Cibc World Market Inc. Decreases Stock Holdings in Methanex Corporation $MEOH

Cibc World Market Inc. lowered its position in shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 58.0% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 25,439 shares of the specialty chemicals company’s stock after selling 35,138 shares during the period. Cibc World Market Inc.’s holdings in Methanex were worth $1,011,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Dixon Mitchell Investment Counsel Inc. raised its stake in shares of Methanex by 66.4% during the second quarter. Dixon Mitchell Investment Counsel Inc. now owns 2,041,412 shares of the specialty chemicals company’s stock valued at $67,577,000 after acquiring an additional 814,877 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Methanex by 35.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,728,377 shares of the specialty chemicals company’s stock valued at $57,209,000 after purchasing an additional 451,728 shares during the period. Mackenzie Financial Corp raised its position in Methanex by 28.1% during the 2nd quarter. Mackenzie Financial Corp now owns 1,568,264 shares of the specialty chemicals company’s stock valued at $51,960,000 after purchasing an additional 343,876 shares during the last quarter. Encompass Capital Advisors LLC lifted its holdings in Methanex by 11.9% in the 2nd quarter. Encompass Capital Advisors LLC now owns 1,118,102 shares of the specialty chemicals company’s stock worth $37,009,000 after buying an additional 118,797 shares during the period. Finally, Norges Bank purchased a new stake in Methanex in the 2nd quarter worth approximately $30,306,000. Institutional investors own 73.49% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. upgraded Methanex from a “neutral” rating to an “overweight” rating and upped their target price for the company from $33.00 to $38.00 in a report on Friday, October 31st. Royal Bank Of Canada boosted their price objective on shares of Methanex from $50.00 to $55.00 and gave the company an “outperform” rating in a research report on Monday, February 2nd. Zacks Research raised shares of Methanex from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 27th. UBS Group lifted their target price on shares of Methanex from $48.00 to $53.00 and gave the company a “buy” rating in a research note on Monday, January 12th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Methanex in a research note on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $48.00.

Methanex Price Performance

Shares of NASDAQ MEOH opened at $47.81 on Wednesday. The company has a 50 day simple moving average of $44.60 and a two-hundred day simple moving average of $39.32. Methanex Corporation has a fifty-two week low of $25.46 and a fifty-two week high of $51.94. The company has a market capitalization of $3.70 billion, a price-to-earnings ratio of 16.21 and a beta of 0.68. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.33 and a current ratio of 2.09.

Methanex Dividend Announcement

The company also recently disclosed 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 1.5%. The ex-dividend date of this dividend is Tuesday, March 17th. Methanex’s dividend payout ratio is 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).