments Inc. raised its position in shares of Methanex by 4.6% during the first quarter. Value Partners Investments Inc. now owns 21,774 shares of the specialty chemicals company’s stock valued at $1,295,000 after buying an additional 959 shares during the last quarter. Ritholtz Wealth Management boosted its position in shares of Methanex by 97.3% during the first quarter. Ritholtz Wealth Management now owns 18,617 shares of the specialty chemicals company’s stock worth $1,108,000 after acquiring an additional 9,179 shares during the last quarter. Park National Corp OH bought a new position in shares of Methanex during the first quarter worth $233,000. Invesco Ltd. grew its stake in Methanex by 8.3% during the fourth quarter. Invesco Ltd. now owns 254,573 shares of the specialty chemicals company’s stock valued at $10,112,000 after acquiring an additional 19,588 shares in the last quarter. Finally, Alberta Investment Management Corp grew its stake in Methanex by 12.0% during the fourth quarter. Alberta Investment Management Corp now owns 1,111,000 shares of the specialty chemicals company’s stock valued at $44,129,000 after acquiring an additional 119,000 shares in the last quarter. 73.49% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages have commented on MEOH. Raymond James Financial boosted their price target on shares of Methanex from $52.00 to $65.00 and gave the stock a “market perform” rating in a research note on Thursday, April 16th. Zacks Research cut Methanex from a “strong-buy” rating to a “hold” rating in a report on Monday, June 22nd. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating and issued a $69.00 price objective on shares of Methanex in a research note on Friday, May 1st. Jefferies Financial Group upped their price objective on Methanex from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, March 11th. Finally, UBS Group increased their target price on Methanex from $70.00 to $75.00 and gave the company a “buy” rating in a research report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Methanex presently has a consensus rating of “Hold” and an average price target of $66.78.
Methanex Stock Down 0.9%
Shares of NASDAQ MEOH opened at $48.08 on Friday. The firm’s 50-day moving average price is $58.90 and its 200-day moving average price is $52.57. The company has a current ratio of 1.96, a quick ratio of 1.26 and a debt-to-equity ratio of 0.98. The stock has a market capitalization of $3.72 billion, a price-to-earnings ratio of -98.12 and a beta of 0.56. Methanex Corporation has a 12-month low of $32.00 and a 12-month high of $66.75.
Methanex (NASDAQ:MEOH – Get Free Report) (TSE:MX) last announced its quarterly earnings results on Wednesday, April 29th. The specialty chemicals company reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.08). The business had revenue of $957.42 million during the quarter, compared to the consensus estimate of $964.76 million. Methanex had a negative net margin of 1.25% and a positive return on equity of 2.96%. The firm’s revenue was up 8.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.30 EPS. On average, equities research analysts anticipate that Methanex Corporation will post 8.18 EPS for the current fiscal year.
Methanex Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be given a dividend of $0.185 per share. The ex-dividend date is Tuesday, June 16th. This represents a $0.74 dividend on an annualized basis and a yield of 1.5%. Methanex’s dividend payout ratio is -151.02%.
Methanex Company Profile
Methanex Corporation is a Vancouver, Canada–based company and one of the world’s largest producers and suppliers of methanol. The company manufactures methanol, a key feedstock for a wide range of chemical products and industrial applications. Methanex markets its product to customers in energy, plastics, paints and coatings, and various chemical sectors, positioning the company as a critical link in the global supply chain for basic chemicals.
The company’s core product, methanol, serves as a building block for downstream chemicals such as formaldehyde, acetic acid and methyl tertiary butyl ether (MTBE).
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