Pinnacle Associates Ltd. trimmed its position in Methanex Co. (NASDAQ:MEOH – Get Rating) (TSE:MX) by 1.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,951 shares of the specialty chemicals company’s stock after selling 250 shares during the period. Pinnacle Associates Ltd.’s holdings in Methanex were worth $925,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wipfli Financial Advisors LLC purchased a new position in Methanex in the 3rd quarter valued at $34,000. Lazard Asset Management LLC grew its position in Methanex by 37.2% in the 1st quarter. Lazard Asset Management LLC now owns 1,114 shares of the specialty chemicals company’s stock valued at $60,000 after buying an additional 302 shares during the last quarter. JTC Employer Solutions Trustee Ltd purchased a new position in Methanex in the 4th quarter valued at $123,000. UBS Group AG lifted its holdings in Methanex by 26.2% in the third quarter. UBS Group AG now owns 5,856 shares of the specialty chemicals company’s stock valued at $187,000 after acquiring an additional 1,214 shares during the period. Finally, Canada Pension Plan Investment Board acquired a new stake in Methanex in the first quarter valued at $202,000. 69.38% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research firms have commented on MEOH. Raymond James raised their target price on Methanex from $50.00 to $60.00 and gave the company a “market perform” rating in a report on Monday, February 6th. BMO Capital Markets raised their target price on Methanex from $60.00 to $65.00 and gave the company an “outperform” rating in a report on Monday, February 6th. StockNews.com downgraded Methanex from a “buy” rating to a “hold” rating in a report on Monday. Barclays raised their target price on Methanex from $48.00 to $60.00 and gave the company an “overweight” rating in a report on Thursday, February 9th. Finally, Alembic Global Advisors raised Methanex from a “neutral” rating to an “overweight” rating and raised their target price for the company from $40.00 to $60.00 in a report on Monday, March 13th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $53.18.
Methanex Price Performance
Methanex (NASDAQ:MEOH – Get Rating) (TSE:MX) last released its earnings results on Friday, February 3rd. The specialty chemicals company reported $0.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.46 by $0.27. The company had revenue of $986.00 million for the quarter, compared to analyst estimates of $878.55 million. Methanex had a net margin of 8.21% and a return on equity of 14.30%. The firm’s quarterly revenue was down 21.3% on a year-over-year basis. During the same period in the prior year, the firm earned $2.43 EPS. Research analysts expect that Methanex Co. will post 3.47 EPS for the current year.
Methanex Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, March 31st. Shareholders of record on Friday, March 17th were issued a $0.175 dividend. The ex-dividend date was Thursday, March 16th. This represents a $0.70 dividend on an annualized basis and a yield of 1.59%. Methanex’s dividend payout ratio (DPR) is 15.66%.
Methanex Company Profile
Methanex Corp. engages in the production and supply of methanol. The firm supplies in the international market such as North America, Asia Pacific, Europe, and South America. It also operates the methanol ocean tanker fleet. The company was founded on March 11, 1968 and is headquartered in Vancouver, Canada.
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