Mackenzie Financial Corp Sells 33,077 Shares of Methanex Corporation $MEOH

Mackenzie Financial Corp trimmed its holdings in shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 2.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,535,187 shares of the specialty chemicals company’s stock after selling 33,077 shares during the period. Mackenzie Financial Corp owned about 1.98% of Methanex worth $61,021,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Dixon Mitchell Investment Counsel Inc. increased its position in shares of Methanex by 66.4% in the second quarter. Dixon Mitchell Investment Counsel Inc. now owns 2,041,412 shares of the specialty chemicals company’s stock valued at $67,577,000 after acquiring an additional 814,877 shares during the last quarter. Encompass Capital Advisors LLC boosted its position in Methanex by 11.9% during the second quarter. Encompass Capital Advisors LLC now owns 1,118,102 shares of the specialty chemicals company’s stock valued at $37,009,000 after purchasing an additional 118,797 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Methanex by 0.6% in the third quarter. Dimensional Fund Advisors LP now owns 1,091,093 shares of the specialty chemicals company’s stock valued at $43,383,000 after purchasing an additional 7,031 shares in the last quarter. Alberta Investment Management Corp grew its stake in Methanex by 29.5% in the third quarter. Alberta Investment Management Corp now owns 992,000 shares of the specialty chemicals company’s stock valued at $39,442,000 after purchasing an additional 226,000 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Methanex during the 2nd quarter worth approximately $30,306,000. Institutional investors own 73.49% of the company’s stock.

Methanex Stock Up 8.6%

Shares of MEOH opened at $58.06 on Friday. Methanex Corporation has a 52 week low of $25.46 and a 52 week high of $59.09. The firm has a market cap of $4.49 billion, a P/E ratio of 51.38 and a beta of 0.65. The firm’s 50-day simple moving average is $48.56 and its 200 day simple moving average is $41.32. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.37 and a current ratio of 2.06.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings results on Thursday, March 5th. The specialty chemicals company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.95). Methanex had a net margin of 2.21% and a return on equity of 5.35%. The company had revenue of $968.81 million during the quarter, compared to the consensus estimate of $1.03 billion. During the same period in the prior year, the company earned $1.24 earnings per share. The firm’s revenue was up 2.1% compared to the same quarter last year. On average, analysts forecast that Methanex Corporation will post 4.32 earnings per share for the current year.

Methanex Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be issued a dividend of $0.185 per share. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.3%. Methanex’s dividend payout ratio (DPR) is currently 65.49%.

Analyst Upgrades and Downgrades

MEOH has been the topic of a number of analyst reports. UBS Group upped their price objective on Methanex from $53.00 to $60.00 and gave the stock a “buy” rating in a research note on Wednesday, March 4th. Royal Bank Of Canada boosted their target price on shares of Methanex from $50.00 to $55.00 and gave the stock an “outperform” rating in a report on Monday, February 2nd. Jefferies Financial Group upped their price target on shares of Methanex from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday. Raymond James Financial increased their price target on shares of Methanex from $45.00 to $50.00 and gave the company a “market perform” rating in a research note on Tuesday. Finally, Scotiabank reissued an “outperform” rating on shares of Methanex in a research report on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.90.

Methanex Profile

Methanex Corporation is a Vancouver, Canada–based company and one of the world’s largest producers and suppliers of methanol. The company manufactures methanol, a key feedstock for a wide range of chemical products and industrial applications. Methanex markets its product to customers in energy, plastics, paints and coatings, and various chemical sectors, positioning the company as a critical link in the global supply chain for basic chemicals.

The company’s core product, methanol, serves as a building block for downstream chemicals such as formaldehyde, acetic acid and methyl tertiary butyl ether (MTBE).