Methanex (NASDAQ:MEOH) Given New $44.00 Price Target at CIBC

Methanex (NASDAQ:MEOH) (TSE:MX) had its price target reduced by CIBC from $47.00 to $44.00 in a research report released on Monday, Marketbeat reports. They currently have an outperformer rating on the specialty chemicals company’s stock.

Several other analysts have also recently issued reports on the stock. Scotiabank upgraded shares of Methanex from a “sector perform” rating to a “sector outperform” rating and set a $53.00 target price on the stock in a research note on Monday. StockNews.com downgraded Methanex from a “buy” rating to a “hold” rating in a research report on Thursday, May 1st. Royal Bank of Canada reduced their target price on Methanex from $55.00 to $50.00 and set a “sector perform” rating for the company in a research report on Friday. Raymond James lowered their price target on Methanex from $62.00 to $40.00 and set an “outperform” rating on the stock in a report on Tuesday, April 15th. Finally, Piper Sandler lowered Methanex from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $71.00 to $36.00 in a report on Monday, April 7th. Four analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $46.88.

Methanex Price Performance

Shares of NASDAQ MEOH opened at $31.84 on Monday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.00 and a current ratio of 2.62. The firm’s 50-day simple moving average is $33.63 and its 200 day simple moving average is $41.95. The stock has a market cap of $2.15 billion, a price-to-earnings ratio of 13.78 and a beta of 0.93. Methanex has a fifty-two week low of $25.46 and a fifty-two week high of $56.43.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings results on Wednesday, April 30th. The specialty chemicals company reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.25 by $0.05. Methanex had a net margin of 4.41% and a return on equity of 10.97%. The company had revenue of $857.90 million during the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the prior year, the business earned $0.65 earnings per share. The firm’s revenue for the quarter was down 2.2% on a year-over-year basis. As a group, research analysts anticipate that Methanex will post 4.32 earnings per share for the current fiscal year.

Methanex Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be issued a dividend of $0.185 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 2.32%. Methanex’s dividend payout ratio is 24.83%.

Institutional Trading of Methanex

Hedge funds and other institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP lifted its holdings in shares of Methanex by 1.3% in the 4th quarter. Wellington Management Group LLP now owns 4,836,661 shares of the specialty chemicals company’s stock worth $241,549,000 after acquiring an additional 62,467 shares during the last quarter. FMR LLC lifted its stake in Methanex by 3.0% in the fourth quarter. FMR LLC now owns 3,330,889 shares of the specialty chemicals company’s stock worth $166,384,000 after purchasing an additional 95,950 shares during the last quarter. Vanguard Group Inc. boosted its position in Methanex by 1.8% during the fourth quarter. Vanguard Group Inc. now owns 2,116,860 shares of the specialty chemicals company’s stock valued at $105,779,000 after buying an additional 37,658 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Methanex by 41.8% during the first quarter. Bank of New York Mellon Corp now owns 1,276,649 shares of the specialty chemicals company’s stock valued at $44,798,000 after buying an additional 376,365 shares during the last quarter. Finally, Mackenzie Financial Corp increased its holdings in shares of Methanex by 26.6% in the fourth quarter. Mackenzie Financial Corp now owns 1,077,193 shares of the specialty chemicals company’s stock worth $53,770,000 after buying an additional 226,349 shares during the period. Hedge funds and other institutional investors own 73.49% of the company’s stock.

About Methanex

Methanex Corporation produces and supplies methanol in China, Europe, the United States, South America, South Korea, Canada, and Asia. The company also purchases methanol produced by others under methanol offtake contracts and on the spot market. In addition, it owns and leases storage and terminal facilities.