TD Asset Management Inc Increases Stock Holdings in Methanex Corporation $MEOH

TD Asset Management Inc raised its position in shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 79.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 368,497 shares of the specialty chemicals company’s stock after acquiring an additional 162,755 shares during the period. TD Asset Management Inc’s holdings in Methanex were worth $12,177,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Methanex during the second quarter valued at about $33,000. CWM LLC purchased a new stake in Methanex during the second quarter valued at about $33,000. SVB Wealth LLC purchased a new stake in Methanex during the first quarter valued at about $38,000. Caitong International Asset Management Co. Ltd purchased a new stake in Methanex during the first quarter valued at about $55,000. Finally, Headlands Technologies LLC purchased a new stake in Methanex during the first quarter valued at about $82,000. Hedge funds and other institutional investors own 73.49% of the company’s stock.

Methanex Trading Down 3.3%

Shares of NASDAQ MEOH opened at $33.99 on Friday. The stock’s 50 day moving average price is $37.06 and its two-hundred day moving average price is $34.13. Methanex Corporation has a 52-week low of $25.46 and a 52-week high of $54.49. The stock has a market capitalization of $2.63 billion, a P/E ratio of 10.03 and a beta of 0.94. The company has a quick ratio of 1.43, a current ratio of 2.13 and a debt-to-equity ratio of 1.00.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings results on Wednesday, July 30th. The specialty chemicals company reported $0.97 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.55. The business had revenue of $808.46 million for the quarter, compared to analysts’ expectations of $835.04 million. Methanex had a return on equity of 12.61% and a net margin of 7.02%.The business’s quarterly revenue was down 13.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.62 EPS. On average, analysts anticipate that Methanex Corporation will post 4.32 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have issued reports on MEOH. Scotiabank set a $50.00 price target on Methanex and gave the company a “sector outperform” rating in a research report on Tuesday, August 5th. National Bankshares set a $47.00 target price on Methanex and gave the stock an “outperform” rating in a research report on Thursday, September 25th. Zacks Research downgraded Methanex from a “strong-buy” rating to a “hold” rating in a research report on Wednesday. Raymond James Financial set a $45.00 target price on Methanex and gave the stock an “outperform” rating in a research report on Tuesday, July 15th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Methanex in a research report on Wednesday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Methanex currently has an average rating of “Moderate Buy” and a consensus price target of $46.00.

Methanex Company Profile

Methanex Corporation produces and supplies methanol in China, Europe, the United States, South America, South Korea, Canada, and Asia. The company also purchases methanol produced by others under methanol offtake contracts and on the spot market. In addition, it owns and leases storage and terminal facilities.