Addenda Capital Inc. Sells 19,975 Shares of Methanex Corporation $MEOH

Addenda Capital Inc. trimmed its position in Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 9.8% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 183,000 shares of the specialty chemicals company’s stock after selling 19,975 shares during the period. Addenda Capital Inc. owned 0.24% of Methanex worth $7,269,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Methanex by 249.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,432,483 shares of the specialty chemicals company’s stock valued at $56,939,000 after acquiring an additional 1,022,987 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Methanex by 116.8% in the 3rd quarter. Millennium Management LLC now owns 1,157,233 shares of the specialty chemicals company’s stock valued at $46,011,000 after acquiring an additional 623,502 shares during the last quarter. Encompass Capital Advisors LLC lifted its stake in shares of Methanex by 11.9% in 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 acquiring an additional 118,797 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Methanex by 0.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,091,093 shares of the specialty chemicals company’s stock valued at $43,383,000 after acquiring an additional 7,031 shares during the last quarter. Finally, Alberta Investment Management Corp lifted its stake in shares of Methanex by 29.5% in the 3rd quarter. Alberta Investment Management Corp now owns 992,000 shares of the specialty chemicals company’s stock valued at $39,442,000 after acquiring an additional 226,000 shares during the last quarter. 73.49% of the stock is currently owned by institutional investors.

Methanex Stock Performance

Shares of Methanex stock opened at $61.51 on Thursday. The company has a current ratio of 2.06, a quick ratio of 1.37 and a debt-to-equity ratio of 0.99. The business has a 50-day moving average price of $53.05 and a two-hundred day moving average price of $44.06. Methanex Corporation has a 1-year low of $25.46 and a 1-year high of $66.75. The company has a market cap of $4.76 billion, a P/E ratio of 54.43 and a beta of 0.56.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings results on Thursday, March 5th. The specialty chemicals company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.95). Methanex had a return on equity of 5.35% and a net margin of 2.21%.The business had revenue of $968.81 million for the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the previous year, the business posted $1.24 earnings per share. The business’s revenue was up 2.1% on a year-over-year basis. As a group, analysts anticipate that Methanex Corporation will post 4.32 EPS for the current year.

Methanex Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th were issued a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Tuesday, March 17th. Methanex’s dividend payout ratio (DPR) is presently 65.49%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Scotiabank restated an “outperform” rating on shares of Methanex in a report on Wednesday, January 21st. Zacks Research downgraded Methanex from a “hold” rating to a “strong sell” rating in a report on Monday, March 16th. Canadian Imperial Bank of Commerce increased their price objective on Methanex from $52.00 to $59.00 and gave the company a “neutral” rating in a report on Tuesday, March 17th. BMO Capital Markets increased their price objective on Methanex from $65.00 to $70.00 and gave the company an “outperform” rating in a report on Wednesday, March 18th. Finally, UBS Group increased their price objective on Methanex from $53.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, March 4th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $54.50.

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).