Moors & Cabot Inc. Sells 449 Shares of Methanex Corporation (MEOH)
Moors & Cabot Inc. lessened its holdings in Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 6.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,607 shares of the specialty chemicals company’s stock after selling 449 shares during the period. Moors & Cabot Inc.’s holdings in Methanex Corporation were worth $291,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Quantbot Technologies LP lifted its holdings in shares of Methanex Corporation by 40.9% in the first quarter. Quantbot Technologies LP now owns 2,228 shares of the specialty chemicals company’s stock valued at $104,000 after purchasing an additional 647 shares in the last quarter. FNY Partners Fund LP purchased a new stake in shares of Methanex Corporation in the first quarter valued at about $117,000. Turner Investments LLC purchased a new stake in shares of Methanex Corporation in the second quarter valued at about $221,000. Korea Investment CORP lifted its holdings in shares of Methanex Corporation by 1.8% in the second quarter. Korea Investment CORP now owns 5,659 shares of the specialty chemicals company’s stock valued at $249,000 after purchasing an additional 101 shares in the last quarter. Finally, Comerica Bank lifted its holdings in shares of Methanex Corporation by 3.1% in the first quarter. Comerica Bank now owns 5,892 shares of the specialty chemicals company’s stock valued at $264,000 after purchasing an additional 178 shares in the last quarter. 81.91% of the stock is currently owned by institutional investors.
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Shares of Methanex Corporation (NASDAQ:MEOH) traded up 1.01% during trading on Friday, reaching $50.05. 88,235 shares of the company traded hands. The firm has a market capitalization of $4.31 billion, a PE ratio of 19.47 and a beta of 1.76. The firm has a 50-day moving average price of $50.46 and a 200-day moving average price of $45.74. Methanex Corporation has a 12 month low of $34.45 and a 12 month high of $53.35.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.85 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.23). The company had revenue of $669.00 million for the quarter, compared to analyst estimates of $772.41 million. Methanex Corporation had a return on equity of 12.43% and a net margin of 8.92%. The business’s revenue for the quarter was up 42.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.34) earnings per share. Equities research analysts anticipate that Methanex Corporation will post $3.99 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Saturday, September 30th. Investors of record on Saturday, September 16th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.42%. The ex-dividend date of this dividend was Thursday, September 14th. Methanex Corporation’s dividend payout ratio is currently 47.81%.
Methanex Corporation announced that its board has approved a stock repurchase program on Wednesday, July 26th that authorizes the company to buyback 1,660,000 shares. This buyback authorization authorizes the specialty chemicals company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its stock is undervalued.
Several equities analysts recently issued reports on MEOH shares. Jefferies Group LLC upped their price objective on shares of Methanex Corporation to $60.00 and gave the company a “buy” rating in a research note on Tuesday, September 12th. UBS AG upped their price objective on shares of Methanex Corporation from $42.00 to $44.00 and gave the company a “sell” rating in a research note on Friday. Cowen and Company set a $60.00 price objective on shares of Methanex Corporation and gave the company a “buy” rating in a research note on Friday, July 28th. Monness Crespi & Hardt reduced their price objective on shares of Methanex Corporation from $62.00 to $59.00 and set a “buy” rating on the stock in a research note on Friday, July 28th. Finally, BidaskClub raised shares of Methanex Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, July 13th. Three analysts have rated the stock with a sell rating, four have issued a hold rating and ten have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $56.73.
Methanex Corporation Company Profile
Methanex Corp is a Canada-based producer and supplier of methanol to a range of international markets. The Company operates production sites in Canada, Chile, Egypt, New Zealand, the United States, as well as Trinidad and Tobago. Its global operations are supported by a global supply chain of terminals, storage facilities and a fleet of methanol ocean tankers.
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