Bank of New York Mellon Corp Has $44.80 Million Holdings in Methanex Corporation (NASDAQ:MEOH)

Bank of New York Mellon Corp boosted its stake in Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX by 41.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,276,649 shares of the specialty chemicals company's stock after buying an additional 376,365 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.89% of Methanex worth $44,798,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Methanex in the 4th quarter valued at $106,000. State of Wyoming bought a new position in Methanex in the 4th quarter valued at $129,000. Signaturefd LLC raised its position in Methanex by 15.0% in the 4th quarter. Signaturefd LLC now owns 3,452 shares of the specialty chemicals company's stock valued at $172,000 after purchasing an additional 450 shares during the last quarter. Neuberger Berman Group LLC bought a new position in Methanex in the 4th quarter valued at $203,000. Finally, Scotia Capital Inc. bought a new position in Methanex in the 4th quarter valued at $210,000. Institutional investors and hedge funds own 73.49% of the company's stock.

Methanex Trading Up 2.7%

Shares of MEOH stock traded up $0.89 on Thursday, reaching $34.08. 554,492 shares of the stock were exchanged, compared to its average volume of 460,398. The stock has a market cap of $2.64 billion, a PE ratio of 11.44 and a beta of 0.92. Methanex Corporation has a one year low of $25.46 and a one year high of $54.49. The company has a debt-to-equity ratio of 0.94, a current ratio of 3.17 and a quick ratio of 2.52. The stock has a 50 day moving average price of $34.00 and a 200 day moving average price of $38.15.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last released its earnings results on Wednesday, April 30th. The specialty chemicals company reported $1.30 earnings per share for the quarter, topping analysts' consensus estimates of $1.25 by $0.05. The company had revenue of $857.90 million during the quarter, compared to the consensus estimate of $1.06 billion. Methanex had a return on equity of 12.45% and a net margin of 6.00%. The firm's quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.65 earnings per share. Equities research analysts forecast that Methanex Corporation will post 4.32 EPS for the current fiscal year.

Methanex Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 16th were paid a dividend of $0.185 per share. The ex-dividend date was Monday, June 16th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 2.17%. Methanex's dividend payout ratio (DPR) is presently 24.83%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Barclays cut their price objective on Methanex from $57.00 to $41.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 1st. Scotiabank upgraded Methanex from a "sector perform" rating to a "sector outperform" rating and set a $53.00 price objective for the company in a research report on Monday, May 5th. Piper Sandler set a $48.00 price objective on Methanex and gave the company an "overweight" rating in a research report on Sunday, May 18th. Royal Bank Of Canada cut their price objective on Methanex from $55.00 to $50.00 and set a "sector perform" rating for the company in a research report on Friday, May 2nd. Finally, Wall Street Zen downgraded Methanex from a "buy" rating to a "hold" rating in a research report on Thursday, May 1st. Four analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $45.63.

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.