TD Asset Management Inc Sells 107,675 Shares of Methanex Corporation (NASDAQ:MEOH)

Key Points

• TD Asset Management Inc has reduced its holdings in Methanex Corporation by 34.4%, selling 107,675 shares, and now owns 0.31% of the company valued at approximately $7.21 million.
• Analysts have set a target price range for Methanex, with estimates ranging from $44.00 to $53.00, indicating varying outlooks on the stock, which currently has an average rating of "Moderate Buy."
• Methanex announced a quarterly dividend of $0.185 per share, which will be paid on September 30th, representing an annualized yield of 2.2% and a payout ratio of 24.83%.

TD Asset Management Inc decreased its position in shares of Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX by 34.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 205,742 shares of the specialty chemicals company's stock after selling 107,675 shares during the quarter. TD Asset Management Inc owned about 0.31% of Methanex worth $7,213,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Norges Bank bought a new stake in shares of Methanex in the 4th quarter worth $34,119,000. Encompass Capital Advisors LLC acquired a new stake in Methanex during the 4th quarter worth about $26,835,000. Bank of New York Mellon Corp lifted its stake in Methanex by 41.8% during the first 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 buying an additional 376,365 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Methanex in the fourth quarter worth about $14,327,000. Finally, Mackenzie Financial Corp increased its position in shares of Methanex by 26.6% in the fourth quarter. Mackenzie Financial Corp now owns 1,077,193 shares of the specialty chemicals company's stock worth $53,770,000 after acquiring an additional 226,349 shares in the last quarter. Institutional investors and hedge funds own 73.49% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on MEOH shares. UBS Group decreased their price objective 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. JPMorgan Chase & Co. initiated coverage on Methanex in a report on Tuesday, June 10th. They set a "neutral" rating and a $33.00 price target on the stock. Royal Bank Of Canada raised Methanex from a "sector perform" rating to an "outperform" rating and set a $50.00 price objective for the company in a research note on Friday. Raymond James Financial set a $45.00 target price on Methanex and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Finally, Scotiabank reduced their price target on shares of Methanex from $53.00 to $50.00 and set a "sector outperform" rating for the company in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $44.88.

Methanex Stock Performance

MEOH traded up $0.48 on Tuesday, hitting $33.59. The company had a trading volume of 260,434 shares, compared to its average volume of 562,755. Methanex Corporation has a 1-year low of $25.46 and a 1-year high of $54.49. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.13 and a quick ratio of 1.43. The company's fifty day moving average price is $34.06 and its 200 day moving average price is $36.68. The stock has a market cap of $2.60 billion, a price-to-earnings ratio of 9.90 and a beta of 0.93.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last issued its quarterly earnings results 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. Methanex had a return on equity of 12.61% and a net margin of 7.02%. The company had revenue of $808.46 million for the quarter, compared to the consensus estimate of $835.04 million. During the same period last year, the business posted $0.62 earnings per share. The firm's revenue was down 13.4% compared to the same quarter last year. Equities analysts predict that Methanex Corporation will post 4.32 earnings per share for the current fiscal year.

Methanex Announces Dividend

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 given a dividend of $0.185 per share. 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 2.2%. Methanex's payout ratio is 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.