Swiss National Bank trimmed its holdings in shares of Methanex (NASDAQ:MEOH) (TSE:MX) by 8.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 306,700 shares of the specialty chemicals company’s stock after selling 29,400 shares during the quarter. Swiss National Bank owned approximately 0.37% of Methanex worth $18,557,000 as of its most recent SEC filing.
Other hedge funds have also modified their holdings of the company. Advisors Preferred LLC purchased a new position in Methanex during the first quarter valued at approximately $103,000. FineMark National Bank & Trust purchased a new position in Methanex during the fourth quarter valued at approximately $253,000. FNY Partners Fund LP purchased a new position in Methanex during the fourth quarter valued at approximately $302,000. Trexquant Investment LP purchased a new position in Methanex during the first quarter valued at approximately $352,000. Finally, AXA purchased a new position in Methanex during the fourth quarter valued at approximately $442,000. 79.45% of the stock is currently owned by institutional investors.
NASDAQ MEOH opened at $70.30 on Monday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 1.29 and a current ratio of 1.75. Methanex has a 12-month low of $39.47 and a 12-month high of $71.51. The firm has a market capitalization of $5.78 billion, a price-to-earnings ratio of 13.57, a PEG ratio of 0.89 and a beta of 1.63.
Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings results on Wednesday, April 25th. The specialty chemicals company reported $2.03 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.08 by ($0.05). Methanex had a return on equity of 24.47% and a net margin of 11.00%. The firm had revenue of $962.00 million during the quarter, compared to analysts’ expectations of $965.83 million. During the same period in the prior year, the firm posted $1.56 earnings per share. Methanex’s revenue for the quarter was up 18.8% compared to the same quarter last year. sell-side analysts anticipate that Methanex will post 5.28 EPS for the current year.
Methanex announced that its board has approved a stock buyback program on Monday, March 5th that authorizes the company to buyback 6,590,000 shares. This buyback authorization authorizes the specialty chemicals company to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Saturday, June 30th. Shareholders of record on Saturday, June 16th will be issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 1.88%. The ex-dividend date is Thursday, June 14th. Methanex’s dividend payout ratio is currently 28.03%.
Several equities analysts recently issued reports on the stock. BidaskClub raised shares of Methanex from a “buy” rating to a “strong-buy” rating in a report on Monday, May 14th. ValuEngine lowered shares of Methanex from a “strong-buy” rating to a “buy” rating in a report on Wednesday, May 2nd. Scotiabank set a $69.50 price objective on shares of Methanex and gave the company a “sector perform” rating in a report on Tuesday, May 1st. TD Securities lifted their price objective on shares of Methanex from $69.00 to $71.00 and gave the company a “hold” rating in a report on Friday, April 27th. Finally, Royal Bank of Canada lifted their price objective on shares of Methanex from $67.00 to $70.00 and gave the company a “sector perform” rating in a report on Thursday, April 26th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $62.08.
Methanex Corporation produces and sells methanol in North America, the Asia Pacific, Europe, and South America. It also purchases and sells methanol produced by others under methanol offtake contracts and on the spot market. The company was founded in 1968 and is headquartered in Vancouver, Canada.
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