JPMorgan Chase & Co. Boosts Position in Methanex Corporation $MEOH

Key Points

• JPMorgan Chase & Co. raised its stake in Methanex by 546.7% in Q3, adding 227,723 shares to hold 269,374 shares (about 0.35% of the company) worth $10.71 million.
• Analysts are mixed but the stock carries an overall Moderate Buy consensus with a $52.36 average price target; several firms raised targets (BMO to $70, UBS to $60, CIBC to $59) while Zacks cut to a "strong sell".
• Methanex missed quarterly EPS (‑$0.14 vs. $0.81 expected) and had revenue slightly below estimates, yet the shares trade near a 12‑month high (~$65) and the company declared a quarterly dividend of $0.185 (annualized $0.74, yield 1.1%).

JPMorgan Chase & Co. raised its position in Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX by 546.7% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 269,374 shares of the specialty chemicals company's stock after purchasing an additional 227,723 shares during the period. JPMorgan Chase & Co. owned about 0.35% of Methanex worth $10,710,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in MEOH. NewEdge Advisors LLC purchased a new stake in shares of Methanex in the 2nd quarter worth about $50,000. Parkside Financial Bank & Trust increased its holdings in Methanex by 1,244.4% during the 3rd quarter. Parkside Financial Bank & Trust now owns 1,331 shares of the specialty chemicals company's stock valued at $53,000 after acquiring an additional 1,232 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in Methanex by 131.5% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,482 shares of the specialty chemicals company's stock valued at $99,000 after acquiring an additional 1,410 shares in the last quarter. AXA S.A. acquired a new position in Methanex during the second quarter worth about $166,000. Finally, Mitsubishi UFJ Trust & Banking Corp purchased a new stake in shares of Methanex in the third quarter valued at about $215,000. Hedge funds and other institutional investors own 73.49% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on MEOH shares. BMO Capital Markets increased their price target on shares of Methanex from $65.00 to $70.00 and gave the company an "outperform" rating in a research report on Wednesday, March 18th. Zacks Research downgraded Methanex from a "hold" rating to a "strong sell" rating in a research report on Monday, March 16th. UBS Group upped their target price on Methanex from $53.00 to $60.00 and gave the company a "buy" rating in a research note on Wednesday, March 4th. Scotiabank reiterated an "outperform" rating on shares of Methanex in a report on Wednesday, January 21st. Finally, Canadian Imperial Bank of Commerce boosted their price target on Methanex from $52.00 to $59.00 and gave the stock a "neutral" rating in a report on Tuesday, March 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $52.36.

Methanex Stock Performance

Shares of NASDAQ MEOH opened at $65.22 on Friday. The company has a 50-day simple moving average of $50.88 and a 200-day simple moving average of $42.85. The company has a debt-to-equity ratio of 0.99, a current ratio of 2.06 and a quick ratio of 1.37. The company has a market cap of $5.04 billion, a PE ratio of 57.72 and a beta of 0.65. Methanex Corporation has a 12 month low of $25.46 and a 12 month high of $65.47.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last announced its quarterly earnings data on Thursday, March 5th. The specialty chemicals company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.81 by ($0.95). Methanex had a net margin of 2.21% and a return on equity of 5.35%. The firm had revenue of $968.81 million for the quarter, compared to analysts' expectations of $1.03 billion. During the same period in the previous year, the company posted $1.24 EPS. The business's quarterly revenue was up 2.1% on a year-over-year basis. On average, equities analysts anticipate that Methanex Corporation will post 4.32 earnings per share for the current year.

Methanex Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be paid a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Tuesday, March 17th. Methanex's dividend payout ratio is currently 65.49%.

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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