Becker Capital Management Inc. Sells 35,190 Shares of Methanex Corporation $MEOH

Becker Capital Management Inc. cut its holdings in Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 6.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 528,419 shares of the specialty chemicals company’s stock after selling 35,190 shares during the period. Becker Capital Management Inc.’s holdings in Methanex were worth $21,013,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in MEOH. Dixon Mitchell Investment Counsel Inc. lifted its holdings in shares of Methanex by 66.4% in the 2nd 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 lifted its stake in shares of Methanex by 35.4% in 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 last quarter. Mackenzie Financial Corp lifted its stake in shares of Methanex by 28.1% in 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 boosted its holdings in shares of 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 purchasing an additional 118,797 shares during the period. Finally, Alberta Investment Management Corp increased its position in shares of Methanex by 29.5% during the 3rd quarter. Alberta Investment Management Corp now owns 992,000 shares of the specialty chemicals company’s stock valued at $39,442,000 after purchasing an additional 226,000 shares during the last quarter. 73.49% of the stock is currently owned by hedge funds and other institutional investors.

Methanex Trading Up 4.0%

NASDAQ MEOH opened at $52.54 on Tuesday. The stock has a market cap of $4.06 billion, a PE ratio of 17.81 and a beta of 0.65. Methanex Corporation has a 12 month low of $25.46 and a 12 month high of $54.35. The company’s 50-day moving average price is $46.44 and its 200-day moving average price is $40.35. The company has a current ratio of 2.09, a quick ratio of 1.33 and a debt-to-equity ratio of 0.97.

Methanex Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be paid a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Tuesday, March 17th. Methanex’s payout ratio is currently 25.08%.

Analyst Ratings Changes

MEOH has been the subject of several recent analyst reports. Royal Bank Of Canada lifted their price objective on shares of Methanex from $50.00 to $55.00 and gave the stock an “outperform” rating in a research note on Monday, February 2nd. Scotiabank restated an “outperform” rating on shares of Methanex in a report on Wednesday, January 21st. Canadian Imperial Bank of Commerce cut shares of Methanex from an “outperform” rating to a “neutral” rating and lifted their price target for the stock from $46.00 to $52.00 in a research note on Friday, February 6th. Zacks Research upgraded shares of Methanex from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 27th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Methanex in a research note on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Methanex currently has an average rating of “Moderate Buy” and a consensus price target of $48.00.

About Methanex

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).