Bank of America Corp DE Takes Position in Methanex Corporation $MEOH

Key Points

• Bank of America acquired 1.23 million Methanex shares during the second quarter, valued at approximately $56.7 million and representing a 1.59% stake. Institutional investors collectively own 73.49% of the company.
• Methanex reported quarterly earnings of $3.87 per share and revenue of $1.40 billion, missing analyst estimates but posting 75% year-over-year revenue growth.
• The company declared a quarterly dividend of $0.185 per share, or $0.74 annualized, yielding about 1.2%. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $68.56.

Bank of America Corp DE bought a new stake in shares of Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 1,228,227 shares of the specialty chemicals company's stock, valued at approximately $56,683,000. Bank of America Corp DE owned about 1.59% of Methanex at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Clearstead Advisors LLC lifted its position in Methanex by 336.2% during the fourth quarter. Clearstead Advisors LLC now owns 1,784 shares of the specialty chemicals company's stock valued at $71,000 after purchasing an additional 1,375 shares during the period. State of Wyoming bought a new stake in Methanex in the 2nd quarter worth approximately $153,000. DCF Advisers LLC purchased a new stake in Methanex during the 4th quarter valued at $218,000. Baader Bank Aktiengesellschaft bought a new position in shares of Methanex during the 1st quarter valued at $220,000. Finally, Deutsche Bank AG bought a new position in shares of Methanex during the 2nd quarter valued at $221,000. Institutional investors own 73.49% of the company's stock.

Methanex Stock Performance

Methanex stock opened at $60.97 on Monday. Methanex Corporation has a 12-month low of $32.00 and a 12-month high of $66.75. The firm has a market capitalization of $4.72 billion, a price-to-earnings ratio of 59.19 and a beta of 0.58. The firm has a 50 day moving average of $57.12 and a 200 day moving average of $56.96. The company has a current ratio of 2.07, a quick ratio of 1.35 and a debt-to-equity ratio of 0.83.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last posted its quarterly earnings results on Tuesday, July 28th. The specialty chemicals company reported $3.87 earnings per share for the quarter, missing analysts' consensus estimates of $4.00 by ($0.13). The firm had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.43 billion. Methanex had a return on equity of 11.35% and a net margin of 2.07%.The business's revenue for the quarter was up 75.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.97 earnings per share. As a group, research analysts predict that Methanex Corporation will post 8.6 earnings per share for the current year.

Methanex Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a $0.185 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.74 dividend on an annualized basis and a yield of 1.2%. Methanex's payout ratio is currently 71.84%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Zacks Research downgraded Methanex from a "strong-buy" rating to a "hold" rating in a report on Monday, June 22nd. Weiss Ratings upgraded shares of Methanex from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, July 29th. Canadian Imperial Bank of Commerce raised shares of Methanex from a "neutral" rating to a "sector outperform" rating and raised their price objective for the stock from $69.00 to $71.00 in a report on Monday, July 20th. Royal Bank Of Canada cut their target price on shares of Methanex from $70.00 to $65.00 and set a "sector perform" rating for the company in a research report on Wednesday, July 1st. Finally, National Bank Financial set a $70.00 target price on shares of Methanex and gave the company an "outperform" rating in a report on Monday, July 13th. Six research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $68.56.

Methanex Profile

Methanex Corporation is a global producer and distributor of methanol, a versatile chemical used in the manufacture of formaldehyde, acetic acid, solvents, plastics, and other industrial products. Methanol is also used in fuel blending, marine fuel applications, wastewater treatment, and the production of emerging low-carbon fuels and chemicals.

Headquartered in Vancouver, Canada, Methanex operates methanol production facilities in regions including North America, South America, New Zealand, Egypt, and Trinidad.

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