Bank of New York Mellon Corp Sells 523,581 Shares of Methanex Corporation $MEOH

Bank of New York Mellon Corp trimmed its stake in shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 48.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 562,129 shares of the specialty chemicals company’s stock after selling 523,581 shares during the period. Bank of New York Mellon Corp’s holdings in Methanex were worth $33,469,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of MEOH. AMG National Trust Bank lifted its holdings in Methanex by 4.8% during the 1st quarter. AMG National Trust Bank now owns 8,127 shares of the specialty chemicals company’s stock worth $484,000 after buying an additional 374 shares in the last quarter. Fifth Third Bancorp increased its stake in shares of Methanex by 1,087.3% in the 1st quarter. Fifth Third Bancorp now owns 3,823 shares of the specialty chemicals company’s stock valued at $228,000 after buying an additional 3,501 shares during the period. Burney Co. increased its stake in shares of Methanex by 30.4% in the 1st quarter. Burney Co. now owns 24,370 shares of the specialty chemicals company’s stock valued at $1,451,000 after buying an additional 5,675 shares during the period. Pictet Asset Management Holding SA raised its position in shares of Methanex by 19.0% during the first quarter. Pictet Asset Management Holding SA now owns 11,038 shares of the specialty chemicals company’s stock worth $656,000 after acquiring an additional 1,760 shares during the last quarter. Finally, Union Bancaire Privee UBP SA bought a new stake in shares of Methanex during the first quarter worth $2,481,000. 73.49% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MEOH has been the topic of several research reports. Raymond James Financial upped their price target on Methanex from $52.00 to $65.00 and gave the company a “market perform” rating in a research note on Thursday, April 16th. National Bank Financial set a $70.00 price objective on Methanex and gave the stock an “outperform” rating in a report on Monday, July 13th. Wall Street Zen upgraded shares of Methanex from a “hold” rating to a “buy” rating in a research report on Monday, July 20th. JPMorgan Chase & Co. lowered shares of Methanex from an “overweight” rating to a “neutral” rating and raised their target price for the company from $56.00 to $65.00 in a research note on Friday, May 1st. Finally, Weiss Ratings cut shares of Methanex from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, May 4th. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $69.00.

Methanex Stock Performance

Shares of NASDAQ:MEOH opened at $55.86 on Monday. The company has a market capitalization of $4.32 billion, a price-to-earnings ratio of -114.00 and a beta of 0.60. The firm’s 50 day simple moving average is $54.71 and its 200 day simple moving average is $54.20. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.96 and a quick ratio of 1.26. Methanex Corporation has a fifty-two week low of $32.00 and a fifty-two week high of $66.75.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings data on Wednesday, April 29th. The specialty chemicals company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.08). The firm had revenue of $957.42 million for the quarter, compared to the consensus estimate of $964.76 million. Methanex had a positive return on equity of 2.96% and a negative net margin of 1.25%.The firm’s revenue was up 8.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.30 EPS. As a group, sell-side analysts forecast that Methanex Corporation will post 8.7 earnings per share for the current year.

Methanex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued a $0.185 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $0.74 annualized dividend and a yield of 1.3%. Methanex’s dividend payout ratio (DPR) is -151.02%.

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).