Vanguard Group Inc. Raises Position in Methanex Corporation $MEOH

Key Points

• Vanguard Group increased its stake in Methanex by 14% in the fourth quarter, buying 336,316 additional shares and bringing its holdings to 2.75 million shares worth about $108.9 million.
• Methanex reported Q1 earnings of $0.30 per share, missing analyst expectations, while revenue came in at $957.4 million, slightly below forecasts despite rising 8.7% year over year.
• The company announced a quarterly dividend of $0.185 per share, and Wall Street currently has a consensus rating of Moderate Buy with a price target of $64.90.

Vanguard Group Inc. grew its holdings in shares of Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX by 14.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,746,051 shares of the specialty chemicals company's stock after purchasing an additional 336,316 shares during the period. Vanguard Group Inc. owned approximately 3.55% of Methanex worth $108,917,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. NewEdge Advisors LLC lifted its holdings in shares of Methanex by 33.3% during the 3rd quarter. NewEdge Advisors LLC now owns 2,000 shares of the specialty chemicals company's stock valued at $80,000 after purchasing an additional 500 shares during the last quarter. Amundi raised its stake in Methanex by 3.9% in the 1st quarter. Amundi now owns 22,791 shares of the specialty chemicals company's stock worth $800,000 after acquiring an additional 848 shares during the last quarter. Ameriprise Financial Inc. raised its stake in Methanex by 4.5% in the 3rd quarter. Ameriprise Financial Inc. now owns 20,636 shares of the specialty chemicals company's stock worth $820,000 after acquiring an additional 898 shares during the last quarter. Value Partners Investments Inc. raised its stake in Methanex by 4.9% in the 4th quarter. Value Partners Investments Inc. now owns 20,815 shares of the specialty chemicals company's stock worth $827,000 after acquiring an additional 973 shares during the last quarter. Finally, Parkside Financial Bank & Trust raised its stake in Methanex by 1,244.4% in the 3rd quarter. Parkside Financial Bank & Trust now owns 1,331 shares of the specialty chemicals company's stock worth $53,000 after acquiring an additional 1,232 shares during the last quarter. Hedge funds and other institutional investors own 73.49% of the company's stock.

Methanex Price Performance

Shares of MEOH opened at $64.17 on Wednesday. The business's 50-day moving average is $58.14 and its two-hundred day moving average is $47.62. The company has a market capitalization of $4.96 billion, a P/E ratio of -130.96 and a beta of 0.60. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.26 and a current ratio of 1.96. Methanex Corporation has a fifty-two week low of $31.57 and a fifty-two week high of $66.75.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last announced its quarterly earnings results on Wednesday, April 29th. The specialty chemicals company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.08). The company had revenue of $957.42 million for the quarter, compared to analyst estimates of $964.76 million. Methanex had a positive return on equity of 2.96% and a negative net margin of 1.25%.Methanex's revenue for the quarter was up 8.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.30 earnings per share. Research analysts predict that Methanex Corporation will post 5.42 earnings per share for the current year.

Methanex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be given a dividend of $0.185 per share. The ex-dividend date is Tuesday, June 16th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.2%. Methanex's dividend payout ratio (DPR) is -151.02%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on MEOH shares. Zacks Research upgraded Methanex from a "strong sell" rating to a "hold" rating in a research note on Tuesday, April 14th. Wall Street Zen upgraded Methanex from a "hold" rating to a "buy" rating in a research note on Saturday, May 2nd. Canadian Imperial Bank of Commerce restated a "neutral" rating and issued a $69.00 target price on shares of Methanex in a research note on Friday, May 1st. Royal Bank Of Canada increased their price target on Methanex from $65.00 to $70.00 and gave the stock a "sector perform" rating in a research report on Friday, May 1st. Finally, JPMorgan Chase & Co. downgraded Methanex from an "overweight" rating to a "neutral" rating and increased their price target for the stock from $56.00 to $65.00 in a research report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Methanex presently has a consensus rating of "Moderate Buy" and a consensus price target of $64.90.

Methanex Company Profile

Methanex Corporation is a Vancouver, Canada–based company and one of the world's largest producers and suppliers of methanol. The company manufactures methanol, a key feedstock for a wide range of chemical products and industrial applications. Methanex markets its product to customers in energy, plastics, paints and coatings, and various chemical sectors, positioning the company as a critical link in the global supply chain for basic chemicals.

The company's core product, methanol, serves as a building block for downstream chemicals such as formaldehyde, acetic acid and methyl tertiary butyl ether (MTBE).

Want to see what other hedge funds are holding MEOH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.