Vanguard Group Inc. raised its position in Methanex Corporation (NASDAQ:MEOH – Free Report) (TSE:MX) by 14.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,746,051 shares of the specialty chemicals company’s stock after buying an additional 336,316 shares during the period. Vanguard Group Inc.’s holdings in Methanex were worth $108,917,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. JPMorgan Chase & Co. raised its holdings in shares of Methanex by 546.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 269,374 shares of the specialty chemicals company’s stock worth $10,710,000 after acquiring an additional 227,723 shares during the period. Semanteon Capital Management LP acquired a new position in Methanex during the 3rd quarter worth $419,000. Alberta Investment Management Corp increased its holdings in Methanex by 29.5% during the 3rd quarter. Alberta Investment Management Corp now owns 992,000 shares of the specialty chemicals company’s stock worth $39,442,000 after purchasing an additional 226,000 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its holdings in Methanex by 249.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,432,483 shares of the specialty chemicals company’s stock worth $56,939,000 after purchasing an additional 1,022,987 shares during the period. Finally, TD Asset Management Inc increased its holdings in shares of Methanex by 87.1% in the 3rd quarter. TD Asset Management Inc now owns 689,461 shares of the specialty chemicals company’s stock valued at $27,417,000 after acquiring an additional 320,964 shares during the last quarter. 73.49% of the stock is currently owned by institutional investors and hedge funds.
Methanex Stock Performance
NASDAQ MEOH opened at $64.17 on Wednesday. Methanex Corporation has a fifty-two week low of $31.57 and a fifty-two week high of $66.75. The stock has a market cap of $4.96 billion, a price-to-earnings ratio of -130.96 and a beta of 0.60. The business has a fifty day moving average of $58.14 and a 200-day moving average of $47.62. The company has a quick ratio of 1.26, a current ratio of 1.96 and a debt-to-equity ratio of 0.98.
Methanex Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be paid a dividend of $0.185 per share. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.2%. Methanex’s dividend payout ratio is currently -151.02%.
Wall Street Analysts Forecast Growth
MEOH has been the topic of a number of recent analyst reports. BMO Capital Markets increased their price objective on Methanex from $65.00 to $70.00 and gave the company an “outperform” rating in a report on Wednesday, March 18th. Wall Street Zen upgraded Methanex from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Royal Bank Of Canada lifted their target price on Methanex from $65.00 to $70.00 and gave the company a “sector perform” rating in a research note on Friday, May 1st. Scotiabank raised their target price on Methanex from $70.00 to $80.00 and gave the company an “outperform” rating in a report on Tuesday, May 5th. Finally, Weiss Ratings downgraded Methanex from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, May 4th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $64.90.
Check Out Our Latest Stock Report on MEOH
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).
Recommended Stories
- Five stocks we like better than Methanex
- Navy Catalyst Ignites Odysight’s Growth Engine
- AST SpaceMobile Plummets on Galactic Q1 Miss: Can Vertical Integration Save the SpaceX Rival?
- Axon Surged After Earnings and Is Still Down Over 50% From Highs
- The Event That Could Redefine Apple’s Summer Rally
Want to see what other hedge funds are holding MEOH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Methanex Corporation (NASDAQ:MEOH – Free Report) (TSE:MX).
Receive News & Ratings for Methanex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Methanex and related companies with MarketBeat.com's FREE daily email newsletter.
