Northern Trust Corp Has $3.80 Million Stake in Methanex Co. (NASDAQ:MEOH)

Northern Trust Corp lowered its stake in shares of Methanex Co. (NASDAQ:MEOH - Free Report) TSE: MX by 40.0% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 75,986 shares of the specialty chemicals company's stock after selling 50,628 shares during the period. Northern Trust Corp owned approximately 0.11% of Methanex worth $3,795,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in MEOH. Pictet Asset Management Holding SA increased its stake in Methanex by 2.6% during the fourth quarter. Pictet Asset Management Holding SA now owns 11,463 shares of the specialty chemicals company's stock valued at $573,000 after acquiring an additional 293 shares during the period. Blue Trust Inc. grew its holdings in shares of Methanex by 15.0% during the 4th quarter. Blue Trust Inc. now owns 2,845 shares of the specialty chemicals company's stock worth $142,000 after purchasing an additional 371 shares in the last quarter. PCJ Investment Counsel Ltd. increased its position in shares of Methanex by 3.6% during the fourth quarter. PCJ Investment Counsel Ltd. now owns 11,800 shares of the specialty chemicals company's stock valued at $589,000 after purchasing an additional 410 shares during the period. Value Partners Investments Inc. increased its position in shares of Methanex by 7.3% during the fourth quarter. Value Partners Investments Inc. now owns 6,053 shares of the specialty chemicals company's stock valued at $302,000 after purchasing an additional 411 shares during the period. Finally, Signaturefd LLC raised its stake in shares of Methanex by 15.0% in the fourth quarter. Signaturefd LLC now owns 3,452 shares of the specialty chemicals company's stock valued at $172,000 after purchasing an additional 450 shares in the last quarter. Institutional investors own 73.49% of the company's stock.

Methanex Price Performance

Shares of NASDAQ MEOH traded down $0.70 during mid-day trading on Wednesday, hitting $33.14. 269,408 shares of the stock were exchanged, compared to its average volume of 395,090. Methanex Co. has a twelve month low of $25.46 and a twelve month high of $54.49. The stock's fifty day simple moving average is $31.57 and its two-hundred day simple moving average is $41.13. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.00 and a current ratio of 2.62. The company has a market cap of $2.23 billion, a P/E ratio of 14.35 and a beta of 0.93.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last released its quarterly earnings results on Wednesday, April 30th. The specialty chemicals company reported $1.30 EPS for the quarter, topping analysts' consensus estimates of $1.25 by $0.05. Methanex had a return on equity of 10.97% and a net margin of 4.41%. The business had revenue of $857.90 million for the quarter, compared to analyst estimates of $1.06 billion. During the same period in the prior year, the company earned $0.65 EPS. Methanex's revenue for the quarter was down 2.2% on a year-over-year basis. As a group, analysts forecast that Methanex Co. will post 4.32 EPS for the current fiscal year.

Methanex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be paid a $0.185 dividend. The ex-dividend date is Monday, June 16th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 2.23%. Methanex's dividend payout ratio (DPR) is presently 24.83%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on MEOH shares. CIBC decreased their price target on shares of Methanex from $47.00 to $44.00 and set an "outperformer" rating on the stock in a research note on Monday, May 5th. Piper Sandler set a $48.00 target price on shares of Methanex and gave the company an "overweight" rating in a research note on Sunday, May 18th. UBS Group dropped their price target on shares of Methanex from $51.00 to $50.00 and set a "buy" rating for the company in a research report on Tuesday, May 13th. Barclays decreased their price objective on Methanex from $57.00 to $41.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 1st. Finally, Raymond James cut their target price on Methanex from $62.00 to $40.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. Three equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $48.25.

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.