Russell Investments Group Ltd. Cuts Stock Position in Methanex Corporation $MEOH

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

A number of other large investors also recently bought and sold shares of the business. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Methanex in the fourth quarter worth approximately $106,000. Headlands Technologies LLC purchased a new position in shares of Methanex in the first quarter worth $82,000. State of Wyoming purchased a new position in shares of Methanex in the fourth quarter worth $129,000. Deutsche Bank AG lifted its holdings in shares of Methanex by 19.9% in the first quarter. Deutsche Bank AG now owns 3,007 shares of the specialty chemicals company's stock worth $106,000 after buying an additional 500 shares in the last quarter. Finally, SBI Securities Co. Ltd. lifted its holdings in shares of Methanex by 25.7% in the first quarter. SBI Securities Co. Ltd. now owns 4,190 shares of the specialty chemicals company's stock worth $147,000 after buying an additional 857 shares in the last quarter. 73.49% of the stock is owned by hedge funds and other institutional investors.

Methanex Stock Performance

MEOH stock traded down $0.21 during trading on Friday, reaching $35.51. The company had a trading volume of 222,511 shares, compared to its average volume of 404,994. The firm has a 50-day simple moving average of $34.00 and a 200-day simple moving average of $34.70. The company has a market cap of $2.75 billion, a price-to-earnings ratio of 10.47 and a beta of 0.93. 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 twelve month low of $25.46 and a twelve month high of $54.49.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last announced its quarterly earnings data on Wednesday, July 30th. The specialty chemicals company reported $0.97 EPS for the quarter, beating 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 net margin of 7.02% and a return on equity of 12.61%. The business's quarterly revenue was down 13.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.62 EPS. As a group, sell-side analysts expect that Methanex Corporation will post 4.32 earnings per share for the current year.

Methanex Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be issued 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%.

Wall Street Analyst Weigh In

MEOH has been the topic of several research analyst reports. Piper Sandler set a $48.00 target price on shares of Methanex and gave the stock an "overweight" rating in a report on Sunday, May 18th. CIBC increased their target price on shares of Methanex from $42.00 to $44.00 and gave the company an "outperformer" rating in a research note on Friday, August 1st. Wall Street Zen cut shares of Methanex from a "buy" rating to a "hold" rating in a report on Thursday, May 1st. UBS Group dropped their target price on shares of Methanex from $51.00 to $48.00 and set a "buy" rating on the stock in a report on Thursday, July 31st. Finally, JPMorgan Chase & Co. assumed coverage on shares of Methanex in a report on Tuesday, June 10th. They set a "neutral" rating and a $33.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $44.88.

About Methanex

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.