Tower Research Capital LLC TRC Sells 2,779 Shares of Methanex Corporation (MEOH)
Tower Research Capital LLC TRC decreased its holdings in Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 41.3% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,947 shares of the specialty chemicals company’s stock after selling 2,779 shares during the quarter. Tower Research Capital LLC TRC’s holdings in Methanex Corporation were worth $226,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. Quantbot Technologies LP grew its position in Methanex Corporation by 40.9% during the 1st quarter. Quantbot Technologies LP now owns 2,228 shares of the specialty chemicals company’s stock worth $104,000 after purchasing an additional 647 shares in the last quarter. FNY Partners Fund LP purchased a new position in Methanex Corporation during the 1st quarter worth approximately $117,000. Turner Investments LLC purchased a new position in Methanex Corporation during the 2nd quarter worth approximately $221,000. Korea Investment CORP grew its position in Methanex Corporation by 1.8% during the 2nd quarter. Korea Investment CORP now owns 5,659 shares of the specialty chemicals company’s stock worth $249,000 after purchasing an additional 101 shares in the last quarter. Finally, Comerica Bank grew its position in Methanex Corporation by 3.1% during the 1st quarter. Comerica Bank now owns 5,892 shares of the specialty chemicals company’s stock worth $264,000 after purchasing an additional 178 shares in the last quarter. Hedge funds and other institutional investors own 81.91% of the company’s stock.
Several equities analysts have weighed in on the stock. Cowen and Company reiterated an “outperform” rating and set a $58.00 price objective (up from $55.00) on shares of Methanex Corporation in a research report on Monday. Scotiabank reiterated a “sector perform” rating and set a $67.00 price objective on shares of Methanex Corporation in a research report on Wednesday, October 4th. Zacks Investment Research upgraded shares of Methanex Corporation from a “hold” rating to a “buy” rating and set a $57.00 price objective on the stock in a research report on Tuesday, October 3rd. Royal Bank Of Canada reiterated a “hold” rating on shares of Methanex Corporation in a research report on Wednesday, September 27th. Finally, TD Securities lifted their price objective on shares of Methanex Corporation to $71.00 and gave the stock a “buy” rating in a research report on Monday, September 18th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and ten have assigned a buy rating to the company. Methanex Corporation has a consensus rating of “Hold” and an average target price of $56.47.
Shares of Methanex Corporation (MEOH) traded up 1.42% during midday trading on Wednesday, hitting $50.00. 172,647 shares of the company’s stock were exchanged. The company has a 50-day moving average of $50.18 and a 200-day moving average of $45.68. Methanex Corporation has a 52 week low of $34.45 and a 52 week high of $53.35. The firm has a market cap of $4.31 billion, a price-to-earnings ratio of 19.46 and a beta of 1.76.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last announced its earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.85 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.08 by ($0.23). Methanex Corporation had a return on equity of 12.43% and a net margin of 8.92%. The business had revenue of $669.00 million for the quarter, compared to analyst estimates of $772.41 million. During the same quarter in the previous year, the company posted ($0.34) EPS. The business’s revenue for the quarter was up 42.9% compared to the same quarter last year. Equities research analysts expect that Methanex Corporation will post $3.99 EPS for the current fiscal year.
Methanex Corporation declared that its Board of Directors has approved a stock buyback program on Wednesday, July 26th that allows the company to buyback 1,660,000 shares. This buyback authorization allows the specialty chemicals company to reacquire shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which was paid on Saturday, September 30th. Investors of record on Saturday, September 16th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.43%. The ex-dividend date of this dividend was Thursday, September 14th. Methanex Corporation’s payout ratio is 47.81%.
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Methanex Corporation Profile
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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