State of Tennessee Treasury Department Sells 54,060 Shares of Methanex Corporation (MEOH)

State of Tennessee Treasury Department decreased its holdings in Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 28.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 138,300 shares of the specialty chemicals company’s stock after selling 54,060 shares during the quarter. State of Tennessee Treasury Department owned 0.16% of Methanex Corporation worth $6,936,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Bank of New York Mellon Corp grew its position in Methanex Corporation by 37.3% in the second quarter. Bank of New York Mellon Corp now owns 3,594,311 shares of the specialty chemicals company’s stock worth $158,329,000 after buying an additional 976,901 shares during the last quarter. Vanguard Group Inc. grew its position in Methanex Corporation by 3.8% in the second quarter. Vanguard Group Inc. now owns 2,067,886 shares of the specialty chemicals company’s stock worth $91,090,000 after buying an additional 76,132 shares during the last quarter. Neuberger Berman Group LLC grew its position in Methanex Corporation by 21.3% in the second quarter. Neuberger Berman Group LLC now owns 1,598,782 shares of the specialty chemicals company’s stock worth $70,426,000 after buying an additional 281,143 shares during the last quarter. Great West Life Assurance Co. Can grew its position in Methanex Corporation by 0.9% in the second quarter. Great West Life Assurance Co. Can now owns 1,091,259 shares of the specialty chemicals company’s stock worth $48,036,000 after buying an additional 9,443 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its position in Methanex Corporation by 15.2% in the second quarter. Russell Investments Group Ltd. now owns 1,010,484 shares of the specialty chemicals company’s stock worth $44,541,000 after buying an additional 133,052 shares during the last quarter. Hedge funds and other institutional investors own 83.37% of the company’s stock.

Shares of Methanex Corporation (NASDAQ:MEOH) opened at $51.60 on Monday. The stock has a market cap of $4,331.10, a price-to-earnings ratio of 15.68, a price-to-earnings-growth ratio of 0.96 and a beta of 1.80. Methanex Corporation has a 52 week low of $37.05 and a 52 week high of $53.35. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.17 and a current ratio of 1.59.

Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last issued its earnings results on Wednesday, October 25th. The specialty chemicals company reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.05. The company had revenue of $720.00 million during the quarter, compared to analyst estimates of $614.19 million. Methanex Corporation had a net margin of 9.81% and a return on equity of 16.02%. The company’s revenue for the quarter was up 41.2% on a year-over-year basis. During the same quarter last year, the business posted ($0.01) EPS. equities research analysts expect that Methanex Corporation will post 3.59 earnings per share for the current fiscal year.

Methanex Corporation announced that its Board of Directors has initiated a share repurchase plan on Wednesday, July 26th that authorizes the company to buyback 1,660,000 shares. This buyback authorization authorizes the specialty chemicals company to buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

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Several research firms have issued reports on MEOH. Jefferies Group LLC lifted their price target on shares of Methanex Corporation to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, September 12th. Scotiabank reiterated a “sector perform” rating and set a $67.00 price objective on shares of Methanex Corporation in a research report on Wednesday, October 4th. Cowen and Company reiterated a “buy” rating and set a $55.00 price objective on shares of Methanex Corporation in a research report on Friday, September 1st. Zacks Investment Research upgraded shares of Methanex Corporation from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 26th. Finally, Royal Bank Of Canada reiterated a “hold” rating on shares of Methanex Corporation in a research report on Wednesday, September 27th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the stock. Methanex Corporation currently has a consensus rating of “Hold” and a consensus price target of $54.17.

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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Institutional Ownership by Quarter for Methanex Corporation (NASDAQ:MEOH)

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