Becker Capital Management Inc. Trims Stake in Methanex Corporation $MEOH

Becker Capital Management Inc. cut its stake in shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 6.2% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 528,419 shares of the specialty chemicals company’s stock after selling 35,190 shares during the period. Becker Capital Management Inc. owned about 0.68% of Methanex worth $21,013,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of MEOH. CWM LLC bought a new position in shares of Methanex in the second quarter worth about $33,000. Parkside Financial Bank & Trust raised its stake in Methanex by 1,244.4% during the 3rd quarter. Parkside Financial Bank & Trust now owns 1,331 shares of the specialty chemicals company’s stock worth $53,000 after acquiring an additional 1,232 shares during the period. NewEdge Advisors LLC purchased a new position in Methanex during the second quarter valued at approximately $50,000. PNC Financial Services Group Inc. lifted its holdings in Methanex by 131.5% during the third quarter. PNC Financial Services Group Inc. now owns 2,482 shares of the specialty chemicals company’s stock valued at $99,000 after purchasing an additional 1,410 shares in the last quarter. Finally, AXA S.A. bought a new position in shares of Methanex in the second quarter worth approximately $166,000. Institutional investors own 73.49% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on MEOH shares. Scotiabank restated an “outperform” rating on shares of Methanex in a research report on Wednesday, January 21st. Raymond James Financial lowered Methanex from an “outperform” rating to a “market perform” rating in a research note on Wednesday, January 14th. Royal Bank Of Canada boosted their price objective on Methanex from $50.00 to $55.00 and gave the company an “outperform” rating in a research report on Monday, February 2nd. Canadian Imperial Bank of Commerce cut Methanex from an “outperform” rating to a “neutral” rating and increased their target price for the stock from $46.00 to $52.00 in a research report on Friday, February 6th. Finally, UBS Group lifted their target price on Methanex from $48.00 to $53.00 and gave the company a “buy” rating in a research note on Monday, January 12th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.00.

Methanex Trading Up 4.0%

Shares of MEOH stock opened at $52.54 on Tuesday. The company has a current ratio of 2.09, a quick ratio of 1.33 and a debt-to-equity ratio of 0.97. The stock has a market capitalization of $4.06 billion, a price-to-earnings ratio of 17.81 and a beta of 0.65. Methanex Corporation has a 12-month low of $25.46 and a 12-month high of $54.35. The stock’s 50-day moving average price is $46.44 and its 200-day moving average price is $40.35.

Methanex Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be given a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Tuesday, March 17th. Methanex’s dividend payout ratio is currently 25.08%.

About Methanex

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).