42,499 Shares in Methanex Corporation $MEOH Acquired by Cibc World Market Inc.

Cibc World Market Inc. bought a new position in shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 42,499 shares of the specialty chemicals company’s stock, valued at approximately $1,961,000.

Other institutional investors have also recently bought and sold shares of the company. Public Employees Retirement System of Ohio increased its position in shares of Methanex by 0.3% during the first quarter. Public Employees Retirement System of Ohio now owns 82,381 shares of the specialty chemicals company’s stock worth $4,892,000 after acquiring an additional 225 shares in the last quarter. AMG National Trust Bank lifted its position in Methanex by 4.8% in the 1st quarter. AMG National Trust Bank now owns 8,127 shares of the specialty chemicals company’s stock valued at $484,000 after acquiring an additional 374 shares in the last quarter. NewEdge Advisors LLC lifted its position in Methanex by 33.3% in the 3rd quarter. NewEdge Advisors LLC now owns 2,000 shares of the specialty chemicals company’s stock valued at $80,000 after acquiring an additional 500 shares in the last quarter. Parkside Financial Bank & Trust boosted its stake in Methanex by 61.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 2,143 shares of the specialty chemicals company’s stock worth $85,000 after purchasing an additional 812 shares during the period. Finally, Franklin Resources Inc. boosted its stake in Methanex by 8.2% in the 4th quarter. Franklin Resources Inc. now owns 10,706 shares of the specialty chemicals company’s stock worth $425,000 after purchasing an additional 813 shares during the period. Institutional investors own 73.49% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on MEOH. Canadian Imperial Bank of Commerce raised Methanex from a “neutral” rating to a “sector outperform” rating and lifted their price target for the company from $69.00 to $71.00 in a research note on Monday, July 20th. Zacks Research downgraded Methanex from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 22nd. Weiss Ratings raised shares of Methanex from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, July 29th. National Bank Financial set a $70.00 price target on Methanex and gave the company an “outperform” rating in a research note on Monday, July 13th. Finally, Royal Bank Of Canada lowered their price objective on shares of Methanex from $70.00 to $65.00 and set a “sector perform” rating on the stock in a research note on Wednesday, July 1st. Six investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $68.56.

Methanex Trading Down 0.3%

Shares of MEOH stock opened at $56.93 on Thursday. The company has a current ratio of 2.07, a quick ratio of 1.35 and a debt-to-equity ratio of 0.83. The stock has a market cap of $4.40 billion, a P/E ratio of 55.27 and a beta of 0.58. The stock has a 50 day simple moving average of $52.91 and a 200 day simple moving average of $55.55. Methanex Corporation has a 1 year low of $32.00 and a 1 year high of $66.75.

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

Methanex Dividend Announcement

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

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).