Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp raised its stake in Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 4.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 911,000 shares of the specialty chemicals company’s stock after acquiring an additional 35,363 shares during the quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp owned about 1.09% of Methanex worth $69,382,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. FineMark National Bank & Trust bought a new position in Methanex in the 4th quarter valued at about $253,000. ETRADE Capital Management LLC bought a new position in Methanex in the 3rd quarter valued at about $241,000. FNY Partners Fund LP bought a new position in Methanex in the 4th quarter valued at about $302,000. AXA bought a new position in Methanex in the 4th quarter valued at about $442,000. Finally, Guardian Capital Advisors LP raised its holdings in Methanex by 43.0% in the 3rd quarter. Guardian Capital Advisors LP now owns 7,455 shares of the specialty chemicals company’s stock valued at $475,000 after acquiring an additional 2,240 shares during the period. 80.18% of the stock is currently owned by hedge funds and other institutional investors.
MEOH has been the topic of several recent research reports. Scotiabank reaffirmed a “hold” rating and set a $63.00 target price (up from $57.50) on shares of Methanex in a report on Wednesday, January 3rd. BidaskClub raised shares of Methanex from a “buy” rating to a “strong-buy” rating in a report on Friday, December 22nd. Cowen reaffirmed an “outperform” rating and set a $65.00 target price (up from $58.00) on shares of Methanex in a report on Thursday, December 14th. Raymond James Financial raised their target price on shares of Methanex from $60.00 to $63.50 and gave the stock a “market perform” rating in a report on Friday, February 2nd. Finally, TD Securities raised their target price on shares of Methanex from $66.00 to $68.00 and gave the stock a “hold” rating in a report on Friday, February 2nd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $59.00.
Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings data on Wednesday, January 31st. The specialty chemicals company reported $1.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.51. The business had revenue of $861.00 million for the quarter, compared to analysts’ expectations of $796.57 million. Methanex had a net margin of 10.34% and a return on equity of 22.72%. The firm’s quarterly revenue was up 47.2% compared to the same quarter last year. During the same period last year, the firm posted $0.46 earnings per share. equities analysts anticipate that Methanex Co. will post 6.11 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, March 31st. Investors of record on Saturday, March 17th will be paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.32%. This is a boost from Methanex’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Thursday, March 15th. Methanex’s dividend payout ratio (DPR) is 37.29%.
Methanex declared that its Board of Directors has initiated a share repurchase plan on Monday, March 5th that permits the company to repurchase 6,590,000 outstanding shares. This repurchase authorization permits the specialty chemicals company to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
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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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