American Century Companies Inc. Lowers Stock Position in Methanex Corporation $MEOH

Key Points

• American Century Companies Inc. reduced its position in Methanex Corporation by 18.0%, leaving it with approximately 36,136 shares worth $1.27 million as of its latest filing.
• Multiple hedge funds have increased their holdings in Methanex, with Alberta Investment Management Corp making the most significant move, lifting its position by 1,499.0%.
• Wall Street analysts are optimistic about Methanex, with a consensus rating of "Moderate Buy" and target prices ranging up to $50.00 from Royal Bank of Canada.

American Century Companies Inc. reduced its holdings in Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX by 18.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 36,136 shares of the specialty chemicals company's stock after selling 7,918 shares during the quarter. American Century Companies Inc. owned about 0.05% of Methanex worth $1,267,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the stock. Bank of New York Mellon Corp lifted 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 buying an additional 376,365 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Methanex by 3.4% during the fourth quarter. Ameriprise Financial Inc. now owns 11,778 shares of the specialty chemicals company's stock worth $588,000 after purchasing an additional 383 shares during the period. Two Sigma Advisers LP bought a new position in Methanex in the fourth quarter valued at approximately $934,000. First Trust Advisors LP acquired a new stake in shares of Methanex during the 4th quarter valued at $632,000. Finally, Deutsche Bank AG increased its stake in shares of Methanex by 19.9% in the first quarter. Deutsche Bank AG now owns 3,007 shares of the specialty chemicals company's stock valued at $106,000 after buying an additional 500 shares during the period. 73.49% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on MEOH. CIBC boosted their price objective on Methanex from $42.00 to $44.00 and gave the stock an "outperformer" rating in a report on Friday, August 1st. JPMorgan Chase & Co. assumed coverage on shares of Methanex in a research note on Tuesday, June 10th. They set a "neutral" rating and a $33.00 target price on the stock. Raymond James Financial set a $45.00 target price on Methanex and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Piper Sandler set a $48.00 price objective on Methanex and gave the stock an "overweight" rating in a research note on Sunday, May 18th. Finally, UBS Group dropped their price target on Methanex from $51.00 to $48.00 and set a "buy" rating for the company in a research note on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $44.88.

Methanex Trading Down 0.2%

NASDAQ:MEOH traded down $0.07 on Monday, reaching $38.54. The company's stock had a trading volume of 438,627 shares, compared to its average volume of 542,624. Methanex Corporation has a 12-month low of $25.46 and a 12-month high of $54.49. The company has a quick ratio of 1.43, a current ratio of 2.13 and a debt-to-equity ratio of 1.00. The stock has a 50 day moving average price of $34.20 and a 200 day moving average price of $34.20. The firm has a market cap of $2.98 billion, a price-to-earnings ratio of 11.38 and a beta of 0.87.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last issued its quarterly 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. Methanex had a net margin of 7.02% and a return on equity of 12.61%. The company had revenue of $808.46 million during the quarter, compared to the consensus estimate of $835.04 million. During the same quarter in the previous year, the firm earned $0.62 earnings per share. The firm's quarterly revenue was down 13.4% on a year-over-year basis. On average, equities analysts anticipate that Methanex Corporation will post 4.32 EPS for the current fiscal year.

Methanex Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be paid a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Tuesday, September 16th. Methanex's dividend payout ratio is presently 21.83%.

About Methanex

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.