Wellington Management Group LLP Decreases Stake in Methanex Corporation $MEOH

Wellington Management Group LLP reduced its stake in shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 11.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,968,620 shares of the specialty chemicals company’s stock after selling 535,238 shares during the period. Wellington Management Group LLP owned approximately 0.05% of Methanex worth $183,190,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Bank of America Corp DE acquired a new position in shares of Methanex in the second quarter valued at about $56,683,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Methanex during the second quarter worth about $53,605,000. Norges Bank purchased a new stake in Methanex in the fourth quarter valued at approximately $34,872,000. Boston Partners boosted its position in Methanex by 686.0% in the third quarter. Boston Partners now owns 963,408 shares of the specialty chemicals company’s stock valued at $38,277,000 after buying an additional 840,831 shares during the last quarter. Finally, Man Group plc acquired a new position in Methanex in the 2nd quarter worth approximately $35,078,000. 73.49% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Weiss Ratings raised Methanex from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, July 29th. Royal Bank Of Canada lowered their target price on Methanex from $70.00 to $65.00 and set a “sector perform” rating on the stock in a research note on Wednesday, July 1st. National Bank Financial set a $70.00 target price on Methanex and gave the stock an “outperform” rating in a report on Monday, July 13th. Wall Street Zen cut Methanex from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 15th. Finally, Zacks Research lowered Methanex from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 22nd. Six analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $68.56.

Methanex Stock Performance

NASDAQ MEOH opened at $58.95 on Tuesday. The stock’s fifty day moving average is $53.23 and its two-hundred day moving average is $55.77. Methanex Corporation has a fifty-two week low of $32.00 and a fifty-two week high of $66.75. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.35 and a current ratio of 2.07. The firm has a market capitalization of $4.56 billion, a P/E ratio of 57.23 and a beta of 0.58.

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

Methanex Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a dividend of $0.185 per share. 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 dividend payout ratio (DPR) is 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).