Cibc World Market Inc. Sells 35,138 Shares of Methanex Corporation $MEOH

Cibc World Market Inc. reduced its position in Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 58.0% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 25,439 shares of the specialty chemicals company’s stock after selling 35,138 shares during the period. Cibc World Market Inc.’s holdings in Methanex were worth $1,011,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of MEOH. Dixon Mitchell Investment Counsel Inc. raised its holdings in Methanex by 66.4% during the 2nd quarter. Dixon Mitchell Investment Counsel Inc. now owns 2,041,412 shares of the specialty chemicals company’s stock valued at $67,577,000 after acquiring an additional 814,877 shares during the period. Bank of New York Mellon Corp lifted its holdings in Methanex by 35.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,728,377 shares of the specialty chemicals company’s stock worth $57,209,000 after purchasing an additional 451,728 shares in the last quarter. Mackenzie Financial Corp boosted its stake in Methanex by 28.1% in the 2nd quarter. Mackenzie Financial Corp now owns 1,568,264 shares of the specialty chemicals company’s stock worth $51,960,000 after purchasing an additional 343,876 shares during the period. Encompass Capital Advisors LLC grew its holdings in Methanex by 11.9% during the 2nd quarter. Encompass Capital Advisors LLC now owns 1,118,102 shares of the specialty chemicals company’s stock valued at $37,009,000 after buying an additional 118,797 shares in the last quarter. Finally, Norges Bank purchased a new position in Methanex during the 2nd quarter valued at about $30,306,000. 73.49% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MEOH has been the subject of a number of analyst reports. JPMorgan Chase & Co. upgraded shares of Methanex from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $33.00 to $38.00 in a research report on Friday, October 31st. Scotiabank reaffirmed an “outperform” rating on shares of Methanex in a report on Wednesday, January 21st. UBS Group increased their price objective on Methanex from $48.00 to $53.00 and gave the stock a “buy” rating in a research report on Monday, January 12th. Canadian Imperial Bank of Commerce cut Methanex from an “outperform” rating to a “neutral” rating and boosted their target price for the stock from $46.00 to $52.00 in a research report on Friday, February 6th. Finally, Raymond James Financial cut Methanex from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 14th. One equities research 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 data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.00.

Methanex Stock Down 1.9%

Shares of NASDAQ MEOH opened at $47.81 on Wednesday. The stock has a market capitalization of $3.70 billion, a P/E ratio of 16.21 and a beta of 0.68. Methanex Corporation has a one year low of $25.46 and a one year high of $51.94. The firm’s 50 day simple moving average is $44.60 and its two-hundred day simple moving average is $39.32. The company has a debt-to-equity ratio of 0.97, a current ratio of 2.09 and a quick ratio of 1.33.

Methanex Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be paid a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Tuesday, March 17th. Methanex’s payout ratio is 25.08%.

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).