Hillsdale Investment Management Inc. Has $1.18 Million Holdings in Methanex Corporation (MEOH)
Hillsdale Investment Management Inc. lessened its stake in Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 53.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 26,700 shares of the specialty chemicals company’s stock after selling 30,700 shares during the period. Hillsdale Investment Management Inc.’s holdings in Methanex Corporation were worth $1,180,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quantbot Technologies LP grew its position in shares of Methanex Corporation by 40.9% in the 1st quarter. Quantbot Technologies LP now owns 2,228 shares of the specialty chemicals company’s stock valued at $104,000 after buying an additional 647 shares during the last quarter. FNY Partners Fund LP bought a new stake in shares of Methanex Corporation in the 1st quarter valued at about $117,000. Turner Investments LLC bought a new stake in shares of Methanex Corporation in the 2nd quarter valued at about $221,000. World Asset Management Inc grew its position in shares of Methanex Corporation by 0.8% in the 1st quarter. World Asset Management Inc now owns 5,594 shares of the specialty chemicals company’s stock valued at $262,000 after buying an additional 46 shares during the last quarter. Finally, Korea Investment CORP grew its position in shares of Methanex Corporation by 1.8% in the 2nd quarter. Korea Investment CORP now owns 5,659 shares of the specialty chemicals company’s stock valued at $249,000 after buying an additional 101 shares during the last quarter. Hedge funds and other institutional investors own 81.91% of the company’s stock.
Shares of Methanex Corporation (NASDAQ MEOH) traded up 0.244% during mid-day trading on Thursday, hitting $51.425. The stock had a trading volume of 63,340 shares. The firm has a market cap of $4.43 billion, a PE ratio of 20.010 and a beta of 1.74. Methanex Corporation has a 52-week low of $30.43 and a 52-week high of $53.35. The stock’s 50-day moving average price is $47.37 and its 200-day moving average price is $45.19.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings data on Wednesday, July 26th. The specialty chemicals company reported $0.85 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.08 by ($0.23). The firm had revenue of $669.00 million for the quarter, compared to the consensus estimate of $772.41 million. Methanex Corporation had a net margin of 8.92% and a return on equity of 12.43%. The business’s revenue was up 42.9% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.34) earnings per share. On average, analysts anticipate that Methanex Corporation will post $3.93 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Saturday, September 30th. Shareholders of record on Saturday, September 16th will be given a dividend of $0.30 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.20 annualized dividend and a yield of 2.34%. Methanex Corporation’s payout ratio is 47.81%.
Methanex Corporation announced that its board has authorized a stock buyback plan on Wednesday, July 26th that permits the company to buyback 1,660,000 outstanding shares. This buyback authorization permits the specialty chemicals company to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.
A number of equities research analysts have commented on MEOH shares. TD Securities upped their price target on Methanex Corporation to $71.00 and gave the company a “buy” rating in a research report on Monday, September 18th. BidaskClub lowered Methanex Corporation from a “sell” rating to a “strong sell” rating in a research report on Friday, August 18th. Royal Bank Of Canada restated a “hold” rating on shares of Methanex Corporation in a research report on Friday, August 25th. Cowen and Company restated a “buy” rating and set a $55.00 target price on shares of Methanex Corporation in a research report on Friday, September 1st. Finally, Scotiabank set a $53.00 target price on Methanex Corporation and gave the company a “sector perform” rating in a research report on Tuesday, July 4th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and nine have issued a buy rating to the stock. Methanex Corporation has an average rating of “Hold” and an average price target of $57.93.
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.
Want to see what other hedge funds are holding MEOH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Methanex Corporation (NASDAQ:MEOH) (TSE:MX).
Receive News & Stock Ratings for Methanex Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Methanex Corporation and related stocks with our FREE daily email newsletter.