Bank of New York Mellon Corp Buys New Stake in Methanex Corporation $MEOH

Key Points

• Bank of New York Mellon acquired 183,909 Methanex shares worth approximately $8.5 million, while institutional investors collectively own 73.49% of the company.
• Methanex’s latest quarterly results fell slightly short of expectations, with EPS of $3.87 versus a $4.00 estimate and revenue of $1.40 billion versus $1.43 billion expected. However, revenue increased 75% year over year.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $68.56; Methanex also declared a quarterly dividend of $0.185 per share.

Bank of New York Mellon Corp acquired a new position in shares of Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 183,909 shares of the specialty chemicals company's stock, valued at approximately $8,487,000. Bank of New York Mellon Corp owned about 0.24% of Methanex as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in MEOH. Bank of America Corp DE boosted its stake in shares of Methanex by 202.3% during the first quarter. Bank of America Corp DE now owns 681,407 shares of the specialty chemicals company's stock worth $40,571,000 after buying an additional 455,975 shares during the period. TD Asset Management Inc increased its position in Methanex by 35.2% in the 4th quarter. TD Asset Management Inc now owns 932,123 shares of the specialty chemicals company's stock valued at $37,020,000 after acquiring an additional 242,662 shares during the period. Norges Bank purchased a new stake in Methanex during the 4th quarter valued at approximately $34,872,000. Wealth High Governance Asset Management Ltda. purchased a new stake in Methanex during the 1st quarter valued at approximately $2,131,000. Finally, Renaissance Technologies LLC lifted its position in Methanex by 38.3% during the 1st quarter. Renaissance Technologies LLC now owns 166,878 shares of the specialty chemicals company's stock worth $9,936,000 after acquiring an additional 46,200 shares during the period. Institutional investors and hedge funds own 73.49% of the company's stock.

Methanex Trading Up 0.7%

Shares of MEOH stock opened at $60.57 on Thursday. Methanex Corporation has a fifty-two week low of $32.00 and a fifty-two week high of $66.75. The stock has a market cap of $4.69 billion, a P/E ratio of 58.81 and a beta of 0.58. The business has a fifty day simple moving average of $53.66 and a 200-day simple moving average of $55.93. The company has a quick ratio of 1.35, a current ratio of 2.07 and a debt-to-equity ratio of 0.83.

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

Methanex Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given a dividend of $0.185 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.74 annualized dividend and a yield of 1.2%. Methanex's dividend payout ratio (DPR) is presently 71.84%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Canadian Imperial Bank of Commerce raised Methanex from a "neutral" rating to a "sector outperform" rating and boosted their target price for the company from $69.00 to $71.00 in a report on Monday, July 20th. Zacks Research downgraded shares of Methanex from a "strong-buy" rating to a "hold" rating in a report on Monday, June 22nd. UBS Group boosted their price target on shares of Methanex from $70.00 to $71.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Wall Street Zen cut shares of Methanex from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 15th. Finally, Royal Bank Of Canada reduced their price objective 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. Six analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $68.56.

Methanex Company Profile

Methanex Corporation is a Vancouver, Canada–based company and one of the world's largest producers and suppliers of methanol. The company manufactures methanol, a key feedstock for a wide range of chemical products and industrial applications. Methanex markets its product to customers in energy, plastics, paints and coatings, and various chemical sectors, positioning the company as a critical link in the global supply chain for basic chemicals.

The company's core product, methanol, serves as a building block for downstream chemicals such as formaldehyde, acetic acid and methyl tertiary butyl ether (MTBE).

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