Methanex (NASDAQ:MEOH) Reaches New 52-Week Low at $37.30

Methanex Co. (NASDAQ:MEOH) (TSE:MX) hit a new 52-week low on Monday . The stock traded as low as $37.30 and last traded at $39.57, with a volume of 150540 shares traded. The stock had previously closed at $42.45.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on MEOH. Scotiabank raised their target price on Methanex from $58.00 to $60.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 10th. UBS Group cut their price objective on shares of Methanex from $62.00 to $58.00 and set a “buy” rating on the stock in a research report on Wednesday, August 21st. Jefferies Financial Group upped their target price on shares of Methanex from $56.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, June 10th. Piper Sandler lifted their price target on Methanex from $51.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 price objective on shares of Methanex in a report on Tuesday, September 3rd. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Methanex presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.88.

Methanex Stock Performance

The company has a fifty day moving average of $46.17 and a 200 day moving average of $47.45. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.25 and a quick ratio of 0.87. The stock has a market cap of $2.48 billion, a P/E ratio of 15.60 and a beta of 1.36.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings data on Tuesday, July 30th. The specialty chemicals company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.10. The business had revenue of $920.00 million during the quarter, compared to analyst estimates of $954.26 million. Methanex had a return on equity of 5.44% and a net margin of 4.05%. The company’s revenue was down 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.60 earnings per share. On average, equities analysts predict that Methanex Co. will post 2.49 earnings per share for the current fiscal year.

Methanex Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be paid a $0.185 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.74 annualized dividend and a dividend yield of 2.01%. Methanex’s dividend payout ratio is currently 31.36%.

Institutional Trading of Methanex

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. M&G Plc acquired a new position in Methanex in the first quarter worth approximately $589,459,000. FIL Ltd grew its holdings in shares of Methanex by 4.9% in the 4th quarter. FIL Ltd now owns 7,396,173 shares of the specialty chemicals company’s stock worth $349,868,000 after acquiring an additional 346,475 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Methanex by 15.2% during the fourth quarter. Wellington Management Group LLP now owns 4,557,093 shares of the specialty chemicals company’s stock worth $216,043,000 after purchasing an additional 599,778 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Methanex by 1.8% during the first quarter. Vanguard Group Inc. now owns 2,487,117 shares of the specialty chemicals company’s stock valued at $111,000,000 after purchasing an additional 43,178 shares during the last quarter. Finally, Bank of Montreal Can boosted its position in shares of Methanex by 16.3% in the 2nd quarter. Bank of Montreal Can now owns 1,136,436 shares of the specialty chemicals company’s stock valued at $55,406,000 after purchasing an additional 159,542 shares during the period. 73.49% of the stock is currently owned by institutional investors.

Methanex Company Profile

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.