Northern Trust Corp Sells 50,628 Shares of Methanex Co. (NASDAQ:MEOH)

Northern Trust Corp decreased its holdings in Methanex Co. (NASDAQ:MEOH - Free Report) TSE: MX by 40.0% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 75,986 shares of the specialty chemicals company's stock after selling 50,628 shares during the quarter. Northern Trust Corp owned 0.11% of Methanex worth $3,795,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Parkside Financial Bank & Trust raised its position in Methanex by 39.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 2,015 shares of the specialty chemicals company's stock worth $101,000 after buying an additional 573 shares during the last quarter. Blue Trust Inc. increased its position 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 valued at $142,000 after purchasing an additional 371 shares during the last quarter. SBI Securities Co. Ltd. purchased a new stake in shares of Methanex during the 4th quarter valued at about $166,000. Signaturefd LLC increased its position in shares of Methanex by 15.0% during the 4th 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 during the last quarter. Finally, Neuberger Berman Group LLC purchased a new stake in shares of Methanex during the 4th quarter valued at about $203,000. Hedge funds and other institutional investors own 73.49% of the company's stock.

Methanex Stock Performance

Methanex stock traded up $1.07 during midday trading on Tuesday, hitting $33.94. The stock had a trading volume of 134,028 shares, compared to its average volume of 394,011. The firm's fifty day moving average is $31.75 and its two-hundred day moving average is $41.24. The company has a market capitalization of $2.29 billion, a PE ratio of 14.69 and a beta of 0.93. Methanex Co. has a 52-week low of $25.46 and a 52-week high of $54.49. The company has a current ratio of 2.62, a quick ratio of 2.00 and a debt-to-equity ratio of 1.01.

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

Methanex Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders 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 annualized dividend and a yield of 2.18%. Methanex's payout ratio is 24.83%.

Analysts Set New Price Targets

Several research firms have recently commented on MEOH. Scotiabank raised shares of Methanex from a "sector perform" rating to a "sector outperform" rating and set a $53.00 price target for the company in a research report on Monday, May 5th. Piper Sandler set a $48.00 price target on shares of Methanex and gave the company an "overweight" rating in a research report on Sunday, May 18th. Wall Street Zen lowered shares of Methanex from a "buy" rating to a "hold" rating in a research report on Thursday, May 1st. Raymond James reduced their price target on shares of Methanex from $62.00 to $40.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. Finally, Barclays reduced their price target on shares of Methanex from $57.00 to $41.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 1st. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Methanex currently has an average rating of "Moderate Buy" and a consensus price target of $48.25.

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.