Methanex (NASDAQ:MEOH) Hits New 52-Week High – Here’s What Happened

Methanex Corporation (NASDAQ:MEOH) (TSE:MX) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $54.35 and last traded at $52.7170, with a volume of 254416 shares changing hands. The stock had previously closed at $50.53.

Wall Street Analysts Forecast Growth

MEOH has been the subject of a number of research reports. Zacks Research upgraded Methanex from a “strong sell” rating to a “hold” rating in a research report on Tuesday, January 27th. Scotiabank reaffirmed an “outperform” rating on shares of Methanex in a research note on Wednesday, January 21st. Royal Bank Of Canada boosted their price target 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. Raymond James Financial cut shares of Methanex from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 14th. Finally, Canadian Imperial Bank of Commerce lowered shares of Methanex from an “outperform” rating to a “neutral” rating and lifted their target price for the stock from $46.00 to $52.00 in a report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $48.00.

Methanex Stock Performance

The company has a quick ratio of 1.33, a current ratio of 2.09 and a debt-to-equity ratio of 0.97. The stock has a market cap of $3.96 billion, a price-to-earnings ratio of 17.35 and a beta of 0.65. The stock’s fifty day moving average is $46.66 and its 200-day moving average is $40.47.

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 $0.185 dividend. The ex-dividend date is Tuesday, March 17th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.4%. Methanex’s dividend payout ratio is currently 25.08%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wellington Management Group LLP raised its position in shares of Methanex by 629.5% during the fourth quarter. Wellington Management Group LLP now owns 2,316,270 shares of the specialty chemicals company’s stock worth $92,000,000 after purchasing an additional 1,998,763 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake in Methanex by 249.8% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,432,483 shares of the specialty chemicals company’s stock worth $56,939,000 after purchasing an additional 1,022,987 shares in the last quarter. Norges Bank acquired a new stake in Methanex during the 2nd quarter worth approximately $30,306,000. Boston Partners lifted its stake in Methanex by 686.0% in the third quarter. Boston Partners now owns 963,408 shares of the specialty chemicals company’s stock valued at $38,277,000 after buying an additional 840,831 shares in the last quarter. Finally, Dixon Mitchell Investment Counsel Inc. lifted its stake in Methanex by 66.4% in 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 buying an additional 814,877 shares in the last quarter. 73.49% of the stock is owned by institutional investors and hedge funds.

Methanex Company 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).