Comerica Bank Reduces Position in Methanex Co. (NASDAQ:MEOH)
Comerica Bank reduced its stake in Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 9.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,290 shares of the specialty chemicals company’s stock after selling 452 shares during the quarter. Comerica Bank’s holdings in Methanex were worth $251,000 at the end of the most recent quarter.
Other institutional investors have also made changes to their positions in the company. Legal & General Group Plc increased its position in shares of Methanex by 11.2% in the fourth quarter. Legal & General Group Plc now owns 122,461 shares of the specialty chemicals company’s stock valued at $5,887,000 after buying an additional 12,380 shares in the last quarter. Great West Life Assurance Co. Can lifted its stake in shares of Methanex by 1.8% in the 4th quarter. Great West Life Assurance Co. Can now owns 557,440 shares of the specialty chemicals company’s stock valued at $26,822,000 after purchasing an additional 9,898 shares during the last quarter. Korea Investment CORP lifted its stake in shares of Methanex by 64.6% in the 4th quarter. Korea Investment CORP now owns 131,495 shares of the specialty chemicals company’s stock valued at $6,322,000 after purchasing an additional 51,586 shares during the last quarter. Bank of America Corp DE lifted its stake in Methanex by 10.1% during the 4th quarter. Bank of America Corp DE now owns 221,582 shares of the specialty chemicals company’s stock worth $10,674,000 after acquiring an additional 20,327 shares in the last quarter. Finally, ARP Americas LP lifted its stake in Methanex by 121.1% during the 4th quarter. ARP Americas LP now owns 10,570 shares of the specialty chemicals company’s stock worth $509,000 after acquiring an additional 5,789 shares in the last quarter. 70.06% of the stock is currently owned by institutional investors and hedge funds.
Shares of NASDAQ:MEOH opened at $44.55 on Wednesday. The firm has a market cap of $3.44 billion, a PE ratio of 6.49, a P/E/G ratio of 0.73 and a beta of 1.68. Methanex Co. has a one year low of $41.30 and a one year high of $83.23. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.08 and a quick ratio of 0.77.
The company also recently declared a quarterly dividend, which will be paid on Sunday, June 30th. Shareholders of record on Sunday, June 16th will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 3.23%. This is a boost from Methanex’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Thursday, June 13th. Methanex’s dividend payout ratio is 19.24%.
A number of research firms have issued reports on MEOH. BidaskClub lowered Methanex from a “hold” rating to a “sell” rating in a research report on Tuesday, March 19th. ValuEngine downgraded Methanex from a “hold” rating to a “sell” rating in a research note on Thursday, April 11th. Royal Bank of Canada decreased their price objective on Methanex from $75.00 to $70.00 and set a “sector perform” rating for the company in a research report on Friday, April 26th. Raymond James set a $80.00 price target on Methanex and gave the company an “outperform” rating in a report on Monday, April 29th. Finally, Barclays set a $60.00 price objective on Methanex and gave the stock a “hold” rating in a report on Friday, April 26th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $72.62.
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Methanex Company Profile
Methanex Corporation produces and supplies methanol in North America, the Asia Pacific, Europe, and South America. It also purchases methanol produced by others under methanol offtake contracts and on the spot market. The company was founded in 1968 and is headquartered in Vancouver, Canada.
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