Bank of New York Mellon Corp Increases Stock Holdings in Methanex Co. (NASDAQ:MEOH)

Bank of New York Mellon Corp grew its stake in shares of Methanex Co. (NASDAQ:MEOH - Free Report) TSE: MX by 4,776.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 900,284 shares of the specialty chemicals company's stock after purchasing an additional 881,823 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.34% of Methanex worth $44,960,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Geode Capital Management LLC lifted its position in Methanex by 1.2% in the third quarter. Geode Capital Management LLC now owns 104,871 shares of the specialty chemicals company's stock valued at $4,340,000 after acquiring an additional 1,203 shares during the last quarter. Barclays PLC lifted its holdings in shares of Methanex by 64.9% in the 3rd quarter. Barclays PLC now owns 20,447 shares of the specialty chemicals company's stock valued at $845,000 after purchasing an additional 8,047 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Methanex by 15.0% in the 4th quarter. Blue Trust Inc. now owns 2,845 shares of the specialty chemicals company's stock valued at $142,000 after purchasing an additional 371 shares during the period. Public Employees Retirement System of Ohio purchased a new position in Methanex during the 3rd quarter worth approximately $1,092,000. Finally, Point72 Asset Management L.P. grew its stake in Methanex by 1,495.7% during the 3rd quarter. Point72 Asset Management L.P. now owns 138,827 shares of the specialty chemicals company's stock worth $5,739,000 after buying an additional 130,127 shares during the last quarter. Hedge funds and other institutional investors own 73.49% of the company's stock.

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Methanex Price Performance

MEOH traded down $5.45 during trading on Monday, reaching $36.80. 1,693,902 shares of the stock were exchanged, compared to its average volume of 329,395. Methanex Co. has a 1 year low of $35.63 and a 1 year high of $56.43. The company has a market capitalization of $2.48 billion, a price-to-earnings ratio of 15.93 and a beta of 1.38. The business's 50 day moving average price is $47.96 and its two-hundred day moving average price is $44.95. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.62 and a quick ratio of 2.00.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last posted its earnings results on Wednesday, January 29th. The specialty chemicals company reported $1.24 earnings per share for the quarter, beating the consensus estimate of $0.94 by $0.30. Methanex had a net margin of 4.41% and a return on equity of 10.97%. As a group, equities research analysts anticipate that Methanex Co. will post 4.32 earnings per share for the current year.

Methanex Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date of this dividend is Monday, March 17th. Methanex's dividend payout ratio (DPR) is presently 32.03%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on MEOH. Royal Bank of Canada restated a "sector perform" rating and set a $55.00 target price on shares of Methanex in a research report on Friday, January 31st. CIBC reissued an "outperform" rating on shares of Methanex in a research report on Monday, February 3rd. Cibc World Mkts raised shares of Methanex from a "hold" rating to a "strong-buy" rating in a report on Tuesday, December 10th. UBS Group raised their price target on Methanex from $53.00 to $66.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Finally, Scotiabank downgraded Methanex from a "sector outperform" rating to a "sector perform" rating and reduced their price objective for the company from $66.00 to $53.00 in a research note on Monday. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $60.63.

Methanex Profile

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.