BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Has $1.33 Million Stock Position in Methanex Corporation $MEOH

Key Points

• British Columbia Investment Management Corp increased its holdings in Methanex Corporation by 25.4%, owning approximately 37,883 shares worth $1.33 million after purchasing an additional 7,670 shares in the 1st quarter.
• A recent analyst report raised Methanex's rating from "sector perform" to "outperform" with a price target of $50.00, amid a general trend of positive adjustments from various brokerages.
• Methanex also announced a quarterly dividend of $0.185, payable on September 30th, representing an annualized yield of 2.1% with a payout ratio of 21.83%.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX by 25.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 37,883 shares of the specialty chemicals company's stock after purchasing an additional 7,670 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned about 0.06% of Methanex worth $1,329,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Methanex in the first quarter valued at approximately $55,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Methanex in the 4th quarter valued at approximately $106,000. Headlands Technologies LLC acquired a new stake in shares of Methanex in the 1st quarter valued at approximately $82,000. State of Wyoming acquired a new stake in shares of Methanex in the 4th quarter valued at approximately $129,000. Finally, Deutsche Bank AG boosted its holdings in shares of Methanex by 19.9% in the 1st quarter. Deutsche Bank AG now owns 3,007 shares of the specialty chemicals company's stock valued at $106,000 after buying an additional 500 shares during the last quarter. 73.49% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on MEOH shares. Royal Bank Of Canada raised Methanex from a "sector perform" rating to an "outperform" rating and set a $50.00 price objective for the company in a report on Friday, August 1st. UBS Group cut their price objective on Methanex from $51.00 to $48.00 and set a "buy" rating for the company in a report on Thursday, July 31st. JPMorgan Chase & Co. started coverage on Methanex in a report on Tuesday, June 10th. They issued a "neutral" rating and a $33.00 price objective for the company. CIBC boosted their target price on Methanex from $42.00 to $44.00 and gave the stock an "outperformer" rating in a report on Friday, August 1st. Finally, Piper Sandler set a $48.00 target price on Methanex and gave the stock an "overweight" rating in a report on Sunday, May 18th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $44.88.

Methanex Stock Performance

NASDAQ:MEOH traded down $0.21 during mid-day trading on Monday, hitting $35.51. 222,511 shares of the stock were exchanged, compared to its average volume of 372,339. The stock has a market capitalization of $2.75 billion, a price-to-earnings ratio of 10.47 and a beta of 0.87. The firm's 50-day simple moving average is $34.01 and its 200 day simple moving average is $34.46. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.43 and a current ratio of 2.13. Methanex Corporation has a fifty-two week low of $25.46 and a fifty-two week high of $54.49.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last released its quarterly earnings results on Wednesday, July 30th. The specialty chemicals company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.55. The business had revenue of $808.46 million during the quarter, compared to analysts' expectations of $835.04 million. Methanex had a return on equity of 12.61% and a net margin of 7.02%.The firm's revenue for the quarter was down 13.4% compared to the same quarter last year. During the same period last year, the firm posted $0.62 EPS. As a group, equities analysts anticipate that Methanex Corporation will post 4.32 EPS for the current fiscal year.

Methanex Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be given a dividend of $0.185 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.74 dividend on an annualized basis and a yield of 2.1%. Methanex's dividend payout ratio is currently 21.83%.

Methanex Company 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.