Cibc World Market Inc. Purchases New Position in Methanex Corporation $MEOH

Key Points

• CIBC World Markets bought 42,499 Methanex shares worth approximately $1.96 million, while institutional investors collectively own 73.49% of the company.
• Analyst sentiment is moderately bullish: six analysts rate Methanex a Buy and five a Hold, with an average price target of $68.56 versus the reported share price of $56.93.
• Methanex reported quarterly revenue of $1.40 billion, up 75% year over year, but missed earnings and revenue estimates. The company also declared a quarterly dividend of $0.185 per share, representing a 1.3% yield.

Cibc World Market Inc. purchased a new stake in Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 42,499 shares of the specialty chemicals company's stock, valued at approximately $1,961,000. Cibc World Market Inc. owned approximately 0.05% of Methanex as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. NewEdge Advisors LLC bought a new stake in Methanex during the 2nd quarter worth approximately $50,000. Clearstead Advisors LLC boosted its stake in Methanex by 336.2% in 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 boosted its stake in Methanex by 61.0% in 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 bought a new stake in shares of Methanex during the second quarter worth $153,000. Finally, Fifth Third Bancorp grew its holdings in shares of Methanex by 1,087.3% during the first quarter. Fifth Third Bancorp now owns 3,823 shares of the specialty chemicals company's stock worth $228,000 after purchasing an additional 3,501 shares during the last quarter. 73.49% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

MEOH has been the subject of several recent research reports. UBS Group boosted their price objective on Methanex from $70.00 to $71.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Zacks Research lowered shares of Methanex from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 22nd. JPMorgan Chase & Co. cut shares of Methanex from an "overweight" rating to a "neutral" rating and lifted their price target for the stock from $56.00 to $65.00 in a research report on Friday, May 1st. Scotiabank increased their price objective on shares of Methanex from $70.00 to $80.00 and gave the company an "outperform" rating in a report on Tuesday, May 5th. Finally, Wall Street Zen cut shares of Methanex from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 15th. Six equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $68.56.

Methanex Stock Down 0.3%

Shares of NASDAQ:MEOH opened at $56.93 on Thursday. Methanex Corporation has a 52 week low of $32.00 and a 52 week high of $66.75. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.35 and a current ratio of 2.07. The company has a market capitalization of $4.40 billion, a PE ratio of 55.27 and a beta of 0.58. The company has a 50 day moving average price of $52.91 and a two-hundred day moving average price of $55.55.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last announced 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). Methanex had a return on equity of 11.35% and a net margin of 2.07%.The firm had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same period in the prior year, the business earned $0.97 earnings per share. The company's revenue for the quarter was up 75.0% compared to the same quarter last year. Analysts forecast that Methanex Corporation will post 8.6 earnings per share for the current year.

Methanex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued a dividend of $0.185 per share. The ex-dividend date is Wednesday, September 16th. This represents a $0.74 annualized dividend and a yield of 1.3%. Methanex's payout ratio is currently 71.84%.

About Methanex

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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