Guardian Capital Advisors LP increased its position in shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 43.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,455 shares of the specialty chemicals company’s stock after acquiring an additional 2,240 shares during the quarter. Guardian Capital Advisors LP’s holdings in Methanex were worth $475,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of MEOH. Turner Investments LLC bought a new position in shares of Methanex during the 2nd quarter worth approximately $221,000. ETRADE Capital Management LLC bought a new position in shares of Methanex during the 3rd quarter worth approximately $241,000. Korea Investment CORP increased its stake in Methanex by 1.8% during the 2nd quarter. Korea Investment CORP now owns 5,659 shares of the specialty chemicals company’s stock valued at $249,000 after purchasing an additional 101 shares in the last quarter. AHL Partners LLP acquired a new position in Methanex during the 2nd quarter valued at approximately $300,000. Finally, PNC Financial Services Group Inc. increased its stake in Methanex by 3.9% during the 2nd quarter. PNC Financial Services Group Inc. now owns 6,948 shares of the specialty chemicals company’s stock valued at $305,000 after purchasing an additional 259 shares in the last quarter. Hedge funds and other institutional investors own 83.13% of the company’s stock.
A number of brokerages have issued reports on MEOH. Jefferies Group upped their price target on shares of Methanex to $60.00 and gave the company a “buy” rating in a research note on Tuesday, September 12th. TD Securities upped their price target on shares of Methanex from $58.00 to $59.00 and gave the company a “buy” rating in a research note on Friday, October 27th. Royal Bank of Canada upped their price target on shares of Methanex from $50.00 to $57.00 and gave the company a “sector perform” rating in a research note on Friday, October 27th. BidaskClub upgraded shares of Methanex from a “strong sell” rating to a “sell” rating in a research note on Friday, August 25th. Finally, Scotiabank upped their price target on shares of Methanex from $53.50 to $74.00 and gave the company a “sector perform” rating in a research note on Thursday, November 30th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the stock. Methanex currently has an average rating of “Hold” and a consensus target price of $55.53.
Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings results on Wednesday, October 25th. The specialty chemicals company reported $0.60 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.05. The firm had revenue of $720.00 million for the quarter, compared to the consensus estimate of $614.19 million. Methanex had a net margin of 9.81% and a return on equity of 16.02%. The firm’s quarterly revenue was up 41.2% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.01) earnings per share. analysts anticipate that Methanex Co. will post 3.72 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Sunday, December 31st. Shareholders of record on Sunday, December 17th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.15%. The ex-dividend date is Thursday, December 14th. Methanex’s payout ratio is 39.87%.
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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