Vanguard Group Inc. Grows Stake in 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 holdings in Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX by 0.7% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm 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 about 3.16% of Methanex worth $74,740,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Alberta Investment Management Corp grew its position in shares of Methanex by 1,499.0% in the 1st quarter. Alberta Investment Management Corp now owns 817,100 shares of the specialty chemicals company's stock valued at $28,671,000 after purchasing an additional 766,000 shares during the period. Mackenzie Financial Corp grew its position in shares of Methanex by 13.7% in the 1st quarter. Mackenzie Financial Corp now owns 1,224,388 shares of the specialty chemicals company's stock valued at $42,931,000 after purchasing an additional 147,195 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in Methanex in the 1st quarter valued at approximately $870,000. SBI Securities Co. Ltd. lifted its stake in Methanex by 25.7% in the 1st quarter. SBI Securities Co. Ltd. now owns 4,190 shares of the specialty chemicals company's stock valued at $147,000 after acquiring an additional 857 shares in the last quarter. Finally, Westbourne Investment Advisors Inc. lifted its stake in Methanex by 1.5% in the 1st quarter. Westbourne Investment Advisors Inc. now owns 119,759 shares of the specialty chemicals company's stock valued at $4,202,000 after acquiring an additional 1,778 shares in the last quarter. 73.49% of the stock is currently owned by institutional investors and hedge funds.

Methanex Price Performance

Methanex stock traded down $0.21 during midday trading on Friday, hitting $35.51. 222,511 shares of the company's stock were exchanged, compared to its average volume of 404,994. Methanex Corporation has a 52-week low of $25.46 and a 52-week high of $54.49. The stock has a 50-day moving average price of $34.00 and a two-hundred day moving average price of $34.70. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.43 and a current ratio of 2.13. The company has a market cap of $2.75 billion, a P/E ratio of 10.47 and a beta of 0.93.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last posted its quarterly earnings data on Wednesday, July 30th. The specialty chemicals company reported $0.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.42 by $0.55. Methanex had a return on equity of 12.61% and a net margin of 7.02%.The firm had revenue of $808.46 million during the quarter, compared to analysts' expectations of $835.04 million. During the same period in the prior year, the business earned $0.62 EPS. The company's revenue for the quarter was down 13.4% compared to the same quarter last year. On average, equities research analysts forecast that Methanex Corporation will post 4.32 earnings per share for the current year.

Methanex Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be issued a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Tuesday, September 16th. Methanex's dividend payout ratio is presently 21.83%.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Royal Bank Of Canada upgraded Methanex from a "sector perform" rating to an "outperform" rating and set a $50.00 target price on the stock in a research note on Friday, August 1st. UBS Group reduced their target price on Methanex from $51.00 to $48.00 and set a "buy" rating on the stock in a report on Thursday, July 31st. Wall Street Zen downgraded Methanex from a "buy" rating to a "hold" rating in a research report on Thursday, May 1st. CIBC increased their target price on Methanex from $42.00 to $44.00 and gave the company an "outperformer" rating in a research report on Friday, August 1st. Finally, JPMorgan Chase & Co. assumed coverage on Methanex in a research note on Tuesday, June 10th. They set a "neutral" rating and a $33.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target 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.