Pinnacle Associates Ltd. reduced its stake in shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 4.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 96,746 shares of the specialty chemicals company’s stock after selling 5,000 shares during the period. Pinnacle Associates Ltd. owned 0.13% of Methanex worth $4,398,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of MEOH. AlphaCrest Capital Management LLC lifted its holdings in Methanex by 2.1% in the first quarter. AlphaCrest Capital Management LLC now owns 16,516 shares of the specialty chemicals company’s stock valued at $939,000 after acquiring an additional 341 shares during the last quarter. Candriam Luxembourg S.C.A. lifted its stake in Methanex by 1.6% during the first quarter. Candriam Luxembourg S.C.A. now owns 33,615 shares of the specialty chemicals company’s stock worth $1,910,000 after purchasing an additional 543 shares in the last quarter. Quadrant Capital Group LLC lifted its stake in Methanex by 35.6% during the first quarter. Quadrant Capital Group LLC now owns 2,266 shares of the specialty chemicals company’s stock worth $125,000 after purchasing an additional 595 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its stake in Methanex by 20.7% during the first quarter. DekaBank Deutsche Girozentrale now owns 7,500 shares of the specialty chemicals company’s stock worth $550,000 after purchasing an additional 1,287 shares in the last quarter. Finally, Beutel Goodman & Co Ltd. acquired a new position in Methanex during the first quarter worth $87,000. Institutional investors and hedge funds own 67.74% of the company’s stock.
A number of research analysts have commented on the company. Cowen restated a “market perform” rating and set a $39.00 price target (down from $49.00) on shares of Methanex in a research note on Tuesday, August 6th. Barclays set a $53.00 price target on Methanex and gave the stock a “hold” rating in a research note on Monday, June 24th. Monness Crespi & Hardt restated a “buy” rating and set a $69.00 price target (down from $77.00) on shares of Methanex in a research note on Thursday, June 27th. Royal Bank of Canada decreased their price target on Methanex from $70.00 to $65.00 and set a “sector perform” rating on the stock in a research note on Monday, July 22nd. Finally, CIBC cut Methanex from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $70.00 to $53.00 in a research note on Thursday, July 11th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $62.06.
Methanex (NASDAQ:MEOH) (TSE:MX) last posted its earnings results on Wednesday, July 31st. The specialty chemicals company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.16). The business had revenue of $734.00 million during the quarter, compared to analysts’ expectations of $719.86 million. Methanex had a net margin of 10.81% and a return on equity of 18.33%. The business’s quarterly revenue was down 22.7% compared to the same quarter last year. During the same period last year, the company earned $1.75 EPS. On average, sell-side analysts forecast that Methanex Co. will post 1.79 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 4.43%. The ex-dividend date of this dividend is Friday, September 13th. Methanex’s payout ratio is 20.99%.
Methanex Corporation produces and supplies methanol in North America, the Asia Pacific, Europe, and South America. It also purchases 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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