Methanex Corporation (MEOH) Position Decreased by Cottage Street Advisors LLC
Cottage Street Advisors LLC cut its position in Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 45.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,332 shares of the specialty chemicals company’s stock after selling 4,366 shares during the period. Cottage Street Advisors LLC’s holdings in Methanex Corporation were worth $235,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Comerica Bank purchased a new position in Methanex Corporation during the fourth quarter worth about $269,000. Norges Bank purchased a new position in Methanex Corporation during the fourth quarter worth about $34,961,000. USA Financial Portformulas Corp bought a new position in Methanex Corporation during the fourth quarter valued at $475,000. Becker Capital Management Inc. increased its position in Methanex Corporation by 0.3% in the fourth quarter. Becker Capital Management Inc. now owns 611,416 shares of the specialty chemicals company’s stock valued at $26,780,000 after buying an additional 1,566 shares during the period. Finally, Creative Planning increased its position in Methanex Corporation by 7.6% in the first quarter. Creative Planning now owns 2,152 shares of the specialty chemicals company’s stock valued at $101,000 after buying an additional 152 shares during the period. Hedge funds and other institutional investors own 82.24% of the company’s stock.
Shares of Methanex Corporation (NASDAQ:MEOH) opened at 45.85 on Monday. Methanex Corporation has a one year low of $27.61 and a one year high of $53.35. The company has a market capitalization of $3.95 billion, a PE ratio of 17.84 and a beta of 1.78. The stock has a 50 day moving average price of $43.67 and a 200 day moving average price of $45.62.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings data on Wednesday, July 26th. The specialty chemicals company reported $0.85 EPS for the quarter, missing analysts’ consensus estimates of $1.08 by $0.23. Methanex Corporation had a return on equity of 12.43% and a net margin of 8.92%. The company had revenue of $669 million for the quarter, compared to analysts’ expectations of $772.41 million. During the same period in the prior year, the firm posted ($0.34) EPS. The firm’s quarterly revenue was up 42.9% on a year-over-year basis. On average, equities research analysts predict that Methanex Corporation will post $3.85 earnings per share for the current year.
Methanex Corporation announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 26th that allows the company to repurchase 1,660,000 outstanding shares. This repurchase authorization allows the specialty chemicals company to buy shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Saturday, September 30th. Shareholders of record on Saturday, September 16th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.62%. The ex-dividend date is Thursday, September 14th. Methanex Corporation’s dividend payout ratio (DPR) is presently 47.81%.
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Several equities analysts recently weighed in on the company. Scotiabank reiterated a “sector perform” rating and set a $71.00 target price on shares of Methanex Corporation in a research report on Tuesday, April 11th. Raymond James Financial, Inc. reiterated an “outperform” rating and set a $80.00 target price on shares of Methanex Corporation in a research report on Monday, April 10th. Zacks Investment Research upgraded Methanex Corporation from a “hold” rating to a “strong-buy” rating and set a $54.00 target price on the stock in a research report on Wednesday, April 19th. BMO Capital Markets reiterated a “buy” rating and set a $57.00 target price on shares of Methanex Corporation in a research report on Thursday, April 27th. Finally, Alembic Global Advisors set a $65.00 target price on Methanex Corporation and gave the company a “buy” rating in a research report on Thursday, July 27th. Four analysts have rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $56.80.
About Methanex Corporation
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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