Methanex Co. (NASDAQ:MEOH) Shares Sold by Scheer Rowlett & Associates Investment Management Ltd.

Scheer Rowlett & Associates Investment Management Ltd. trimmed its stake in shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 0.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 433,122 shares of the specialty chemicals company’s stock after selling 3,650 shares during the quarter. Methanex accounts for 1.2% of Scheer Rowlett & Associates Investment Management Ltd.’s holdings, making the stock its 24th largest holding. Scheer Rowlett & Associates Investment Management Ltd.’s holdings in Methanex were worth $17,893,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. BNP Paribas Financial Markets acquired a new position in shares of Methanex during the 1st quarter worth about $494,000. Russell Investments Group Ltd. boosted its position in shares of Methanex by 5.3% during the 1st quarter. Russell Investments Group Ltd. now owns 108,995 shares of the specialty chemicals company’s stock worth $4,863,000 after acquiring an additional 5,438 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Methanex by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 2,487,117 shares of the specialty chemicals company’s stock worth $111,000,000 after acquiring an additional 43,178 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its position in shares of Methanex by 0.6% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 39,649 shares of the specialty chemicals company’s stock worth $1,769,000 after acquiring an additional 229 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co boosted its position in shares of Methanex by 3.0% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 13,978 shares of the specialty chemicals company’s stock valued at $622,000 after purchasing an additional 411 shares during the period. 73.49% of the stock is owned by institutional investors and hedge funds.

Methanex Price Performance

NASDAQ:MEOH traded down $0.34 during midday trading on Wednesday, hitting $44.13. 35,215 shares of the stock were exchanged, compared to its average volume of 300,693. The company has a market capitalization of $2.97 billion, a price-to-earnings ratio of 20.78 and a beta of 1.36. Methanex Co. has a one year low of $36.13 and a one year high of $56.43. The business has a 50-day moving average price of $41.02 and a two-hundred day moving average price of $45.70. The company has a current ratio of 1.34, a quick ratio of 1.01 and a debt-to-equity ratio of 0.79.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on MEOH shares. Piper Sandler upped their target price on Methanex from $68.00 to $71.00 and gave the company an “overweight” rating in a research report on Tuesday. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price objective on shares of Methanex in a research note on Tuesday, September 3rd. UBS Group cut their target price on Methanex from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. StockNews.com raised Methanex from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. Finally, Barclays increased their target price on Methanex from $44.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $55.88.

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.