Methanex Corporation $MEOH Shares Bought by New York State Common Retirement Fund

New York State Common Retirement Fund lifted its stake in shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 102.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 53,017 shares of the specialty chemicals company’s stock after acquiring an additional 26,854 shares during the quarter. New York State Common Retirement Fund’s holdings in Methanex were worth $2,108,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Value Partners Investments Inc. boosted its stake in Methanex by 3.0% during the 3rd quarter. Value Partners Investments Inc. now owns 19,842 shares of the specialty chemicals company’s stock valued at $789,000 after purchasing an additional 570 shares in the last quarter. Amundi boosted its stake in Methanex by 3.9% during the first quarter. Amundi now owns 22,791 shares of the specialty chemicals company’s stock valued at $800,000 after buying an additional 848 shares in the last quarter. SBI Securities Co. Ltd. grew its holdings in Methanex by 21.9% during the second quarter. SBI Securities Co. Ltd. now owns 5,107 shares of the specialty chemicals company’s stock worth $169,000 after acquiring an additional 917 shares during the period. CWM LLC acquired a new position in Methanex during the second quarter worth about $33,000. Finally, Parkside Financial Bank & Trust raised its position in Methanex by 1,244.4% in the third quarter. Parkside Financial Bank & Trust now owns 1,331 shares of the specialty chemicals company’s stock worth $53,000 after acquiring an additional 1,232 shares in the last quarter. 73.49% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MEOH has been the topic of several recent research reports. Zacks Research raised shares of Methanex from a “strong sell” rating to a “hold” rating in a research note on Tuesday, January 27th. Scotiabank restated an “outperform” rating on shares of Methanex in a research report on Wednesday, January 21st. CIBC World Markets downgraded Methanex from an “outperform” rating to a “neutral” rating and increased their price objective for the company from $46.00 to $52.00 in a research report on Saturday. Raymond James Financial cut Methanex from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 14th. Finally, Canadian Imperial Bank of Commerce downgraded Methanex from an “outperform” rating to a “neutral” rating and upped their target price for the company from $46.00 to $52.00 in a report on Friday. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $48.25.

Methanex Price Performance

Shares of NASDAQ:MEOH opened at $47.23 on Monday. The company’s fifty day moving average is $43.08 and its two-hundred day moving average is $38.59. The company has a market cap of $3.65 billion, a P/E ratio of 16.01 and a beta of 0.68. Methanex Corporation has a 12-month low of $25.46 and a 12-month high of $51.94. The company has a quick ratio of 1.33, a current ratio of 2.09 and a debt-to-equity ratio of 0.97.

Methanex Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be given a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Tuesday, March 17th. Methanex’s payout ratio is presently 25.08%.

Methanex 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).