Campbell & CO Investment Adviser LLC reduced its position in shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 0.0% during the second quarter, Holdings Channel reports. The fund owned 7,871 shares of the specialty chemicals company’s stock after selling 2 shares during the period. Campbell & CO Investment Adviser LLC’s holdings in Methanex Corporation were worth $347,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MEOH. Russell Investments Group Ltd. boosted 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. BB&T Corp boosted its position in Methanex Corporation by 0.3% in the second quarter. BB&T Corp now owns 22,466 shares of the specialty chemicals company’s stock worth $990,000 after buying an additional 66 shares during the last quarter. Westbourne Investment Advisors Inc. boosted its position in Methanex Corporation by 3.1% in the second quarter. Westbourne Investment Advisors Inc. now owns 16,350 shares of the specialty chemicals company’s stock worth $720,000 after buying an additional 490 shares during the last quarter. Mn Services Vermogensbeheer B.V. purchased a new position in Methanex Corporation during the second quarter worth $643,000. Finally, Bank of Montreal Can boosted its position in Methanex Corporation by 38.4% in the second quarter. Bank of Montreal Can now owns 939,542 shares of the specialty chemicals company’s stock worth $41,387,000 after buying an additional 260,803 shares during the last quarter. 82.24% of the stock is owned by institutional investors.
Methanex Corporation (NASDAQ:MEOH) opened at 45.20 on Monday. Methanex Corporation has a 52-week low of $26.83 and a 52-week high of $53.35. The firm has a market capitalization of $3.89 billion, a price-to-earnings ratio of 17.59 and a beta of 1.78. The company’s 50-day moving average is $43.54 and its 200-day moving average is $45.68.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last posted its earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.85 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.08 by $0.23. Methanex Corporation had a net margin of 8.92% and a return on equity of 12.43%. The business had revenue of $669 million for the quarter, compared to analysts’ expectations of $772.41 million. During the same quarter last year, the business posted ($0.34) earnings per share. The business’s revenue was up 42.9% compared to the same quarter last year. Equities analysts predict that Methanex Corporation will post $4.10 earnings per share for the current year.
Methanex Corporation declared that its board has authorized a stock buyback plan on Wednesday, July 26th that allows the company to buyback 1,660,000 shares. This buyback authorization allows the specialty chemicals company to repurchase shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Saturday, September 30th. Shareholders of record on Saturday, September 16th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.20 annualized dividend and a yield of 2.65%. Methanex Corporation’s dividend payout ratio (DPR) is currently 47.81%.
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A number of analysts have recently commented on the stock. TD Securities cut their target price on shares of Methanex Corporation from $56.00 to $54.00 and set a “buy” rating for the company in a research note on Friday. Tudor Pickering cut shares of Methanex Corporation from a “buy” rating to a “hold” rating and cut their target price for the stock from $52.00 to $46.00 in a research note on Friday. Monness Crespi & Hardt cut their target price on shares of Methanex Corporation from $62.00 to $59.00 and set a “buy” rating for the company in a research note on Friday. Cowen and Company cut their target price on shares of Methanex Corporation from $60.00 to $55.00 and set an “outperform” rating for the company in a research note on Friday. Finally, Scotiabank boosted their target price on shares of Methanex Corporation from $53.00 to $95.00 and gave the stock a “sector perform” rating in a research note on Thursday. Three analysts have rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $56.80.
Methanex Corporation Company Profile
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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