TD Asset Management Inc. Lowers Position in Methanex Corporation (MEOH)
TD Asset Management Inc. reduced its stake in shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 1.7% during the second quarter, Holdings Channel reports. The firm owned 597,984 shares of the specialty chemicals company’s stock after selling 10,390 shares during the period. TD Asset Management Inc.’s holdings in Methanex Corporation were worth $26,361,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in MEOH. Creative Planning boosted its stake in Methanex Corporation by 7.6% in the first quarter. Creative Planning now owns 2,152 shares of the specialty chemicals company’s stock valued at $101,000 after buying an additional 152 shares during the period. Gulf International Bank UK Ltd boosted its stake in Methanex Corporation by 2.5% in the first quarter. Gulf International Bank UK Ltd now owns 28,284 shares of the specialty chemicals company’s stock valued at $1,323,000 after buying an additional 700 shares during the period. Fox Run Management L.L.C. purchased a new stake in Methanex Corporation during the first quarter valued at approximately $909,000. First Manhattan Co. boosted its stake in Methanex Corporation by 104.3% in the first quarter. First Manhattan Co. now owns 35,662 shares of the specialty chemicals company’s stock valued at $1,272,000 after buying an additional 18,207 shares during the period. Finally, Korea Investment CORP purchased a new stake in Methanex Corporation during the first quarter valued at approximately $260,000. 82.92% of the stock is owned by institutional investors.
Shares of Methanex Corporation (NASDAQ:MEOH) opened at 43.50 on Friday. Methanex Corporation has a 52 week low of $28.17 and a 52 week high of $53.35. The firm has a market capitalization of $3.75 billion, a PE ratio of 16.93 and a beta of 1.78. The company’s 50 day moving average price is $44.40 and its 200-day moving average price is $45.60.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last announced its earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.85 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.08 by $0.23. The company had revenue of $669 million for the quarter, compared to the consensus estimate of $772.41 million. Methanex Corporation had a return on equity of 12.43% and a net margin of 8.92%. The firm’s revenue for the quarter was up 42.9% on a year-over-year basis. During the same period in the prior year, the business earned ($0.34) earnings per share. On average, equities research analysts expect that Methanex Corporation will post $3.80 EPS for the current fiscal year.
Methanex Corporation announced that its Board of Directors has authorized a share buyback program on Wednesday, July 26th that allows the company to buyback 1,660,000 shares. This buyback authorization allows the specialty chemicals company to purchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Saturday, September 30th. Investors of record on Saturday, September 16th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.76%. The ex-dividend date of this dividend is Thursday, September 14th. Methanex Corporation’s dividend payout ratio is currently 47.81%.
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Several equities research analysts have recently commented on MEOH shares. Monness Crespi & Hardt raised Methanex Corporation from a “neutral” rating to a “buy” rating and set a $67.00 target price for the company in a research note on Monday, April 17th. Zacks Investment Research raised Methanex Corporation from a “hold” rating to a “strong-buy” rating and set a $54.00 target price for the company in a research note on Wednesday, April 19th. Scotiabank reissued a “sector perform” rating and issued a $71.00 target price on shares of Methanex Corporation in a research note on Friday, April 21st. BMO Capital Markets reissued a “buy” rating and issued a $57.00 target price on shares of Methanex Corporation in a research note on Thursday, April 27th. Finally, TD Securities raised Methanex Corporation from a “hold” rating to a “buy” rating and lifted their target price for the company from $53.00 to $56.00 in a research note on Friday, April 28th. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating and nine have issued a buy rating to the company. Methanex Corporation currently has an average rating of “Hold” and a consensus price target of $56.80.
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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