Bank of America Corp DE Has $27.34 Million Position in Methanex Co. (NASDAQ:MEOH)

Bank of America Corp DE raised its position in shares of Methanex Co. (NASDAQ:MEOH - Free Report) TSE: MX by 3.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 547,388 shares of the specialty chemicals company's stock after purchasing an additional 17,091 shares during the period. Bank of America Corp DE owned 0.81% of Methanex worth $27,337,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MEOH. Legacy Wealth Asset Management LLC bought a new stake in Methanex in the fourth quarter worth $220,000. Blue Trust Inc. boosted its stake in shares of Methanex by 15.0% during the 4th quarter. Blue Trust Inc. now owns 2,845 shares of the specialty chemicals company's stock worth $142,000 after acquiring an additional 371 shares in the last quarter. Ausbil Investment Management Ltd acquired a new position in shares of Methanex during the 4th quarter valued at about $386,000. Triasima Portfolio Management inc. acquired a new position in shares of Methanex during the 4th quarter valued at about $1,540,000. Finally, Westbourne Investment Advisors Inc. raised its stake in shares of Methanex by 6.7% in the 4th quarter. Westbourne Investment Advisors Inc. now owns 117,981 shares of the specialty chemicals company's stock valued at $5,892,000 after acquiring an additional 7,375 shares in the last quarter. 73.49% of the stock is owned by hedge funds and other institutional investors.

Methanex Trading Down 3.8%

Shares of NASDAQ MEOH traded down $1.29 during midday trading on Wednesday, reaching $32.43. 394,271 shares of the stock were exchanged, compared to its average volume of 390,978. Methanex Co. has a 12 month low of $25.46 and a 12 month high of $54.50. The company has a market capitalization of $2.19 billion, a price-to-earnings ratio of 14.04 and a beta of 0.93. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.62 and a quick ratio of 2.00. The business has a 50-day simple moving average of $32.14 and a two-hundred day simple moving average of $41.44.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last announced its earnings results on Wednesday, April 30th. The specialty chemicals company reported $1.30 EPS for the quarter, topping the consensus estimate of $1.25 by $0.05. The firm had revenue of $857.90 million for the quarter, compared to the consensus estimate of $1.06 billion. Methanex had a net margin of 4.41% and a return on equity of 10.97%. The business's quarterly revenue was down 2.2% on a year-over-year basis. During the same period last year, the company posted $0.65 EPS. As a group, equities research analysts expect that Methanex Co. will post 4.32 EPS for the current year.

Methanex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be issued a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date of this dividend is Monday, June 16th. Methanex's dividend payout ratio (DPR) is presently 24.83%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on MEOH shares. Scotiabank raised shares of Methanex from a "sector perform" rating to a "sector outperform" rating and set a $53.00 price target on the stock in a research report on Monday, May 5th. Royal Bank of Canada decreased their price target on shares of Methanex from $55.00 to $50.00 and set a "sector perform" rating for the company in a report on Friday, May 2nd. CIBC lowered their price target on Methanex from $47.00 to $44.00 and set an "outperformer" rating on the stock in a research report on Monday, May 5th. Piper Sandler set a $48.00 target price on Methanex and gave the company an "overweight" rating in a report on Sunday. Finally, Barclays cut their price target on Methanex from $57.00 to $41.00 and set an "equal weight" rating for the company in a report on Tuesday, April 1st. Three analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $48.25.

Methanex 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.