Raymond James Financial Inc. Sells 70,155 Shares of Methanex Corporation $MEOH

Key Points

• Raymond James Financial Inc. sold 70,155 shares of Methanex Corporation, reducing its holdings by 24.5% during the 1st quarter, leaving them with approximately 0.32% ownership in the company.
• Methanex recently reported earnings per share of $0.97 for the quarter, surpassing estimates, although its revenue decreased by 13.4% compared to the previous year.
• The company announced a quarterly dividend of $0.185 per share, yielding 2.1%, with a payout ratio of 21.83%.

Raymond James Financial Inc. decreased its holdings in shares of Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX by 24.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 216,738 shares of the specialty chemicals company's stock after selling 70,155 shares during the period. Raymond James Financial Inc. owned approximately 0.32% of Methanex worth $7,605,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bank of New York Mellon Corp raised its position in shares of Methanex by 41.8% during the 1st quarter. Bank of New York Mellon Corp now owns 1,276,649 shares of the specialty chemicals company's stock valued at $44,798,000 after acquiring an additional 376,365 shares during the last quarter. Ameriprise Financial Inc. increased its position in shares of Methanex by 3.4% in the 4th quarter. Ameriprise Financial Inc. now owns 11,778 shares of the specialty chemicals company's stock valued at $588,000 after buying an additional 383 shares in the last quarter. Two Sigma Advisers LP bought a new stake in shares of Methanex in the 4th quarter valued at $934,000. First Trust Advisors LP bought a new stake in shares of Methanex in the 4th quarter valued at $632,000. Finally, Bank of America Corp DE increased its position in shares of Methanex by 3.2% in the 4th quarter. Bank of America Corp DE now owns 547,388 shares of the specialty chemicals company's stock valued at $27,337,000 after buying an additional 17,091 shares in the last quarter. Institutional investors own 73.49% of the company's stock.

Methanex Price Performance

Shares of NASDAQ MEOH opened at $35.51 on Tuesday. The firm has a market cap of $2.75 billion, a PE ratio of 10.47 and a beta of 0.87. The company has a current ratio of 2.13, a quick ratio of 1.43 and a debt-to-equity ratio of 1.00. Methanex Corporation has a 1-year low of $25.46 and a 1-year high of $54.49. The company has a fifty day moving average price of $34.01 and a 200 day moving average price of $34.46.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last announced its earnings results on Wednesday, July 30th. The specialty chemicals company reported $0.97 earnings per share for the quarter, topping analysts' consensus estimates of $0.42 by $0.55. The firm 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%. The company's revenue for the quarter was down 13.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.62 EPS. Research analysts predict that Methanex Corporation will post 4.32 earnings per share for the current fiscal year.

Methanex Dividend Announcement

The business 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 dividend payout ratio is presently 21.83%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the stock. UBS Group lowered their price objective on shares of Methanex from $51.00 to $48.00 and set a "buy" rating for the company in a research report on Thursday, July 31st. JPMorgan Chase & Co. assumed coverage on shares of Methanex in a research report on Tuesday, June 10th. They issued a "neutral" rating and a $33.00 price objective for the company. Piper Sandler set a $48.00 price objective on shares of Methanex and gave the company an "overweight" rating in a research report on Sunday, May 18th. Raymond James Financial set a $45.00 price objective on shares of Methanex and gave the company an "outperform" rating in a research report on Tuesday, July 15th. Finally, Royal Bank Of Canada upgraded shares of Methanex from a "sector perform" rating to an "outperform" rating and set a $50.00 price objective for the company in a research report on Friday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Methanex has a consensus rating of "Moderate Buy" and a consensus target price of $44.88.

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.

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