Guardian Capital LP Lowers Holdings in Methanex Corporation (MEOH)
Guardian Capital LP reduced its holdings in shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 2.2% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 3,380,003 shares of the specialty chemicals company’s stock after selling 77,069 shares during the period. Methanex Corporation makes up 2.3% of Guardian Capital LP’s investment portfolio, making the stock its 13th largest holding. Guardian Capital LP owned about 3.92% of Methanex Corporation worth $149,045,000 as of its most recent SEC filing.
Other institutional investors have also modified their holdings of the company. Quantbot Technologies LP boosted its holdings in shares of Methanex Corporation by 40.9% in the first quarter. Quantbot Technologies LP now owns 2,228 shares of the specialty chemicals company’s stock valued at $104,000 after acquiring an additional 647 shares in the last quarter. FNY Partners Fund LP purchased a new stake in shares of Methanex Corporation in the first quarter valued at about $117,000. Turner Investments LLC purchased a new stake in shares of Methanex Corporation in the second quarter valued at about $221,000. World Asset Management Inc boosted its holdings in shares of Methanex Corporation by 0.8% in the first quarter. World Asset Management Inc now owns 5,594 shares of the specialty chemicals company’s stock valued at $262,000 after acquiring an additional 46 shares in the last quarter. Finally, Korea Investment CORP boosted its holdings in shares of Methanex Corporation by 1.8% in the second quarter. Korea Investment CORP now owns 5,659 shares of the specialty chemicals company’s stock valued at $249,000 after acquiring an additional 101 shares in the last quarter. 81.91% of the stock is currently owned by institutional investors.
Methanex Corporation (MEOH) traded down 1.85% during mid-day trading on Friday, reaching $50.30. 1,040,129 shares of the company were exchanged. The stock has a market capitalization of $4.33 billion, a P/E ratio of 19.57 and a beta of 1.74. Methanex Corporation has a 12 month low of $30.43 and a 12 month high of $53.35. The company’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 announced its earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.85 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.08 by ($0.23). The company had revenue of $669.00 million during 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 quarterly revenue was up 42.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.34) EPS. On average, equities analysts expect that Methanex Corporation will post $3.96 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Saturday, September 30th. Investors of record on Saturday, September 16th will be given a $0.30 dividend. The ex-dividend date is Thursday, September 14th. This represents a $1.20 dividend on an annualized basis and a yield of 2.39%. Methanex Corporation’s dividend payout ratio is presently 47.81%.
Methanex Corporation declared that its Board of Directors has initiated a share buyback plan on Wednesday, July 26th that authorizes the company to repurchase 1,660,000 shares. This repurchase authorization authorizes the specialty chemicals company to reacquire shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.
Several analysts have recently weighed in on MEOH shares. Royal Bank Of Canada lowered their target price on shares of Methanex Corporation from $54.00 to $50.00 and set a “sector perform” rating on the stock in a report on Tuesday, July 18th. ValuEngine raised shares of Methanex Corporation from a “hold” rating to a “buy” rating in a report on Friday, June 16th. TD Securities lifted their target price on shares of Methanex Corporation to $71.00 and gave the company a “buy” rating in a report on Monday, September 18th. Scotiabank set a $53.00 target price on shares of Methanex Corporation and gave the company a “sector perform” rating in a report on Tuesday, July 4th. Finally, BMO Capital Markets reaffirmed a “buy” rating on shares of Methanex Corporation in a report on Friday, June 30th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company. Methanex Corporation presently has a consensus 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.
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