Millennium Management LLC Has $57.66 Million Position in Methanex Co. (NASDAQ:MEOH)

Millennium Management LLC trimmed its position in Methanex Co. (NASDAQ:MEOH - Free Report) TSE: MX by 23.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,154,652 shares of the specialty chemicals company's stock after selling 351,393 shares during the quarter. Millennium Management LLC owned approximately 1.71% of Methanex worth $57,663,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. US Bancorp DE raised its stake in Methanex by 35.7% during the 4th quarter. US Bancorp DE now owns 18,840 shares of the specialty chemicals company's stock valued at $941,000 after purchasing an additional 4,952 shares during the period. Vanguard Group Inc. boosted its stake in shares of Methanex by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 2,116,860 shares of the specialty chemicals company's stock worth $105,779,000 after acquiring an additional 37,658 shares in the last quarter. Steward Partners Investment Advisory LLC raised its stake in shares of Methanex by 17.6% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 8,316 shares of the specialty chemicals company's stock valued at $415,000 after acquiring an additional 1,245 shares in the last quarter. Blue Trust Inc. lifted its holdings in Methanex by 15.0% in the 4th quarter. Blue Trust Inc. now owns 2,845 shares of the specialty chemicals company's stock worth $142,000 after purchasing an additional 371 shares during the last quarter. Finally, Proficio Capital Partners LLC acquired a new stake in shares of Methanex in the fourth quarter worth $1,170,000. 73.49% of the stock is owned by hedge funds and other institutional investors.

Methanex Trading Up 0.6%

Methanex stock traded up $0.20 during trading hours on Thursday, reaching $32.63. 87,128 shares of the company's stock traded hands, compared to its average volume of 390,407. The firm has a market capitalization of $2.20 billion, a price-to-earnings ratio of 14.10 and a beta of 0.93. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.00 and a current ratio of 2.62. Methanex Co. has a fifty-two week low of $25.46 and a fifty-two week high of $54.49. The firm's 50 day moving average is $32.04 and its 200-day moving average is $41.38.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last posted its quarterly earnings results on Wednesday, April 30th. The specialty chemicals company reported $1.30 earnings per share for the quarter, topping analysts' consensus estimates of $1.25 by $0.05. Methanex had a net margin of 4.41% and a return on equity of 10.97%. The business had revenue of $857.90 million during the quarter, compared to the consensus estimate of $1.06 billion. During the same period in the previous year, the firm posted $0.65 earnings per share. Methanex's revenue for the quarter was down 2.2% compared to the same quarter last year. On average, analysts predict that Methanex Co. will post 4.32 earnings per share for the current year.

Methanex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be given a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a dividend yield of 2.27%. The ex-dividend date is Monday, June 16th. Methanex's payout ratio is 24.83%.

Analyst Upgrades and Downgrades

MEOH has been the subject of several research reports. Raymond James reduced their price objective on Methanex from $62.00 to $40.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. CIBC decreased their price objective on Methanex from $47.00 to $44.00 and set an "outperformer" rating on the stock in a report on Monday, May 5th. Piper Sandler set a $48.00 target price on shares of Methanex and gave the stock an "overweight" rating in a research report on Sunday. Wall Street Zen cut Methanex from a "buy" rating to a "hold" rating in a report on Thursday, May 1st. Finally, UBS Group dropped their target price on shares of Methanex from $51.00 to $50.00 and set a "buy" rating for the company in a research note on Tuesday, May 13th. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $48.25.

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.