Methanex (NASDAQ:MEOH) Lowered to Hold Rating by Cibc Captl Mkts

Cibc Captl Mkts cut shares of Methanex (NASDAQ:MEOH) (TSE:MX) from a strong-buy rating to a hold rating in a research report report published on Friday morning,Zacks.com reports.

MEOH has been the subject of a number of other reports. Zacks Research raised shares of Methanex from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 27th. JPMorgan Chase & Co. upgraded Methanex from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $33.00 to $38.00 in a research note on Friday, October 31st. Weiss Ratings restated a “hold (c)” rating on shares of Methanex in a report on Monday, December 29th. Canadian Imperial Bank of Commerce cut Methanex from an “outperform” rating to a “neutral” rating and increased their target price for the company from $46.00 to $52.00 in a research note on Friday. Finally, Raymond James Financial downgraded shares of Methanex from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 14th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Methanex currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.91.

Methanex Trading Up 0.4%

NASDAQ:MEOH opened at $47.23 on Friday. The business’s 50-day moving average is $43.08 and its two-hundred day moving average is $38.53. The firm has a market capitalization of $3.65 billion, a PE ratio of 16.01 and a beta of 0.68. Methanex has a 12 month low of $25.46 and a 12 month high of $51.94. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.09 and a quick ratio of 1.33.

Methanex Announces Dividend

The firm 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 dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Tuesday, March 17th. Methanex’s dividend payout ratio is currently 25.08%.

Hedge Funds Weigh In On Methanex

Several institutional investors have recently made changes to their positions in MEOH. Intact Investment Management Inc. lifted its holdings in shares of Methanex by 17.2% in the 4th quarter. Intact Investment Management Inc. now owns 677,610 shares of the specialty chemicals company’s stock worth $26,875,000 after purchasing an additional 99,210 shares during the last quarter. AMG National Trust Bank acquired a new stake in Methanex in the fourth quarter worth $308,000. Mitsubishi UFJ Trust & Banking Corp lifted its stake in Methanex by 44.4% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 7,800 shares of the specialty chemicals company’s stock valued at $306,000 after buying an additional 2,400 shares during the last quarter. Exencial Wealth Advisors LLC boosted its holdings in shares of Methanex by 5.8% during the fourth quarter. Exencial Wealth Advisors LLC now owns 45,669 shares of the specialty chemicals company’s stock valued at $1,814,000 after acquiring an additional 2,515 shares during the period. Finally, Vanguard Group Inc. grew its position in shares of Methanex by 14.0% during the fourth quarter. Vanguard Group Inc. now owns 2,746,051 shares of the specialty chemicals company’s stock worth $108,917,000 after acquiring an additional 336,316 shares during the last quarter. 73.49% of the stock is owned by institutional investors.

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).