Wellington Management Group LLP Reduces Stake 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 decreased its stake in Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX by 25.3% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,615,052 shares of the specialty chemicals company's stock after selling 1,221,609 shares during the quarter. Wellington Management Group LLP owned about 5.36% of Methanex worth $126,824,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. Versor Investments LP purchased a new position in shares of Methanex during the first quarter valued at approximately $203,000. Northwest & Ethical Investments L.P. boosted its holdings in Methanex by 10.4% during the 1st quarter. Northwest & Ethical Investments L.P. now owns 31,233 shares of the specialty chemicals company's stock valued at $1,096,000 after acquiring an additional 2,942 shares during the period. Fox Run Management L.L.C. bought a new position in Methanex in the 1st quarter valued at $1,195,000. Caitong International Asset Management Co. Ltd purchased a new stake in Methanex in the first quarter worth $55,000. Finally, Nuveen LLC bought a new stake in shares of Methanex during the first quarter worth $3,461,000. Institutional investors own 73.49% of the company's stock.

Analyst Upgrades and Downgrades

MEOH has been the topic of several research analyst reports. CIBC increased their price objective on Methanex from $42.00 to $44.00 and gave the stock an "outperformer" rating in a research note on Friday, August 1st. Wall Street Zen downgraded Methanex from a "buy" rating to a "hold" rating in a research report on Thursday, May 1st. JPMorgan Chase & Co. started coverage on Methanex in a report on Tuesday, June 10th. They issued a "neutral" rating and a $33.00 price objective for the company. UBS Group lowered 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. Finally, Piper Sandler set a $48.00 target price on shares of Methanex and gave the stock an "overweight" rating in a report on Sunday, May 18th. One investment 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. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $44.88.

Methanex Trading Up 0.4%

NASDAQ:MEOH opened at $33.85 on Friday. The stock has a market capitalization of $2.62 billion, a price-to-earnings ratio of 9.99 and a beta of 0.93. Methanex Corporation has a 52 week low of $25.46 and a 52 week high of $54.49. The company has a quick ratio of 1.43, a current ratio of 2.13 and a debt-to-equity ratio of 1.00. The firm has a 50 day moving average of $34.11 and a 200 day moving average of $35.34.

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 for the quarter, topping the consensus estimate of $0.42 by $0.55. The business had revenue of $808.46 million during 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 company's quarterly revenue was down 13.4% on a year-over-year basis. During the same quarter last year, the company earned $0.62 earnings per share. As a group, sell-side analysts anticipate that Methanex Corporation will post 4.32 earnings per share for the current fiscal year.

Methanex Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be paid a $0.185 dividend. The ex-dividend date is Tuesday, September 16th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 2.2%. Methanex's dividend payout ratio is presently 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.

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