Connor Clark & Lunn Investment Management Ltd. Sells 317,006 Shares of Methanex Corporation (NASDAQ:MEOH)

Connor Clark & Lunn Investment Management Ltd. trimmed its stake in Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX by 76.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 97,800 shares of the specialty chemicals company's stock after selling 317,006 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.15% of Methanex worth $3,430,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bank of New York Mellon Corp increased its holdings in Methanex by 41.8% in the first quarter. Bank of New York Mellon Corp now owns 1,276,649 shares of the specialty chemicals company's stock valued at $44,798,000 after purchasing an additional 376,365 shares during the period. Ameriprise Financial Inc. increased its holdings in Methanex by 3.4% in the fourth quarter. Ameriprise Financial Inc. now owns 11,778 shares of the specialty chemicals company's stock valued at $588,000 after purchasing an additional 383 shares during the period. Two Sigma Advisers LP acquired a new stake in Methanex in the fourth quarter valued at $934,000. First Trust Advisors LP acquired a new stake in Methanex in the fourth quarter valued at $632,000. Finally, Mariner LLC acquired a new stake in Methanex in the fourth quarter valued at $352,000. 73.49% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

MEOH has been the subject of a number of recent research reports. Raymond James Financial set a $45.00 price objective on Methanex and gave the company an "outperform" rating in a report on Tuesday, July 15th. CIBC increased their price objective on Methanex from $42.00 to $44.00 and gave the company an "outperformer" rating in a report on Friday, August 1st. UBS Group cut their price target on shares of Methanex from $51.00 to $48.00 and set a "buy" rating on the stock in a research report on Thursday, July 31st. JPMorgan Chase & Co. started coverage on shares of Methanex in a research report on Tuesday, June 10th. They set a "neutral" rating and a $33.00 price target on the stock. Finally, Piper Sandler set a $48.00 price target on shares of Methanex and gave the company an "overweight" rating in a research report on Sunday, May 18th. Three equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $44.88.

Methanex Stock Up 0.9%

Shares of MEOH stock traded up $0.30 on Friday, reaching $34.35. 576,129 shares of the company were exchanged, compared to its average volume of 522,854. The company has a market cap of $2.66 billion, a price-to-earnings ratio of 10.13 and a beta of 0.93. The company has a 50-day moving average of $34.13 and a 200-day moving average of $35.72. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.13 and a quick ratio of 1.43. Methanex Corporation has a one year low of $25.46 and a one year high of $54.49.

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

Methanex Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be paid a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Tuesday, September 16th. Methanex's payout ratio is 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.