Clearbridge Investments LLC lessened its holdings in shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 5.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 753,701 shares of the specialty chemicals company’s stock after selling 45,164 shares during the quarter. Clearbridge Investments LLC owned 0.90% of Methanex worth $45,637,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of MEOH. Timber Hill LLC acquired a new stake in Methanex during the 3rd quarter worth $410,000. Dynamic Technology Lab Private Ltd raised its stake in Methanex by 92.4% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 37,108 shares of the specialty chemicals company’s stock worth $1,866,000 after buying an additional 17,820 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Methanex by 37.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 62,546 shares of the specialty chemicals company’s stock worth $3,136,000 after buying an additional 17,000 shares during the period. TD Asset Management Inc. raised its stake in Methanex by 2.4% during the 3rd quarter. TD Asset Management Inc. now owns 612,576 shares of the specialty chemicals company’s stock worth $30,711,000 after buying an additional 14,592 shares during the period. Finally, ETRADE Capital Management LLC acquired a new stake in Methanex during the 3rd quarter worth $241,000. 80.18% of the stock is currently owned by institutional investors and hedge funds.
Shares of Methanex Co. (NASDAQ MEOH) opened at $55.75 on Wednesday. Methanex Co. has a 12 month low of $39.47 and a 12 month high of $64.60. The stock has a market capitalization of $4,687.66, a PE ratio of 11.88, a price-to-earnings-growth ratio of 0.61 and a beta of 1.79. The company has a quick ratio of 1.25, a current ratio of 1.66 and a debt-to-equity ratio of 0.83.
The business also recently announced a quarterly dividend, which will be paid on Saturday, March 31st. Investors of record on Saturday, March 17th will be given a $0.33 dividend. The ex-dividend date of this dividend is Thursday, March 15th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.37%. This is an increase from Methanex’s previous quarterly dividend of $0.30. Methanex’s payout ratio is currently 33.90%.
Methanex announced that its board has initiated a share repurchase plan on Monday, March 5th that authorizes the company to repurchase 6,590,000 outstanding shares. This repurchase authorization authorizes the specialty chemicals company to buy shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
Several analysts recently commented on MEOH shares. BMO Capital Markets reaffirmed a “buy” rating and set a $57.00 price objective on shares of Methanex in a research note on Friday, November 24th. Scotiabank raised their price objective on Methanex from $53.50 to $74.00 and gave the stock a “sector perform” rating in a research note on Thursday, November 30th. ValuEngine downgraded Methanex from a “strong-buy” rating to a “buy” rating in a research note on Thursday, November 30th. Cowen reaffirmed an “outperform” rating and set a $65.00 price objective (up previously from $58.00) on shares of Methanex in a research note on Thursday, December 14th. Finally, BidaskClub raised Methanex from a “hold” rating to a “buy” rating in a research note on Friday, December 15th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $59.00.
Methanex Corp is a Canada-based producer and supplier of methanol to a range of international markets. The Company operates production sites in Canada, Chile, Egypt, New Zealand, the United States, as well as Trinidad and Tobago. Its global operations are supported by a global supply chain of terminals, storage facilities and a fleet of methanol ocean tankers.
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