Royal Bank of Canada Has $60.34 Million Stock Position in Methanex Co. (NASDAQ:MEOH)

Royal Bank of Canada reduced its stake in Methanex Co. (NASDAQ:MEOH - Free Report) TSE: MX by 21.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,208,231 shares of the specialty chemicals company's stock after selling 324,830 shares during the period. Royal Bank of Canada owned approximately 1.79% of Methanex worth $60,340,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the company. Blue Trust Inc. boosted its holdings in Methanex by 15.0% in the fourth 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 during the period. Ausbil Investment Management Ltd bought a new stake in shares of Methanex during the 4th quarter worth $386,000. Triasima Portfolio Management inc. acquired a new stake in Methanex during the 4th quarter worth about $1,540,000. Westbourne Investment Advisors Inc. boosted its position in Methanex by 6.7% during the 4th quarter. Westbourne Investment Advisors Inc. now owns 117,981 shares of the specialty chemicals company's stock worth $5,892,000 after acquiring an additional 7,375 shares during the period. Finally, Entropy Technologies LP acquired a new stake in Methanex during the fourth quarter valued at $240,000. 73.49% of the stock is owned by institutional investors and hedge funds.

Methanex Stock Up 0.0%

Shares of MEOH traded up $0.01 on Monday, hitting $32.87. The company's stock had a trading volume of 452,746 shares, compared to its average volume of 395,041. The company has a quick ratio of 2.00, a current ratio of 2.62 and a debt-to-equity ratio of 1.01. The firm has a market capitalization of $2.22 billion, a price-to-earnings ratio of 14.23 and a beta of 0.93. The firm's fifty day moving average price is $31.84 and its 200-day moving average price is $41.30. Methanex Co. has a fifty-two week low of $25.46 and a fifty-two week high of $54.49.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last issued its quarterly earnings data 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 the consensus estimate of $1.06 billion. Methanex had a net margin of 4.41% and a return on equity of 10.97%. The firm's revenue was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.65 earnings per share. On average, equities research analysts expect that Methanex Co. will post 4.32 EPS for the current year.

Methanex Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be issued 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 2.25%. Methanex's dividend payout ratio (DPR) is 24.83%.

Analyst Upgrades and Downgrades

MEOH has been the topic of several analyst reports. Barclays lowered their target price on shares of Methanex from $57.00 to $41.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 1st. UBS Group lowered their price objective on Methanex from $51.00 to $50.00 and set a "buy" rating on the stock in a research note on Tuesday, May 13th. Piper Sandler set a $48.00 price target on shares of Methanex and gave the company an "overweight" rating in a report on Sunday, May 18th. Wall Street Zen cut shares of Methanex from a "buy" rating to a "hold" rating in a research report on Thursday, May 1st. Finally, CIBC lowered their price objective on Methanex from $47.00 to $44.00 and set an "outperformer" rating for the company in a research report on Monday, May 5th. Three investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price 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.