Wealth High Governance Asset Management Ltda. bought a new stake in shares of Methanex Corporation (NASDAQ:MEOH – Free Report) (TSE:MX) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 35,788 shares of the specialty chemicals company’s stock, valued at approximately $2,131,000.
Other hedge funds have also recently bought and sold shares of the company. Public Employees Retirement System of Ohio raised its position in Methanex by 0.3% in the first quarter. Public Employees Retirement System of Ohio now owns 82,381 shares of the specialty chemicals company’s stock worth $4,892,000 after acquiring an additional 225 shares in the last quarter. AMG National Trust Bank boosted its position in shares of Methanex by 4.8% during the 1st quarter. AMG National Trust Bank now owns 8,127 shares of the specialty chemicals company’s stock valued at $484,000 after purchasing an additional 374 shares in the last quarter. NewEdge Advisors LLC boosted its position in shares of Methanex by 33.3% during the 3rd quarter. NewEdge Advisors LLC now owns 2,000 shares of the specialty chemicals company’s stock valued at $80,000 after purchasing an additional 500 shares in the last quarter. Parkside Financial Bank & Trust grew its stake in shares of Methanex by 61.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 2,143 shares of the specialty chemicals company’s stock worth $85,000 after purchasing an additional 812 shares during the last quarter. Finally, Franklin Resources Inc. grew its stake in shares of Methanex by 8.2% in the 4th quarter. Franklin Resources Inc. now owns 10,706 shares of the specialty chemicals company’s stock worth $425,000 after purchasing an additional 813 shares during the last quarter. 73.49% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several analysts recently commented on MEOH shares. Zacks Research lowered shares of Methanex from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 22nd. Weiss Ratings upgraded Methanex from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday. UBS Group raised their price objective on Methanex from $70.00 to $71.00 and gave the stock a “buy” rating in a research note on Friday. JPMorgan Chase & Co. lowered Methanex from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from $56.00 to $65.00 in a research note on Friday, May 1st. Finally, Raymond James Financial lifted their target price on Methanex from $52.00 to $65.00 and gave the stock a “market perform” rating in a report on Thursday, April 16th. Six investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Methanex has an average rating of “Moderate Buy” and an average price target of $68.56.
Methanex Stock Performance
Methanex stock opened at $55.55 on Monday. Methanex Corporation has a fifty-two week low of $32.00 and a fifty-two week high of $66.75. The firm’s 50 day simple moving average is $54.07 and its 200-day simple moving average is $54.52. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.07 and a quick ratio of 1.35. The company has a market cap of $4.30 billion, a P/E ratio of 53.93 and a beta of 0.58.
Methanex (NASDAQ:MEOH – Get Free Report) (TSE:MX) last issued its quarterly earnings results on Tuesday, July 28th. The specialty chemicals company reported $3.87 EPS for the quarter, missing the consensus estimate of $4.00 by ($0.13). Methanex had a net margin of 2.07% and a return on equity of 11.35%. The firm had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.43 billion. During the same quarter last year, the company posted $0.97 EPS. The firm’s revenue was up 75.0% compared to the same quarter last year. As a group, equities research analysts predict that Methanex Corporation will post 8.7 EPS for the current year.
Methanex Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be issued a dividend of $0.185 per share. The ex-dividend date is Wednesday, September 16th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.3%. Methanex’s payout ratio is currently 71.84%.
Methanex 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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