Methanex (MEOH) Shares Down 5.3%
Shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) were down 5.3% during trading on Thursday . The stock traded as low as $54.90 and last traded at $54.90. Approximately 963,939 shares traded hands during mid-day trading, an increase of 25% from the average daily volume of 771,213 shares. The stock had previously closed at $57.95.
Several analysts recently commented on MEOH shares. UBS Group raised their target price on Methanex from $42.00 to $44.00 and gave the company a “sell” rating in a research report on Friday, October 13th. Scotiabank set a $53.50 price target on Methanex and gave the company a “sector perform” rating in a research note on Wednesday, October 18th. Jefferies Group reaffirmed a “buy” rating and set a $60.00 price target on shares of Methanex in a research note on Thursday, October 19th. TD Securities increased their price target on Methanex from $58.00 to $59.00 and gave the company a “buy” rating in a research note on Friday, October 27th. Finally, Royal Bank of Canada increased their price target on Methanex from $50.00 to $57.00 and gave the company a “sector perform” rating in a research note on Friday, October 27th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $59.00.
The company has a market cap of $4,599.01, a PE ratio of 15.38, a P/E/G ratio of 0.69 and a beta of 1.73. The company has a quick ratio of 1.25, a current ratio of 1.66 and a debt-to-equity ratio of 0.83.
The firm also recently announced a quarterly dividend, which will be paid on Saturday, March 31st. Stockholders of record on Saturday, March 17th will be given a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.42%. The ex-dividend date is Thursday, March 15th. This is a boost from Methanex’s previous quarterly dividend of $0.30. Methanex’s dividend payout ratio (DPR) is 33.90%.
Several institutional investors have recently modified their holdings of MEOH. Polaris Capital Management LLC boosted its position in shares of Methanex by 30,312.3% in the fourth quarter. Polaris Capital Management LLC now owns 699,482 shares of the specialty chemicals company’s stock worth $46,152,000 after buying an additional 697,182 shares during the period. DSAM Partners London Ltd bought a new position in Methanex during the fourth quarter valued at about $15,811,000. Boston Advisors LLC bought a new position in Methanex during the fourth quarter valued at about $13,386,000. Renaissance Technologies LLC raised its holdings in Methanex by 98.4% during the second quarter. Renaissance Technologies LLC now owns 378,098 shares of the specialty chemicals company’s stock valued at $16,659,000 after buying an additional 187,500 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its holdings in Methanex by 53.2% during the third quarter. Canada Pension Plan Investment Board now owns 380,459 shares of the specialty chemicals company’s stock valued at $19,074,000 after buying an additional 132,101 shares in the last quarter. 84.74% of the stock is owned by institutional investors and hedge funds.
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Methanex Corp is a Canada-based producer and supplier of methanol to a range of international markets. The Company operates production sites in Canada, Chile, Egypt, New Zealand, the United States, as well as Trinidad and Tobago. Its global operations are supported by a global supply chain of terminals, storage facilities and a fleet of methanol ocean tankers.
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