Wellington Management Group LLP Trims Holdings in Methanex Corporation $MEOH

Key Points

• Wellington Management Group LLP has decreased its stake in Methanex Corporation by 25.3%, now owning approximately 3.6 million shares valued at $126.8 million.
• Several large investors, including Versor Investments LP and Nuveen LLC, have newly acquired stakes in Methanex during the first quarter.
• Methanex is currently rated as a "Moderate Buy" with a consensus target price of $44.88, as per the latest analyst reports.

Wellington Management Group LLP reduced its holdings in Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX by 25.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,615,052 shares of the specialty chemicals company's stock after selling 1,221,609 shares during the period. Wellington Management Group LLP owned approximately 5.36% of Methanex worth $126,824,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the company. Alberta Investment Management Corp increased its stake in Methanex by 1,499.0% during the 1st quarter. Alberta Investment Management Corp now owns 817,100 shares of the specialty chemicals company's stock worth $28,671,000 after buying an additional 766,000 shares during the period. Encompass Capital Advisors LLC acquired a new stake in Methanex during the 4th quarter worth $26,835,000. Bank of New York Mellon Corp raised its position in Methanex by 41.8% during the 1st quarter. Bank of New York Mellon Corp now owns 1,276,649 shares of the specialty chemicals company's stock worth $44,798,000 after buying an additional 376,365 shares during the last quarter. Mackenzie Financial Corp increased its holdings in shares of Methanex by 26.6% in the 4th quarter. Mackenzie Financial Corp now owns 1,077,193 shares of the specialty chemicals company's stock valued at $53,770,000 after purchasing an additional 226,349 shares in the last quarter. Finally, Man Group plc increased its holdings in Methanex by 129.3% during the 4th quarter. Man Group plc now owns 368,539 shares of the specialty chemicals company's stock valued at $18,405,000 after acquiring an additional 207,784 shares in the last quarter. 73.49% of the stock is owned by hedge funds and other institutional investors.

Methanex Stock Down 0.6%

MEOH stock traded down $0.22 during mid-day trading on Wednesday, reaching $35.53. The company had a trading volume of 61,043 shares, compared to its average volume of 544,917. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.13 and a quick ratio of 1.43. Methanex Corporation has a 52 week low of $25.46 and a 52 week high of $54.49. The stock has a 50 day simple moving average of $34.10 and a two-hundred day simple moving average of $34.88. The company has a market capitalization of $2.75 billion, a price-to-earnings ratio of 10.45 and a beta of 0.93.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last posted its quarterly earnings results on Wednesday, July 30th. The specialty chemicals company reported $0.97 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 company had revenue of $808.46 million during the quarter, compared to analysts' expectations of $835.04 million. During the same quarter in the previous year, the firm earned $0.62 EPS. Methanex's revenue was down 13.4% on a year-over-year basis. As a group, equities analysts predict that Methanex Corporation will post 4.32 earnings per share for the current fiscal year.

Methanex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Tuesday, September 16th. Methanex's dividend payout ratio (DPR) is currently 21.83%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. UBS Group dropped their price objective on shares of Methanex from $51.00 to $48.00 and set a "buy" rating on the stock in a research note on Thursday, July 31st. Wall Street Zen downgraded Methanex from a "buy" rating to a "hold" rating in a report on Thursday, May 1st. JPMorgan Chase & Co. started coverage on Methanex in a research report on Tuesday, June 10th. They set a "neutral" rating and a $33.00 target price for the company. Piper Sandler set a $48.00 price target on Methanex and gave the stock an "overweight" rating in a report on Sunday, May 18th. Finally, Scotiabank set a $50.00 target price on Methanex and gave the company a "sector outperform" rating in a research note on Tuesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Methanex has a consensus rating of "Moderate Buy" and a consensus 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.