FIL Ltd Cuts Stock Holdings in Methanex Co. (NASDAQ:MEOH)

FIL Ltd lessened its holdings in shares of Methanex Co. (NASDAQ:MEOH - Free Report) TSE: MX by 21.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,619,938 shares of the specialty chemicals company's stock after selling 1,535,645 shares during the period. FIL Ltd owned 8.34% of Methanex worth $280,831,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the stock. Bank of Montreal Can lifted its holdings in Methanex by 7.0% in the fourth quarter. Bank of Montreal Can now owns 957,677 shares of the specialty chemicals company's stock valued at $47,794,000 after buying an additional 62,693 shares during the period. FMR LLC grew its holdings in shares of Methanex by 3.0% during the fourth quarter. FMR LLC now owns 3,330,889 shares of the specialty chemicals company's stock valued at $166,384,000 after buying an additional 95,950 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in Methanex by 11.0% during the 4th quarter. Envestnet Asset Management Inc. now owns 47,727 shares of the specialty chemicals company's stock worth $2,384,000 after purchasing an additional 4,736 shares in the last quarter. ExodusPoint Capital Management LP raised its position in Methanex by 209.2% in the 4th quarter. ExodusPoint Capital Management LP now owns 157,520 shares of the specialty chemicals company's stock valued at $7,867,000 after buying an additional 106,581 shares during the last quarter. Finally, Trexquant Investment LP purchased a new stake in Methanex in the 4th quarter valued at $2,189,000. 73.49% of the stock is currently owned by institutional investors.

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Analyst Upgrades and Downgrades

Several analysts have recently commented on MEOH shares. Piper Sandler downgraded shares of Methanex from an "overweight" rating to a "neutral" rating and lowered their target price for the company from $71.00 to $36.00 in a report on Monday, April 7th. Royal Bank of Canada restated a "sector perform" rating and issued a $55.00 price objective on shares of Methanex in a research note on Tuesday, April 1st. Raymond James lifted their target price on Methanex from $54.00 to $60.00 and gave the stock an "outperform" rating in a research note on Tuesday, January 14th. UBS Group reduced their price target on shares of Methanex from $66.00 to $53.00 and set a "buy" rating for the company in a research report on Monday, April 7th. Finally, Barclays dropped their target price on shares of Methanex from $57.00 to $41.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 1st. Four equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $51.63.

Methanex Stock Performance

Shares of Methanex stock traded up $0.36 during trading hours on Friday, reaching $26.64. The company had a trading volume of 844,540 shares, compared to its average volume of 358,189. The firm has a market cap of $1.80 billion, a PE ratio of 11.53 and a beta of 1.06. Methanex Co. has a one year low of $25.46 and a one year high of $56.43. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.62 and a quick ratio of 2.00. The business has a fifty day simple moving average of $39.15 and a 200 day simple moving average of $43.37.

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

Methanex Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were paid a $0.185 dividend. This represents a $0.74 annualized dividend and a yield of 2.78%. The ex-dividend date of this dividend was Monday, March 17th. Methanex's dividend payout ratio is presently 32.03%.

Methanex Company 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.