Methanex Corporation $MEOH Shares Sold by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. reduced its stake in Methanex Corporation by 7.9%, now owning 95,434 shares worth approximately $3.35 million.
• Wall Street analysts have mixed ratings for Methanex, with a consensus rating of “Moderate Buy” and an average target price of $44.88.
• Methanex reported a quarterly earnings per share of $0.97, surpassing estimates but experienced a 13.4% decline in revenue year-over-year.

Russell Investments Group Ltd. cut its stake in shares of Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX by 7.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 95,434 shares of the specialty chemicals company's stock after selling 8,192 shares during the quarter. Russell Investments Group Ltd. owned 0.14% of Methanex worth $3,346,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of MEOH. Geode Capital Management LLC lifted its holdings in shares of Methanex by 2.3% during the fourth quarter. Geode Capital Management LLC now owns 107,272 shares of the specialty chemicals company's stock worth $5,375,000 after purchasing an additional 2,401 shares during the period. Envestnet Asset Management Inc. lifted its holdings in shares of Methanex by 11.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 47,727 shares of the specialty chemicals company's stock worth $2,384,000 after purchasing an additional 4,736 shares during the period. Mariner LLC acquired a new stake in shares of Methanex during the fourth quarter worth $352,000. First Trust Advisors LP acquired a new stake in Methanex in the fourth quarter valued at $632,000. Finally, Dimensional Fund Advisors LP lifted its holdings in Methanex by 5.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,047,978 shares of the specialty chemicals company's stock valued at $52,334,000 after acquiring an additional 50,075 shares during the period. 73.49% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have commented on MEOH. Raymond James Financial set a $45.00 target price on Methanex and gave the company an "outperform" rating in a report on Tuesday, July 15th. UBS Group reduced their target price on Methanex from $51.00 to $48.00 and set a "buy" rating for the company in a report on Thursday, July 31st. Wall Street Zen downgraded Methanex from a "buy" rating to a "hold" rating in a report on Thursday, May 1st. JPMorgan Chase & Co. began coverage on Methanex in a report on Tuesday, June 10th. They issued a "neutral" rating and a $33.00 target price for the company. Finally, Royal Bank Of Canada raised Methanex from a "sector perform" rating to an "outperform" rating and set a $50.00 target price for the company in a report on Friday, August 1st. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $44.88.

Methanex Trading Up 6.5%

NASDAQ:MEOH opened at $36.04 on Friday. The company has a market capitalization of $2.79 billion, a PE ratio of 10.63 and a beta of 0.93. The company has a quick ratio of 1.43, a current ratio of 2.13 and a debt-to-equity ratio of 1.00. Methanex Corporation has a 52-week low of $25.46 and a 52-week high of $54.49. The stock has a fifty day simple moving average of $34.11 and a 200-day simple moving average of $35.10.

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 (EPS) 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 the consensus estimate of $835.04 million. Methanex had a return on equity of 12.61% and a net margin of 7.02%.The business's revenue was down 13.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.62 EPS. On average, equities research analysts expect that Methanex Corporation will post 4.32 earnings per share for the current fiscal year.

Methanex Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be paid a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend 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.

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