Aigen Investment Management LP acquired a new stake in Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 8,327 shares of the specialty chemicals company's stock, valued at approximately $292,000.
A number of other hedge funds and other institutional investors have also modified their holdings of MEOH. Alberta Investment Management Corp grew its position in Methanex by 1,499.0% during the 1st quarter. Alberta Investment Management Corp now owns 817,100 shares of the specialty chemicals company's stock worth $28,671,000 after purchasing an additional 766,000 shares during the last quarter. Encompass Capital Advisors LLC purchased a new position in Methanex during the 4th quarter worth $26,835,000. Bank of New York Mellon Corp grew its position in Methanex by 41.8% during the 1st quarter. Bank of New York Mellon Corp now owns 1,276,649 shares of the specialty chemicals company's stock worth $44,798,000 after purchasing an additional 376,365 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Methanex during the 4th quarter worth $14,327,000. Finally, Mackenzie Financial Corp grew its position in Methanex by 26.6% during the 4th quarter. Mackenzie Financial Corp now owns 1,077,193 shares of the specialty chemicals company's stock worth $53,770,000 after purchasing an additional 226,349 shares during the last quarter. 73.49% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
MEOH has been the subject of several recent analyst reports. Raymond James Financial set a $45.00 target price on shares of Methanex and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Royal Bank Of Canada upgraded shares of Methanex from a "sector perform" rating to an "outperform" rating and set a $50.00 target price for the company in a research note on Friday, August 1st. Scotiabank set a $50.00 target price on shares of Methanex and gave the stock a "sector outperform" rating in a research note on Tuesday, August 5th. CIBC raised their target price on shares of Methanex from $42.00 to $44.00 and gave the stock an "outperformer" rating in a research note on Friday, August 1st. Finally, UBS Group reduced their target price on shares of Methanex from $51.00 to $48.00 and set a "buy" rating for the company in a research note on Thursday, July 31st. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $44.88.
Check Out Our Latest Research Report on Methanex
Methanex Price Performance
MEOH traded up $0.30 during midday trading on Friday, reaching $34.35. 576,129 shares of the company's stock were exchanged, compared to its average volume of 522,854. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.13 and a quick ratio of 1.43. The stock has a market capitalization of $2.66 billion, a PE ratio of 10.13 and a beta of 0.93. The business's 50-day moving average price is $34.13 and its 200 day moving average price is $35.72. Methanex Corporation has a 1-year low of $25.46 and a 1-year high of $54.49.
Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last announced its earnings results on Wednesday, July 30th. The specialty chemicals company reported $0.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.42 by $0.55. The company had revenue of $808.46 million during the quarter, compared to analysts' expectations of $835.04 million. Methanex had a net margin of 7.02% and a return on equity of 12.61%. The firm's quarterly revenue was down 13.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.62 earnings per share. As a group, equities analysts anticipate that Methanex Corporation will post 4.32 EPS for the current fiscal year.
Methanex Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a dividend of $0.185 per share. The ex-dividend date is Tuesday, September 16th. This represents a $0.74 dividend on an annualized basis and a yield of 2.2%. Methanex's payout ratio is presently 21.83%.
Methanex Profile
(
Free Report)
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.
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