Wellington Management Group LLP Lowers Position in Methanex Corporation $MEOH

Wellington Management Group LLP trimmed its holdings in shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 11.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,968,620 shares of the specialty chemicals company’s stock after selling 535,238 shares during the period. Wellington Management Group LLP owned about 5.13% of Methanex worth $183,190,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the business. Public Employees Retirement System of Ohio lifted its position in shares of Methanex by 0.3% in the 1st quarter. Public Employees Retirement System of Ohio now owns 82,381 shares of the specialty chemicals company’s stock worth $4,892,000 after purchasing an additional 225 shares during the period. AMG National Trust Bank lifted its holdings in Methanex by 4.8% during the first quarter. AMG National Trust Bank now owns 8,127 shares of the specialty chemicals company’s stock worth $484,000 after buying an additional 374 shares during the period. NewEdge Advisors LLC lifted its holdings in Methanex by 33.3% during the third quarter. NewEdge Advisors LLC now owns 2,000 shares of the specialty chemicals company’s stock worth $80,000 after buying an additional 500 shares during the period. Parkside Financial Bank & Trust boosted its position in Methanex by 61.0% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,143 shares of the specialty chemicals company’s stock valued at $85,000 after acquiring an additional 812 shares in the last quarter. Finally, Franklin Resources Inc. boosted its position in Methanex by 8.2% during the 4th quarter. Franklin Resources Inc. now owns 10,706 shares of the specialty chemicals company’s stock valued at $425,000 after acquiring an additional 813 shares in the last quarter. Hedge funds and other institutional investors own 73.49% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. National Bank Financial set a $70.00 price target on Methanex and gave the stock an “outperform” rating in a research report on Monday, July 13th. Weiss Ratings raised Methanex from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, July 29th. UBS Group boosted their target price on shares of Methanex from $70.00 to $71.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Wall Street Zen lowered shares of Methanex from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 15th. Finally, Zacks Research cut shares of Methanex from a “strong-buy” rating to a “hold” rating in a report on Monday, June 22nd. Six analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Methanex has an average rating of “Moderate Buy” and a consensus price target of $68.56.

Methanex Stock Up 2.2%

Methanex stock opened at $58.95 on Tuesday. Methanex Corporation has a 1-year low of $32.00 and a 1-year high of $66.75. The business has a fifty day moving average price of $53.23 and a 200-day moving average price of $55.77. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.07 and a quick ratio of 1.35. The stock has a market capitalization of $4.56 billion, a price-to-earnings ratio of 57.23 and a beta of 0.58.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its earnings results on Tuesday, July 28th. The specialty chemicals company reported $3.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.00 by ($0.13). Methanex had a net margin of 2.07% and a return on equity of 11.35%. The business had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same period in the prior year, the company earned $0.97 earnings per share. The company’s quarterly revenue was up 75.0% on a year-over-year basis. Equities research analysts forecast that Methanex Corporation will post 8.6 EPS for the current fiscal year.

Methanex Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be paid a dividend of $0.185 per share. The ex-dividend date is Wednesday, September 16th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.3%. Methanex’s payout ratio is presently 71.84%.

Methanex Company Profile

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).