Pinnacle Associates Ltd. Has $9.99 Million Position in Methanex Co. (MEOH)

Pinnacle Associates Ltd. lowered its position in Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 2.1% in the third quarter, HoldingsChannel.com reports. The firm owned 126,260 shares of the specialty chemicals company’s stock after selling 2,725 shares during the period. Pinnacle Associates Ltd.’s holdings in Methanex were worth $9,987,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Credit Suisse AG grew its holdings in shares of Methanex by 0.6% in the third quarter. Credit Suisse AG now owns 141,783 shares of the specialty chemicals company’s stock valued at $11,214,000 after purchasing an additional 898 shares during the period. Highstreet Asset Management Inc. grew its holdings in shares of Methanex by 38.0% in the third quarter. Highstreet Asset Management Inc. now owns 3,561 shares of the specialty chemicals company’s stock valued at $281,000 after purchasing an additional 980 shares during the period. Advisors Preferred LLC grew its holdings in shares of Methanex by 57.8% in the second quarter. Advisors Preferred LLC now owns 2,688 shares of the specialty chemicals company’s stock valued at $190,000 after purchasing an additional 985 shares during the period. FineMark National Bank & Trust grew its holdings in shares of Methanex by 18.9% in the second quarter. FineMark National Bank & Trust now owns 6,739 shares of the specialty chemicals company’s stock valued at $476,000 after purchasing an additional 1,070 shares during the period. Finally, Tower Research Capital LLC TRC grew its holdings in shares of Methanex by 41.2% in the second quarter. Tower Research Capital LLC TRC now owns 5,082 shares of the specialty chemicals company’s stock valued at $359,000 after purchasing an additional 1,482 shares during the period. 74.99% of the stock is owned by hedge funds and other institutional investors.

MEOH has been the subject of a number of analyst reports. BidaskClub lowered shares of Methanex from a “strong-buy” rating to a “buy” rating in a report on Thursday, October 11th. Monness Crespi & Hardt upped their price objective on shares of Methanex from $75.00 to $86.00 and gave the company a “buy” rating in a report on Tuesday, September 25th. ValuEngine raised shares of Methanex from a “hold” rating to a “buy” rating in a research report on Saturday, October 6th. MED reaffirmed a “buy” rating on shares of Methanex in a research report on Monday, August 6th. Finally, Alembic Global Advisors set a $80.00 target price on shares of Methanex and gave the company a “buy” rating in a research report on Thursday, October 25th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $82.36.

NASDAQ MEOH opened at $55.18 on Friday. Methanex Co. has a 12 month low of $51.00 and a 12 month high of $83.23. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.27 and a current ratio of 1.70. The stock has a market capitalization of $4.31 billion, a price-to-earnings ratio of 7.46, a P/E/G ratio of 0.53 and a beta of 1.62.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its earnings results on Wednesday, October 24th. The specialty chemicals company reported $1.92 EPS for the quarter, missing the Zacks’ consensus estimate of $1.99 by ($0.07). Methanex had a net margin of 12.48% and a return on equity of 34.25%. The company had revenue of $1.04 billion during the quarter. As a group, analysts predict that Methanex Co. will post 6.88 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Monday, December 17th will be given a dividend of $0.33 per share. The ex-dividend date of this dividend is Friday, December 14th. This represents a $1.32 annualized dividend and a dividend yield of 2.39%. Methanex’s dividend payout ratio is presently 28.03%.

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About Methanex

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.

Further Reading: Dividend Aristocrat Index

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Institutional Ownership by Quarter for Methanex (NASDAQ:MEOH)

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