M&G PLC Makes New Investment in Methanex Corporation $MEOH

Key Points

• M&G PLC acquired 11.8 million Methanex shares, valued at about $696 million, giving it a 15.26% stake and making the stock its fourth-largest holding.
• Methanex reported quarterly EPS of $3.69, beating the $2.90 consensus, while revenue rose 49.7% year over year to $1.36 billion.
• Analyst sentiment is positive overall: Methanex has a “Moderate Buy” consensus rating and an average price target of $73.78.

M&G PLC acquired a new position in shares of Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 11,802,260 shares of the specialty chemicals company's stock, valued at approximately $696,333,000. Methanex comprises approximately 3.5% of M&G PLC's holdings, making the stock its 4th biggest position. M&G PLC owned 15.26% of Methanex at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of MEOH. Bank of America Corp DE acquired a new position in Methanex during the second quarter worth about $56,683,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Methanex in the 2nd quarter valued at approximately $53,605,000. Man Group plc bought a new stake in shares of Methanex during the 2nd quarter valued at approximately $35,078,000. BlackRock Inc. bought a new stake in shares of Methanex during the 2nd quarter valued at approximately $26,154,000. Finally, Alberta Investment Management Corp bought a new stake in shares of Methanex during the 2nd quarter valued at approximately $19,258,000. 73.49% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MEOH has been the subject of a number of research analyst reports. National Bank Financial upped their price objective on shares of Methanex from $70.00 to $79.00 and gave the stock an "outperform" rating in a research report on Friday, October 16th. Royal Bank Of Canada raised their target price on shares of Methanex from $65.00 to $75.00 and gave the company an "outperform" rating in a research report on Monday, November 2nd. Raymond James Financial set a $80.00 target price on shares of Methanex in a research note on Monday, November 2nd. Weiss Ratings upgraded shares of Methanex from a "hold (c)" rating to a "buy (b)" rating in a report on Monday, November 2nd. Finally, Wall Street Zen upgraded shares of Methanex from a "buy" rating to a "strong-buy" rating in a report on Saturday, October 3rd. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Methanex currently has an average rating of "Moderate Buy" and an average target price of $73.78.

Methanex Stock Up 0.2%

NASDAQ:MEOH opened at $66.49 on Tuesday. Methanex Corporation has a one year low of $34.01 and a one year high of $72.32. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.69 and a quick ratio of 1.26. The company has a market cap of $5.14 billion, a PE ratio of 14.65 and a beta of 0.72. The firm's 50 day simple moving average is $62.22 and its 200 day simple moving average is $56.90.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last announced its quarterly earnings results on Thursday, October 29th. The specialty chemicals company reported $3.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.90 by $0.79. The firm had revenue of $1.36 billion during the quarter, compared to analysts' expectations of $1.30 billion. Methanex had a net margin of 7.62% and a return on equity of 20.89%. The company's revenue was up 49.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.06 EPS. On average, research analysts anticipate that Methanex Corporation will post 9.82 earnings per share for the current year.

Methanex Profile

Methanex Corporation is a global producer and supplier of methanol, a chemical used as a feedstock in products such as plastics, paints, adhesives and building materials. Methanol is also used in fuel applications and as an ingredient in other chemicals.

The company operates methanol production facilities and manages a global supply and distribution network that serves customers across multiple regions. Its logistics activities include shipping and terminal operations, helping deliver methanol from production sites to markets worldwide.

Headquartered in Vancouver, British Columbia, Methanex traces its roots to the Canadian methanol industry and has developed an international operating footprint.

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