BlackRock Inc. Takes Position in Methanex Corporation $MEOH

Key Points

• BlackRock acquired 566,722 Methanex shares worth approximately $26.2 million during the second quarter, giving it a 0.73% stake. Institutional investors collectively own 73.49% of the company.
• Analyst sentiment remains favorable but mixed, with Methanex holding a “Moderate Buy” consensus rating and an average price target of $68.56.
• Methanex reported quarterly revenue growth of 75% year over year but missed earnings and revenue estimates. The company also declared a quarterly dividend of $0.185 per share, equivalent to a 1.2% yield.

BlackRock Inc. acquired a new position in Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 566,722 shares of the specialty chemicals company's stock, valued at approximately $26,154,000. BlackRock Inc. owned about 0.73% of Methanex as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. NewEdge Advisors LLC acquired a new stake in Methanex in the second quarter valued at approximately $50,000. Clearstead Advisors LLC increased its position in shares of Methanex by 336.2% during the fourth quarter. Clearstead Advisors LLC now owns 1,784 shares of the specialty chemicals company's stock worth $71,000 after purchasing an additional 1,375 shares in the last quarter. Parkside Financial Bank & Trust increased its position in shares of Methanex by 61.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 2,143 shares of the specialty chemicals company's stock worth $85,000 after purchasing an additional 812 shares in the last quarter. State of Wyoming acquired a new position in shares of Methanex during the second quarter worth $153,000. Finally, AXA S.A. purchased a new stake in shares of Methanex during the 2nd quarter valued at $166,000. Institutional investors own 73.49% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on MEOH shares. Wall Street Zen cut Methanex from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 15th. Canadian Imperial Bank of Commerce raised Methanex from a "neutral" rating to a "sector outperform" rating and upped their target price for the company from $69.00 to $71.00 in a research report on Monday, July 20th. Zacks Research cut Methanex from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 22nd. UBS Group raised their price target on Methanex from $70.00 to $71.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Finally, Royal Bank Of Canada dropped their price target on Methanex from $70.00 to $65.00 and set a "sector perform" rating on the stock in a research note on Wednesday, July 1st. Six investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $68.56.

Methanex Stock Performance

MEOH opened at $60.57 on Thursday. Methanex Corporation has a 12-month low of $32.00 and a 12-month high of $66.75. The company has a current ratio of 2.07, a quick ratio of 1.35 and a debt-to-equity ratio of 0.83. The firm has a market capitalization of $4.69 billion, a PE ratio of 58.81 and a beta of 0.58. The firm has a 50 day moving average of $53.66 and a two-hundred day moving average of $55.93.

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 net margin of 2.07% and a return on equity of 11.35%. The firm's revenue was up 75.0% on a year-over-year basis. During the same period last year, the company earned $0.97 earnings per share. On average, analysts anticipate that Methanex Corporation will post 8.6 EPS for the current year.

Methanex Dividend Announcement

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

Methanex 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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