Investors Sell Shares of Methanex Corporation (MEOH) on Strength (MEOH)
Investors sold shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) on strength during trading on Tuesday. $5.28 million flowed into the stock on the tick-up and $65.36 million flowed out of the stock on the tick-down, for a money net flow of $60.08 million out of the stock. Of all companies tracked, Methanex Corporation had the 0th highest net out-flow for the day. Methanex Corporation traded up $0.10 for the day and closed at $49.30
Several analysts have commented on the company. Jefferies Group LLC lifted their price target on Methanex Corporation to $60.00 and gave the company a “buy” rating in a report on Tuesday, September 12th. Scotiabank restated a “sector perform” rating and issued a $67.00 price target on shares of Methanex Corporation in a report on Wednesday, October 4th. Cowen and Company restated a “buy” rating and issued a $55.00 price target on shares of Methanex Corporation in a report on Friday, September 1st. Zacks Investment Research upgraded Methanex Corporation from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 26th. Finally, Royal Bank Of Canada restated a “hold” rating on shares of Methanex Corporation in a report on Wednesday, September 27th. Three equities research analysts have rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $56.47.
The stock has a market capitalization of $4.33 billion, a price-to-earnings ratio of 19.57 and a beta of 1.76. The stock has a 50 day moving average price of $50.35 and a 200 day moving average price of $45.72.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.85 earnings per share for the quarter, missing the Zacks’ 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 firm had revenue of $669.00 million for the quarter, compared to analysts’ expectations of $772.41 million. During the same period last year, the business earned ($0.34) earnings per share. The firm’s revenue for the quarter was up 42.9% on a year-over-year basis. On average, equities analysts expect that Methanex Corporation will post $3.99 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Saturday, September 30th. Stockholders of record on Saturday, September 16th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend was Thursday, September 14th. Methanex Corporation’s dividend payout ratio (DPR) is presently 47.81%.
Methanex Corporation announced that its board has authorized a share buyback program on Wednesday, July 26th that permits the company to buyback 1,660,000 shares. This buyback authorization permits the specialty chemicals company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
Several institutional investors and hedge funds have recently bought and sold shares of MEOH. Quantbot Technologies LP raised its stake in shares of 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 acquired a new position in shares of Methanex Corporation during the 1st quarter valued at about $117,000. Turner Investments LLC acquired a new position in shares of Methanex Corporation during the 2nd quarter valued at about $221,000. Korea Investment CORP increased its holdings in shares of Methanex Corporation by 1.8% during the 2nd 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 during the last quarter. Finally, Comerica Bank increased its holdings in shares of Methanex Corporation by 3.1% during the 1st quarter. Comerica Bank now owns 5,892 shares of the specialty chemicals company’s stock valued at $264,000 after acquiring an additional 178 shares during the last quarter. 81.91% of the stock is owned by institutional investors.
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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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