Nuveen LLC Purchases Shares of 98,695 Methanex Corporation $MEOH

Key Points

• Nuveen LLC acquired 98,695 shares of Methanex Corporation valued at approximately $3.46 million, representing a 0.15% ownership stake.
• Institutional investors now hold 73.49% of Methanex's stock, with significant increases in holdings from institutions like Alberta Investment Management Corp and Bank of New York Mellon Corp.
• Methanex recently reported an EPS of $0.97 for the latest quarter, exceeding analysts' expectations despite a 13.4% decline in revenue year-over-year.

Nuveen LLC purchased a new position in Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 98,695 shares of the specialty chemicals company's stock, valued at approximately $3,461,000. Nuveen LLC owned about 0.15% of Methanex as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in Methanex during the 4th quarter worth approximately $106,000. Headlands Technologies LLC purchased a new position in Methanex during the 1st quarter worth approximately $82,000. State of Wyoming purchased a new position in Methanex during the 4th quarter worth approximately $129,000. Deutsche Bank AG grew its position in Methanex by 19.9% during the 1st quarter. Deutsche Bank AG now owns 3,007 shares of the specialty chemicals company's stock worth $106,000 after purchasing an additional 500 shares in the last quarter. Finally, SBI Securities Co. Ltd. grew its position in Methanex by 25.7% during the 1st quarter. SBI Securities Co. Ltd. now owns 4,190 shares of the specialty chemicals company's stock worth $147,000 after purchasing an additional 857 shares in the last quarter. Institutional investors and hedge funds own 73.49% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on MEOH shares. JPMorgan Chase & Co. started coverage on shares of Methanex in a research report on Tuesday, June 10th. They set a "neutral" rating and a $33.00 price objective on the stock. 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. Raymond James Financial set a $45.00 target price on shares of Methanex and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Royal Bank Of Canada raised shares of Methanex from a "sector perform" rating to an "outperform" rating and set a $50.00 target price for the company in a research note on Friday, August 1st. Finally, UBS Group decreased their target price on shares of Methanex from $51.00 to $48.00 and set a "buy" rating for the company in a research note on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $44.88.

Methanex Stock Down 0.6%

Shares of MEOH stock traded down $0.21 on Monday, hitting $35.51. The company's stock had a trading volume of 222,511 shares, compared to its average volume of 372,339. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.13 and a quick ratio of 1.43. Methanex Corporation has a fifty-two week low of $25.46 and a fifty-two week high of $54.49. The firm's fifty day moving average price is $34.00 and its 200-day moving average price is $34.54. The stock has a market capitalization of $2.75 billion, a price-to-earnings ratio of 10.47 and a beta of 0.87.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last released its quarterly earnings data on Wednesday, July 30th. The specialty chemicals company reported $0.97 earnings per share (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 analyst estimates of $835.04 million. Methanex had a net margin of 7.02% and a return on equity of 12.61%. Methanex's quarterly revenue was down 13.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.62 EPS. Research analysts anticipate that Methanex Corporation will post 4.32 EPS for the current year.

Methanex Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be paid a $0.185 dividend. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.74 dividend on an annualized basis and a yield of 2.1%. Methanex's payout ratio is presently 21.83%.

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.