State of Tennessee Treasury Department trimmed its position in shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 28.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 138,300 shares of the specialty chemicals company’s stock after selling 54,060 shares during the period. State of Tennessee Treasury Department owned about 0.16% of Methanex Corporation worth $6,936,000 as of its most recent SEC filing.
Other large investors have also recently modified their holdings of the company. Bank of New York Mellon Corp raised its stake 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 in the last quarter. Gotham Asset Management LLC purchased a new stake in shares of Methanex Corporation during the second quarter valued at approximately $23,031,000. Neuberger Berman Group LLC grew its holdings in shares of Methanex Corporation by 21.3% during the second quarter. Neuberger Berman Group LLC now owns 1,598,782 shares of the specialty chemicals company’s stock valued at $70,426,000 after buying an additional 281,143 shares during the last quarter. AGF Investments Inc. grew its holdings in shares of Methanex Corporation by 103.7% during the second quarter. AGF Investments Inc. now owns 409,320 shares of the specialty chemicals company’s stock valued at $18,080,000 after buying an additional 208,413 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in shares of Methanex Corporation during the first quarter valued at approximately $8,939,000. 80.02% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts recently issued reports on the stock. Royal Bank Of Canada restated a “hold” rating on shares of Methanex Corporation in a report on Friday, August 25th. 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. TD Securities increased their price target on shares of Methanex Corporation to $71.00 and gave the stock a “buy” rating in a research report on Monday, September 18th. Cowen and Company reiterated an “outperform” rating and issued a $58.00 price target (up from $55.00) on shares of Methanex Corporation in a research report on Monday, October 9th. Finally, Scotiabank reissued a “sector perform” rating and issued a $67.00 price objective on shares of Methanex Corporation in a research note on Wednesday, October 4th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $54.17.
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Shares of Methanex Corporation (NASDAQ MEOH) opened at $51.95 on Wednesday. The company has a quick ratio of 1.17, a current ratio of 1.59 and a debt-to-equity ratio of 0.83. Methanex Corporation has a twelve month low of $39.25 and a twelve month high of $53.35. The company has a market cap of $4,247.16, a price-to-earnings ratio of 15.38, a PEG ratio of 0.94 and a beta of 1.80.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings data on Wednesday, October 25th. The specialty chemicals company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.05. The firm had revenue of $720.00 million for 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%. Methanex Corporation’s quarterly revenue was up 41.2% on a year-over-year basis. During the same period last year, the firm posted ($0.01) EPS. sell-side analysts predict that Methanex Corporation will post 3.59 earnings per share for the current fiscal year.
Methanex Corporation declared that its board has initiated a share repurchase plan on Wednesday, July 26th that allows the company to repurchase 1,660,000 shares. This repurchase authorization allows the specialty chemicals company to purchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Sunday, December 31st. Stockholders of record on Sunday, December 17th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date is Thursday, December 14th. Methanex Corporation’s dividend payout ratio (DPR) is presently 39.87%.
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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