Vanguard Group Inc. Purchases 14,611 Shares of Methanex Corporation $MEOH

Key Points

• Vanguard Group Inc. increased its ownership of Methanex Corporation by 0.7%, now holding 2,131,471 shares valued at approximately $74.74 million.
• Other institutional investors have also significantly modified their stakes, with Alberta Investment Management Corp raising its investment by 1,499%, now owning 817,100 shares worth $28.67 million.
• Methanex announced a quarterly dividend of $0.185, set to be paid on September 30th, resulting in an annualized yield of 2.1% for shareholders.

Vanguard Group Inc. lifted its stake in Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX by 0.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,131,471 shares of the specialty chemicals company's stock after purchasing an additional 14,611 shares during the quarter. Vanguard Group Inc. owned 3.16% of Methanex worth $74,740,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also bought and sold shares of MEOH. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Methanex during the 4th quarter valued at approximately $106,000. State of Wyoming purchased a new stake in Methanex in the fourth quarter worth $129,000. SBI Securities Co. Ltd. grew its position in shares of 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 buying an additional 857 shares in the last quarter. Graham Capital Management L.P. bought a new position in shares of Methanex during the 4th quarter worth $257,000. Finally, Value Partners Investments Inc. boosted its position in Methanex by 27.3% during the first quarter. Value Partners Investments Inc. now owns 7,705 shares of the specialty chemicals company's stock valued at $270,000 after purchasing an additional 1,652 shares in the last quarter. Hedge funds and other institutional investors own 73.49% of the company's stock.

Methanex Stock Performance

MEOH traded up $0.11 during trading on Thursday, hitting $35.60. 113,504 shares of the stock were exchanged, compared to its average volume of 543,508. The stock has a fifty day moving average price of $34.06 and a two-hundred day moving average price of $34.89. Methanex Corporation has a 1-year low of $25.46 and a 1-year high of $54.49. The firm has a market capitalization of $2.75 billion, a P/E ratio of 10.50 and a beta of 0.93. The company has a quick ratio of 1.43, a current ratio of 2.13 and a debt-to-equity ratio of 1.00.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last issued 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 for the quarter, compared to the consensus estimate of $835.04 million. Methanex had a return on equity of 12.61% and a net margin of 7.02%.The business's revenue was down 13.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.62 earnings per share. As a group, sell-side analysts predict that Methanex Corporation will post 4.32 earnings per share 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 given a $0.185 dividend. This represents a $0.74 annualized dividend and a yield of 2.1%. The ex-dividend date is Tuesday, September 16th. Methanex's dividend payout ratio (DPR) is currently 21.83%.

Wall Street Analyst Weigh In

MEOH has been the subject of several research analyst reports. Wall Street Zen cut Methanex from a "buy" rating to a "hold" rating in a research note on Thursday, May 1st. Royal Bank Of Canada upgraded Methanex from a "sector perform" rating to an "outperform" rating and set a $50.00 target price for the company in a report on Friday, August 1st. UBS Group decreased their target price on Methanex from $51.00 to $48.00 and set a "buy" rating on the stock in a research note on Thursday, July 31st. Scotiabank set a $50.00 target price on Methanex and gave the stock a "sector outperform" rating in a research note on Tuesday, August 5th. Finally, Raymond James Financial set a $45.00 target price on Methanex and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. One investment 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 stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $44.88.

Methanex 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.