Intact Investment Management Inc. Grows Holdings in Methanex Corporation (NASDAQ:MEOH)

Intact Investment Management Inc. boosted its position in shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 45.1% during the 1st quarter, HoldingsChannel.com reports. The firm owned 373,900 shares of the specialty chemicals company’s stock after purchasing an additional 116,200 shares during the period. Intact Investment Management Inc.’s holdings in Methanex were worth $13,113,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of MEOH. Parkside Financial Bank & Trust lifted its stake in shares of Methanex by 39.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 2,015 shares of the specialty chemicals company’s stock worth $101,000 after purchasing an additional 573 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Methanex in the fourth quarter valued at $106,000. State of Wyoming purchased a new position in shares of Methanex in the fourth quarter valued at $129,000. SBI Securities Co. Ltd. purchased a new position in Methanex during the fourth quarter worth $166,000. Finally, Signaturefd LLC lifted its position in shares of Methanex by 15.0% during the fourth quarter. Signaturefd LLC now owns 3,452 shares of the specialty chemicals company’s stock worth $172,000 after purchasing an additional 450 shares during the last quarter. 73.49% of the stock is owned by hedge funds and other institutional investors.

Methanex Stock Performance

Shares of Methanex stock opened at $37.31 on Friday. The company has a quick ratio of 2.52, a current ratio of 3.17 and a debt-to-equity ratio of 0.94. Methanex Corporation has a 12 month low of $25.46 and a 12 month high of $54.49. The business has a fifty day simple moving average of $32.53 and a 200-day simple moving average of $39.89. The stock has a market cap of $2.51 billion, a PE ratio of 12.52 and a beta of 0.93.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its 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 return on equity of 12.45% and a net margin of 6.00%. The business had revenue of $857.90 million for the quarter, compared to the consensus estimate of $1.06 billion. During the same period last year, the business earned $0.65 earnings per share. The firm’s revenue for the quarter was down 2.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Methanex Corporation will post 4.32 EPS for the current fiscal year.

Methanex Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be paid a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date of this dividend is Monday, June 16th. Methanex’s payout ratio is presently 24.83%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on MEOH shares. Scotiabank upgraded shares of Methanex from a “sector perform” rating to a “sector outperform” rating and set a $53.00 target price for the company in a report on Monday, May 5th. Barclays reduced their price objective on Methanex from $57.00 to $41.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 1st. Royal Bank Of Canada dropped their target price on Methanex from $55.00 to $50.00 and set a “sector perform” rating for the company in a report on Friday, May 2nd. CIBC lowered their price target on Methanex from $47.00 to $44.00 and set an “outperformer” rating for the company in a report on Monday, May 5th. Finally, Piper Sandler set a $48.00 target price on Methanex and gave the company an “overweight” rating in a report on Sunday, May 18th. Four analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $44.88.

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.