Addenda Capital Inc. Reduces Stock Position in Methanex Co. (NASDAQ:MEOH)

Addenda Capital Inc. cut its holdings in shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 0.3% during the 1st quarter, Holdings Channel.com reports. The firm owned 160,213 shares of the specialty chemicals company’s stock after selling 447 shares during the quarter. Addenda Capital Inc.’s holdings in Methanex were worth $7,150,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Westbourne Investment Advisors Inc. increased its holdings in Methanex by 0.4% during the 4th quarter. Westbourne Investment Advisors Inc. now owns 104,216 shares of the specialty chemicals company’s stock worth $4,936,000 after purchasing an additional 465 shares during the last quarter. Toronto Dominion Bank increased its holdings in shares of Methanex by 0.8% in the 3rd quarter. Toronto Dominion Bank now owns 60,504 shares of the specialty chemicals company’s stock valued at $2,726,000 after acquiring an additional 487 shares during the last quarter. Cerity Partners LLC increased its holdings in shares of Methanex by 3.6% in the 4th quarter. Cerity Partners LLC now owns 14,071 shares of the specialty chemicals company’s stock valued at $666,000 after acquiring an additional 492 shares during the last quarter. Citigroup Inc. increased its holdings in shares of Methanex by 40.2% in the 3rd quarter. Citigroup Inc. now owns 4,042 shares of the specialty chemicals company’s stock valued at $183,000 after acquiring an additional 1,158 shares during the last quarter. Finally, CIBC Asset Management Inc increased its holdings in shares of Methanex by 2.9% in the 4th quarter. CIBC Asset Management Inc now owns 66,028 shares of the specialty chemicals company’s stock valued at $3,133,000 after acquiring an additional 1,850 shares during the last quarter. 73.49% of the stock is currently owned by hedge funds and other institutional investors.

Methanex Stock Performance

MEOH stock traded up $0.04 during trading on Friday, reaching $48.26. 248,278 shares of the company’s stock were exchanged, compared to its average volume of 280,717. The company has a quick ratio of 0.85, a current ratio of 1.17 and a debt-to-equity ratio of 0.82. Methanex Co. has a 1-year low of $38.31 and a 1-year high of $56.43. The company’s fifty day moving average price is $50.33 and its 200-day moving average price is $47.26. The firm has a market cap of $3.25 billion, a PE ratio of 20.45 and a beta of 1.42.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings results on Wednesday, April 24th. The specialty chemicals company reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.35. The company had revenue of $916.00 million during the quarter, compared to analyst estimates of $908.50 million. Methanex had a return on equity of 5.38% and a net margin of 4.63%. On average, research analysts expect that Methanex Co. will post 2.22 EPS for the current fiscal year.

Methanex Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a $0.185 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.74 annualized dividend and a dividend yield of 1.53%. Methanex’s dividend payout ratio (DPR) is 31.36%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on MEOH. UBS Group boosted their price target on Methanex from $59.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Scotiabank boosted their price target on Methanex from $54.00 to $58.00 and gave the company a “sector outperform” rating in a report on Monday, April 29th. Jefferies Financial Group boosted their price target on Methanex from $56.00 to $60.00 and gave the company a “buy” rating in a report on Monday, June 10th. Piper Sandler restated a “neutral” rating and set a $50.00 price objective on shares of Methanex in a research report on Thursday, March 7th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $55.00 price objective on shares of Methanex in a research report on Friday. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $56.38.

About Methanex

Methanex Corporation produces and supplies methanol in China, Europe, the United States, South America, South Korea, Canada, and Asia. The company also purchases methanol produced by others under methanol offtake contracts and on the spot market. In addition, it owns and leases storage and terminal facilities.