Connor Clark & Lunn Investment Management Ltd. Invests $53.60 Million in Methanex Corporation $MEOH

Connor Clark & Lunn Investment Management Ltd. bought a new position in Methanex Corporation (NASDAQ:MEOH) (TSE:MX) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 1,161,686 shares of the specialty chemicals company’s stock, valued at approximately $53,605,000. Connor Clark & Lunn Investment Management Ltd. owned 1.50% of Methanex as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of MEOH. Wellington Management Group LLP increased its position in Methanex by 629.5% in the fourth quarter. Wellington Management Group LLP now owns 2,316,270 shares of the specialty chemicals company’s stock worth $92,000,000 after buying an additional 1,998,763 shares in the last quarter. Norges Bank bought a new position in shares of Methanex during the 4th quarter valued at approximately $34,872,000. Boston Partners grew its stake in shares of Methanex by 686.0% during the 3rd quarter. Boston Partners now owns 963,408 shares of the specialty chemicals company’s stock valued at $38,277,000 after acquiring an additional 840,831 shares during the period. Millennium Management LLC increased its holdings in Methanex by 116.8% in the 3rd quarter. Millennium Management LLC now owns 1,157,233 shares of the specialty chemicals company’s stock worth $46,011,000 after acquiring an additional 623,502 shares in the last quarter. Finally, BlackRock Inc. purchased a new stake in Methanex in the 2nd quarter worth approximately $26,154,000. 73.49% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MEOH. Wall Street Zen lowered shares of Methanex from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 15th. National Bank Financial set a $70.00 target price on shares of Methanex and gave the company an “outperform” rating in a research note on Monday, July 13th. Weiss Ratings upgraded shares of Methanex from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, July 29th. Scotiabank increased their price target on Methanex from $70.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 5th. Finally, Zacks Research lowered Methanex from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 22nd. Six investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $68.56.

Methanex Trading Down 1.7%

MEOH stock opened at $59.07 on Tuesday. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.07 and a quick ratio of 1.35. Methanex Corporation has a 1-year low of $32.00 and a 1-year high of $66.75. The business has a 50 day simple moving average of $52.85 and a two-hundred day simple moving average of $55.44. The company has a market capitalization of $4.57 billion, a price-to-earnings ratio of 57.35 and a beta of 0.58.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings data on Tuesday, July 28th. The specialty chemicals company reported $3.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.00 by ($0.13). Methanex had a net margin of 2.07% and a return on equity of 11.35%. The company had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter in the previous year, the business earned $0.97 EPS. The company’s quarterly revenue was up 75.0% on a year-over-year basis. Research analysts anticipate that Methanex Corporation will post 8.6 EPS for the current fiscal year.

Methanex Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Wednesday, September 16th. Methanex’s payout ratio is currently 71.84%.

Methanex Company 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).