Y Intercept Hong Kong Ltd Makes New Investment in Methanex Corporation (NASDAQ:MEOH)

Key Points

• Y Intercept Hong Kong Ltd has newly invested approximately $870,000 in Methanex Corporation by purchasing 24,793 shares in the 1st quarter.
• Institutional investors own 73.49% of Methanex stock, with significant increases in holdings reported by firms like Bank of New York Mellon Corp (41.8%) and Mackenzie Financial Corp (26.6%).
• Wall Street analysts have provided mixed ratings for Methanex, with recent price targets ranging from $44.00 to $51.00, reflecting a general outlook of a "Moderate Buy."

Y Intercept Hong Kong Ltd purchased a new stake in shares of Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 24,793 shares of the specialty chemicals company's stock, valued at approximately $870,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Wellington Management Group LLP raised its holdings in shares of Methanex by 1.3% in the fourth quarter. Wellington Management Group LLP now owns 4,836,661 shares of the specialty chemicals company's stock valued at $241,549,000 after acquiring an additional 62,467 shares in the last quarter. FMR LLC raised its holdings in shares of Methanex by 3.0% in the fourth quarter. FMR LLC now owns 3,330,889 shares of the specialty chemicals company's stock valued at $166,384,000 after acquiring an additional 95,950 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Methanex by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 2,116,860 shares of the specialty chemicals company's stock valued at $105,779,000 after acquiring an additional 37,658 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Methanex by 41.8% in the first quarter. Bank of New York Mellon Corp now owns 1,276,649 shares of the specialty chemicals company's stock valued at $44,798,000 after acquiring an additional 376,365 shares in the last quarter. Finally, Mackenzie Financial Corp raised its holdings in shares of Methanex by 26.6% in the fourth quarter. Mackenzie Financial Corp now owns 1,077,193 shares of the specialty chemicals company's stock valued at $53,770,000 after acquiring an additional 226,349 shares in the last quarter. 73.49% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MEOH. CIBC dropped their price objective on Methanex from $47.00 to $44.00 and set an "outperformer" rating on the stock in a research report on Monday, May 5th. Royal Bank Of Canada dropped their price objective on Methanex from $55.00 to $50.00 and set a "sector perform" rating on the stock in a research report on Friday, May 2nd. Wall Street Zen downgraded Methanex from a "buy" rating to a "hold" rating in a research report on Thursday, May 1st. UBS Group raised their price objective on Methanex from $50.00 to $51.00 and gave the company a "buy" rating in a research report on Wednesday, July 9th. Finally, Raymond James Financial set a $45.00 price target on Methanex and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Four equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Methanex presently has an average rating of "Moderate Buy" and an average target price of $45.63.

Methanex Price Performance

MEOH opened at $34.27 on Friday. The stock's 50-day moving average price is $34.02 and its 200 day moving average price is $37.49. Methanex Corporation has a 12-month low of $25.46 and a 12-month high of $54.49. The company has a current ratio of 3.17, a quick ratio of 2.52 and a debt-to-equity ratio of 0.94. The firm has a market cap of $2.65 billion, a price-to-earnings ratio of 11.50 and a beta of 0.92.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last posted its earnings results on Wednesday, April 30th. The specialty chemicals company reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.05. Methanex had a return on equity of 12.45% and a net margin of 6.00%. The firm had revenue of $857.90 million for the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the prior year, the company earned $0.65 EPS. Methanex's revenue was down 2.2% on a year-over-year basis. As a group, sell-side analysts expect that Methanex Corporation will post 4.32 earnings per share for the current year.

Methanex Dividend Announcement

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 issued 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 2.16%. Methanex's payout ratio is currently 24.83%.

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.

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