Alberta Investment Management Corp Buys 226,000 Shares of Methanex Corporation $MEOH

Alberta Investment Management Corp lifted its stake in Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 29.5% during the third quarter, Holdings Channel.com reports. The fund owned 992,000 shares of the specialty chemicals company’s stock after buying an additional 226,000 shares during the period. Methanex accounts for approximately 0.4% of Alberta Investment Management Corp’s holdings, making the stock its 28th largest holding. Alberta Investment Management Corp’s holdings in Methanex were worth $39,442,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. Norges Bank acquired a new position in shares of Methanex during the 2nd quarter worth approximately $30,306,000. Dixon Mitchell Investment Counsel Inc. raised its stake in shares of Methanex by 66.4% during the 2nd quarter. Dixon Mitchell Investment Counsel Inc. now owns 2,041,412 shares of the specialty chemicals company’s stock worth $67,577,000 after purchasing an additional 814,877 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings 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 buying an additional 451,728 shares during the last quarter. Mackenzie Financial Corp grew its stake in shares of Methanex by 28.1% in the second quarter. Mackenzie Financial Corp now owns 1,568,264 shares of the specialty chemicals company’s stock valued at $51,960,000 after buying an additional 343,876 shares in the last quarter. Finally, Scheer Rowlett & Associates Investment Management Ltd. grew its stake in shares of Methanex by 75.4% in the second quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 794,279 shares of the specialty chemicals company’s stock valued at $26,352,000 after buying an additional 341,336 shares in the last quarter. 73.49% of the stock is owned by institutional investors and hedge funds.

Methanex Stock Performance

NASDAQ:MEOH opened at $48.98 on Thursday. The stock has a 50 day simple moving average of $44.79 and a 200 day simple moving average of $39.39. The stock has a market cap of $3.79 billion, a P/E ratio of 16.60 and a beta of 0.68. Methanex Corporation has a 1-year low of $25.46 and a 1-year high of $51.94. 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 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be issued a dividend of $0.185 per share. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.5%. Methanex’s dividend payout ratio (DPR) is currently 25.08%.

Analyst Upgrades and Downgrades

A number of analysts have commented on MEOH shares. UBS Group increased their price target 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. JPMorgan Chase & Co. raised shares of 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. Raymond James Financial cut Methanex from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 14th. Royal Bank Of Canada boosted their price target on Methanex from $50.00 to $55.00 and gave the stock an “outperform” rating in a research report on Monday, February 2nd. Finally, Canadian Imperial Bank of Commerce cut Methanex from an “outperform” rating to a “neutral” rating and raised their price objective for the company from $46.00 to $52.00 in a research report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $48.00.

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).