Bank of New York Mellon Corp Has $33.47 Million Stock Holdings in Methanex Corporation $MEOH

Bank of New York Mellon Corp decreased its holdings in shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 48.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 562,129 shares of the specialty chemicals company’s stock after selling 523,581 shares during the quarter. Bank of New York Mellon Corp owned about 0.73% of Methanex worth $33,469,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its holdings in Methanex by 546.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 269,374 shares of the specialty chemicals company’s stock valued at $10,710,000 after purchasing an additional 227,723 shares during the period. Ritholtz Wealth Management bought a new position in shares of Methanex during the 4th quarter worth about $375,000. Intact Investment Management Inc. increased its holdings in shares of Methanex by 17.2% during the 4th quarter. Intact Investment Management Inc. now owns 677,610 shares of the specialty chemicals company’s stock worth $26,875,000 after purchasing an additional 99,210 shares during the period. TD Asset Management Inc raised its position in shares of Methanex by 35.2% during the fourth quarter. TD Asset Management Inc now owns 932,123 shares of the specialty chemicals company’s stock valued at $37,020,000 after buying an additional 242,662 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Methanex by 14.0% during the fourth quarter. Vanguard Group Inc. now owns 2,746,051 shares of the specialty chemicals company’s stock valued at $108,917,000 after buying an additional 336,316 shares during the last quarter. Institutional investors and hedge funds own 73.49% of the company’s stock.

Methanex Price Performance

Shares of Methanex stock opened at $55.86 on Monday. The stock has a market capitalization of $4.32 billion, a price-to-earnings ratio of -114.00 and a beta of 0.60. The firm’s 50-day moving average price is $54.71 and its two-hundred day moving average price is $54.20. The company has a current ratio of 1.96, a quick ratio of 1.26 and a debt-to-equity ratio of 0.98. Methanex Corporation has a 1-year low of $32.00 and a 1-year high of $66.75.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its earnings results on Wednesday, April 29th. The specialty chemicals company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.08). Methanex had a positive return on equity of 2.96% and a negative net margin of 1.25%.The business had revenue of $957.42 million during the quarter, compared to analyst estimates of $964.76 million. During the same period in the previous year, the firm earned $1.30 earnings per share. The firm’s revenue was up 8.7% compared to the same quarter last year. On average, equities analysts predict that Methanex Corporation will post 8.7 earnings per share for the current fiscal year.

Methanex Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be issued a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Wednesday, September 16th. Methanex’s dividend payout ratio is presently -151.02%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on MEOH shares. National Bank Financial set a $70.00 price objective on Methanex and gave the stock an “outperform” rating in a report on Monday, July 13th. Zacks Research cut Methanex from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 22nd. Raymond James Financial boosted their price target on shares of Methanex from $52.00 to $65.00 and gave the company a “market perform” rating in a report on Thursday, April 16th. Wall Street Zen raised shares of Methanex from a “hold” rating to a “buy” rating in a report on Monday, July 20th. Finally, JPMorgan Chase & Co. lowered shares of Methanex from an “overweight” rating to a “neutral” rating and lifted their target price for the company from $56.00 to $65.00 in a research report on Friday, May 1st. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Methanex currently has a consensus rating of “Hold” and an average target price of $69.00.

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).