11,802,260 Shares of Methanex Corporation $MEOH Bought by M&G PLC

M&G PLC acquired a new position in shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 11,802,260 shares of the specialty chemicals company’s stock, valued at approximately $696,333,000. Methanex comprises approximately 3.5% of M&G PLC’s portfolio, making the stock its 4th biggest holding. M&G PLC owned approximately 0.15% of Methanex as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its holdings in Methanex by 4.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,127,046 shares of the specialty chemicals company’s stock valued at $67,116,000 after buying an additional 50,681 shares during the period. Bank of America Corp DE bought a new stake in Methanex during the second quarter valued at $56,683,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Methanex during the 2nd quarter worth about $53,605,000. Man Group plc acquired a new stake in Methanex during the 2nd quarter worth about $35,078,000. Finally, BlackRock Inc. acquired a new stake in Methanex during the 2nd quarter worth about $26,154,000. 73.49% of the stock is owned by institutional investors and hedge funds.

Methanex Trading Up 0.2%

MEOH opened at $66.49 on Tuesday. Methanex Corporation has a 1-year low of $34.01 and a 1-year high of $72.32. The company has a current ratio of 1.69, a quick ratio of 1.26 and a debt-to-equity ratio of 0.67. The company has a market cap of $5.14 billion, a P/E ratio of 14.65 and a beta of 0.72. The company has a fifty day moving average price of $62.22 and a two-hundred day moving average price of $56.90.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings data on Thursday, October 29th. The specialty chemicals company reported $3.69 earnings per share for the quarter, beating the consensus estimate of $2.90 by $0.79. The firm had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.30 billion. Methanex had a net margin of 7.62% and a return on equity of 20.89%. The business’s quarterly revenue was up 49.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.06 earnings per share. Analysts predict that Methanex Corporation will post 9.82 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently weighed in on MEOH. JPMorgan Chase & Co. lifted their price objective on Methanex from $55.00 to $63.00 and gave the stock a “neutral” rating in a research report on Monday, November 2nd. National Bank Financial upped their target price on Methanex from $70.00 to $79.00 and gave the company an “outperform” rating in a research report on Friday, October 16th. Weiss Ratings upgraded Methanex from a “hold (c)” rating to a “buy (b)” rating in a research report on Monday, November 2nd. UBS Group raised their target price on Methanex from $71.00 to $74.00 and gave the stock a “buy” rating in a research note on Monday, October 5th. Finally, Royal Bank Of Canada lifted their target price on Methanex from $65.00 to $75.00 and gave the stock an “outperform” rating in a report on Monday, November 2nd. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Methanex presently has an average rating of “Moderate Buy” and a consensus target price of $73.78.

Methanex Profile

Methanex Corporation is a global producer and supplier of methanol, a chemical used as a feedstock in products such as plastics, paints, adhesives and building materials. Methanol is also used in fuel applications and as an ingredient in other chemicals.

The company operates methanol production facilities and manages a global supply and distribution network that serves customers across multiple regions. Its logistics activities include shipping and terminal operations, helping deliver methanol from production sites to markets worldwide.

Headquartered in Vancouver, British Columbia, Methanex traces its roots to the Canadian methanol industry and has developed an international operating footprint.