US Bancorp DE boosted its stake in shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 0.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,288 shares of the specialty chemicals company’s stock after buying an additional 40 shares during the period. US Bancorp DE’s holdings in Methanex Corporation were worth $1,157,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently made changes to their positions in MEOH. Creative Planning increased its stake in shares of Methanex Corporation by 7.6% in the first quarter. Creative Planning now owns 2,152 shares of the specialty chemicals company’s stock valued at $101,000 after buying an additional 152 shares during the period. Quantbot Technologies LP increased its stake in shares of Methanex Corporation by 40.9% in the first quarter. Quantbot Technologies LP now owns 2,228 shares of the specialty chemicals company’s stock valued at $104,000 after buying an additional 647 shares during the period. FNY Partners Fund LP purchased a new stake in shares of Methanex Corporation during the first quarter valued at about $117,000. Worth Venture Partners LLC purchased a new stake in shares of Methanex Corporation during the first quarter valued at about $227,000. Finally, Korea Investment CORP purchased a new stake in shares of Methanex Corporation during the first quarter valued at about $260,000. 82.92% of the stock is currently owned by institutional investors.
Methanex Corporation (NASDAQ MEOH) traded up 0.55% during midday trading on Tuesday, reaching $45.60. 206,967 shares of the company’s stock were exchanged. Methanex Corporation has a 52 week low of $27.61 and a 52 week high of $53.35. The firm has a 50-day moving average price of $43.67 and a 200 day moving average price of $45.62. The company has a market cap of $3.93 billion, a price-to-earnings ratio of 17.74 and a beta of 1.78.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.85 EPS for the quarter, missing the Zacks’ consensus estimate of $1.08 by $0.23. Methanex Corporation had a net margin of 8.92% and a return on equity of 12.43%. The company had revenue of $669 million during the quarter, compared to analyst estimates of $772.41 million. During the same quarter last year, the company posted ($0.34) EPS. The firm’s quarterly revenue was up 42.9% on a year-over-year basis. Analysts anticipate that Methanex Corporation will post $3.80 EPS for the current year.
Methanex Corporation declared that its Board of Directors has approved a share buyback plan on Wednesday, July 26th that authorizes the company to repurchase 1,660,000 outstanding shares. This repurchase authorization authorizes the specialty chemicals company to reacquire shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Saturday, September 30th. Investors of record on Saturday, September 16th will be paid a $0.30 dividend. The ex-dividend date is Thursday, September 14th. This represents a $1.20 dividend on an annualized basis and a yield of 2.65%. Methanex Corporation’s dividend payout ratio (DPR) is currently 47.81%.
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Several brokerages have issued reports on MEOH. UBS AG reissued a “sell” rating and set a $40.00 target price (up from $39.00) on shares of Methanex Corporation in a research note on Friday, April 28th. Alembic Global Advisors set a $65.00 target price on shares of Methanex Corporation and gave the company a “buy” rating in a research note on Thursday, July 27th. Cowen and Company set a $60.00 target price on shares of Methanex Corporation and gave the company a “buy” rating in a research note on Friday, July 28th. Monness Crespi & Hardt cut their target price on shares of Methanex Corporation from $62.00 to $59.00 and set a “buy” rating on the stock in a research note on Friday, July 28th. Finally, BidaskClub downgraded shares of Methanex Corporation from a “hold” rating to a “sell” rating in a research note on Monday, July 31st. Four equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $56.80.
About Methanex Corporation
Methanex Corp is a Canada-based producer and supplier of methanol to a range of international markets. The Company operates production sites in Canada, Chile, Egypt, New Zealand, the United States, as well as Trinidad and Tobago. Its global operations are supported by a global supply chain of terminals, storage facilities and a fleet of methanol ocean tankers.
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