Wealth High Governance Asset Management Ltda. Acquires New Position in Methanex Corporation $MEOH

Wealth High Governance Asset Management Ltda. acquired a new stake in Methanex Corporation (NASDAQ:MEOH) (TSE:MX) during the 1st quarter, HoldingsChannel reports. The firm acquired 35,788 shares of the specialty chemicals company’s stock, valued at approximately $2,131,000.

Other institutional investors also recently modified their holdings of the company. NewEdge Advisors LLC purchased a new position in shares of Methanex during the 2nd quarter valued at $50,000. Clearstead Advisors LLC raised its holdings in shares of Methanex by 336.2% during the fourth quarter. Clearstead Advisors LLC now owns 1,784 shares of the specialty chemicals company’s stock worth $71,000 after acquiring an additional 1,375 shares in the last quarter. Parkside Financial Bank & Trust raised its holdings in shares of Methanex by 61.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 2,143 shares of the specialty chemicals company’s stock worth $85,000 after acquiring an additional 812 shares in the last quarter. AXA S.A. acquired a new stake in Methanex during the second quarter valued at $166,000. Finally, Barclays PLC boosted its position in Methanex by 115.3% during the fourth quarter. Barclays PLC now owns 4,199 shares of the specialty chemicals company’s stock valued at $167,000 after purchasing an additional 2,249 shares during the last quarter. Institutional investors and hedge funds own 73.49% of the company’s stock.

Methanex Stock Performance

Shares of NASDAQ MEOH opened at $55.55 on Monday. The company has a quick ratio of 1.35, a current ratio of 2.07 and a debt-to-equity ratio of 0.83. The business’s 50 day moving average is $54.07 and its two-hundred day moving average is $54.52. The company has a market cap of $4.30 billion, a P/E ratio of 53.93 and a beta of 0.58. Methanex Corporation has a 12 month low of $32.00 and a 12 month high of $66.75.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings data on Tuesday, July 28th. The specialty chemicals company reported $3.87 EPS for the quarter, missing analysts’ consensus estimates of $4.00 by ($0.13). The company had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.43 billion. Methanex had a net margin of 2.07% and a return on equity of 11.35%. The firm’s quarterly revenue was up 75.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.97 EPS. On average, equities analysts expect that Methanex Corporation will post 8.7 EPS for the current year.

Methanex Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be paid a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a yield of 1.3%. The ex-dividend date is Wednesday, September 16th. Methanex’s dividend payout ratio is currently 71.84%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Weiss Ratings raised Methanex from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday. Royal Bank Of Canada reduced their price target on Methanex from $70.00 to $65.00 and set a “sector perform” rating for the company in a report on Wednesday, July 1st. National Bank Financial set a $70.00 price target on Methanex and gave the company an “outperform” rating in a research note on Monday, July 13th. Raymond James Financial boosted their price target on Methanex from $52.00 to $65.00 and gave the company a “market perform” rating in a research note on Thursday, April 16th. Finally, Zacks Research downgraded Methanex from a “strong-buy” rating to a “hold” rating in a report on Monday, June 22nd. Six equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $68.56.

Methanex Profile

Methanex Corporation is a Vancouver, Canada–based company and one of the world’s largest producers and suppliers of methanol. The company manufactures methanol, a key feedstock for a wide range of chemical products and industrial applications. Methanex markets its product to customers in energy, plastics, paints and coatings, and various chemical sectors, positioning the company as a critical link in the global supply chain for basic chemicals.

The company’s core product, methanol, serves as a building block for downstream chemicals such as formaldehyde, acetic acid and methyl tertiary butyl ether (MTBE).