Methanex Corporation $MEOH Shares Purchased by JPMorgan Chase & Co.

JPMorgan Chase & Co. boosted its holdings in Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 546.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 269,374 shares of the specialty chemicals company’s stock after buying an additional 227,723 shares during the period. JPMorgan Chase & Co.’s holdings in Methanex were worth $10,710,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. NewEdge Advisors LLC lifted its holdings in shares of Methanex by 33.3% during the 3rd quarter. NewEdge Advisors LLC now owns 2,000 shares of the specialty chemicals company’s stock worth $80,000 after acquiring an additional 500 shares during the period. Voleon Capital Management LP acquired a new stake in shares of Methanex in the third quarter worth approximately $2,311,000. Susquehanna Advisors Group Inc. purchased a new stake in Methanex in the third quarter valued at approximately $350,000. Qube Research & Technologies Ltd increased its position in Methanex by 19.4% during the third quarter. Qube Research & Technologies Ltd now owns 56,443 shares of the specialty chemicals company’s stock worth $2,244,000 after purchasing an additional 9,159 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased its position in Methanex by 18.7% during the third quarter. Public Employees Retirement System of Ohio now owns 77,273 shares of the specialty chemicals company’s stock worth $3,073,000 after purchasing an additional 12,192 shares during the last quarter. Hedge funds and other institutional investors own 73.49% of the company’s stock.

Analysts Set New Price Targets

MEOH has been the topic of a number of research analyst reports. Royal Bank Of Canada lifted their price target on shares of Methanex from $50.00 to $55.00 and gave the company an “outperform” rating in a report 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 increased their target price on Methanex from $52.00 to $59.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 17th. Raymond James Financial lifted their target price on Methanex from $45.00 to $50.00 and gave the company a “market perform” rating in a report on Tuesday, March 10th. Finally, BMO Capital Markets boosted their price target on Methanex from $65.00 to $70.00 and gave the company an “outperform” rating in a research report on Wednesday, March 18th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $52.36.

Methanex Trading Up 9.7%

Shares of MEOH stock opened at $65.22 on Friday. The company has a quick ratio of 1.37, a current ratio of 2.06 and a debt-to-equity ratio of 0.99. Methanex Corporation has a fifty-two week low of $25.46 and a fifty-two week high of $65.47. The firm’s 50 day moving average price is $50.88 and its two-hundred day moving average price is $42.85. The stock has a market cap of $5.04 billion, a price-to-earnings ratio of 57.72 and a beta of 0.65.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings data on Thursday, March 5th. The specialty chemicals company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.81 by ($0.95). Methanex had a return on equity of 5.35% and a net margin of 2.21%.The business had revenue of $968.81 million during the quarter, compared to analyst estimates of $1.03 billion. During the same period in the previous year, the company earned $1.24 EPS. Methanex’s revenue was up 2.1% on a year-over-year basis. On average, analysts anticipate that Methanex Corporation will post 4.32 EPS for the current year.

Methanex Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be issued a $0.185 dividend. This represents a $0.74 annualized dividend and a yield of 1.1%. The ex-dividend date is Tuesday, March 17th. Methanex’s dividend payout ratio is currently 65.49%.

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).