Toronto Dominion Bank Reduces Position in Methanex Co. (NASDAQ:MEOH)

Toronto Dominion Bank reduced its position in shares of Methanex Co. (NASDAQ:MEOH – Get Rating) (TSE:MX) by 23.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 132,255 shares of the specialty chemicals company’s stock after selling 40,582 shares during the period. Toronto Dominion Bank owned about 0.19% of Methanex worth $5,009,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of MEOH. Wipfli Financial Advisors LLC acquired a new stake in Methanex during the 3rd quarter worth $34,000. Lazard Asset Management LLC increased its position in Methanex by 37.2% during the first quarter. Lazard Asset Management LLC now owns 1,114 shares of the specialty chemicals company’s stock worth $60,000 after buying an additional 302 shares during the period. JTC Employer Solutions Trustee Ltd purchased a new stake in Methanex in the fourth quarter valued at approximately $123,000. UBS Group AG boosted its holdings in shares of Methanex by 26.2% in the third quarter. UBS Group AG now owns 5,856 shares of the specialty chemicals company’s stock valued at $187,000 after acquiring an additional 1,214 shares during the period. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Methanex in the first quarter valued at approximately $202,000. 69.38% of the stock is owned by hedge funds and other institutional investors.

Methanex Stock Performance

NASDAQ:MEOH opened at $44.28 on Tuesday. The firm’s fifty day simple moving average is $46.25 and its 200 day simple moving average is $43.09. The company has a current ratio of 1.83, a quick ratio of 1.40 and a debt-to-equity ratio of 0.91. Methanex Co. has a twelve month low of $28.73 and a twelve month high of $54.83. The firm has a market capitalization of $3.01 billion, a price-to-earnings ratio of 11.84 and a beta of 1.63.

Methanex (NASDAQ:MEOH – Get Rating) (TSE:MX) last posted its earnings results on Wednesday, April 26th. The specialty chemicals company reported $1.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.92 by $0.19. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $944.88 million. Methanex had a return on equity of 10.80% and a net margin of 7.07%. The company’s revenue for the quarter was down 11.7% compared to the same quarter last year. During the same quarter last year, the firm earned $2.16 earnings per share. As a group, equities research analysts expect that Methanex Co. will post 3.05 earnings per share for the current fiscal year.

Methanex Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Friday, June 16th will be issued a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a yield of 1.67%. This is a positive change from Methanex’s previous quarterly dividend of $0.18. The ex-dividend date is Thursday, June 15th. Methanex’s dividend payout ratio (DPR) is presently 18.72%.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. StockNews.com downgraded shares of Methanex from a “buy” rating to a “hold” rating in a research report on Friday, April 21st. Tudor, Pickering, Holt & Co. raised Methanex from a “hold” rating to a “buy” rating and set a $60.00 price objective for the company in a research report on Monday, February 6th. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 price target on shares of Methanex in a research note on Monday, April 3rd. Tudor Pickering upgraded shares of Methanex from a “hold” rating to a “buy” rating and set a $60.00 price objective for the company in a research report on Monday, February 6th. Finally, Piper Sandler raised shares of Methanex from an “underweight” rating to a “neutral” rating and lifted their target price for the company from $46.00 to $49.00 in a report on Tuesday, April 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $53.64.

Methanex Profile

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Methanex Corp. engages in the production and supply of methanol. The firm supplies in the international market such as North America, Asia Pacific, Europe, and South America. It also operates the methanol ocean tanker fleet. The company was founded on March 11, 1968 and is headquartered in Vancouver, Canada.