Granite Investment Partners LLC Has $9.03 Million Stock Position in Methanex Co. (NASDAQ:MEOH)

Granite Investment Partners LLC decreased its stake in shares of Methanex Co. (NASDAQ:MEOH - Free Report) TSE: MX by 40.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 180,846 shares of the specialty chemicals company's stock after selling 121,420 shares during the period. Granite Investment Partners LLC owned about 0.27% of Methanex worth $9,031,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of MEOH. Bank of New York Mellon Corp grew its position in shares of Methanex by 4,776.7% in the 4th quarter. Bank of New York Mellon Corp now owns 900,284 shares of the specialty chemicals company's stock worth $44,960,000 after acquiring an additional 881,823 shares in the last quarter. Hillsdale Investment Management Inc. bought a new stake in Methanex during the fourth quarter valued at $38,301,000. Norges Bank acquired a new stake in shares of Methanex during the fourth quarter worth $34,119,000. Raymond James Financial Inc. bought a new position in shares of Methanex in the 4th quarter worth about $14,327,000. Finally, Boston Partners boosted its holdings in shares of Methanex by 36.0% in the 4th quarter. Boston Partners now owns 989,534 shares of the specialty chemicals company's stock valued at $49,393,000 after buying an additional 262,087 shares during the period. 73.49% of the stock is currently owned by institutional investors and hedge funds.

Methanex Price Performance

NASDAQ:MEOH traded up $0.18 during midday trading on Friday, hitting $27.02. 923,996 shares of the stock were exchanged, compared to its average volume of 367,919. The company has a market capitalization of $1.82 billion, a price-to-earnings ratio of 11.70 and a beta of 1.06. The company has a current ratio of 2.62, a quick ratio of 2.00 and a debt-to-equity ratio of 1.01. Methanex Co. has a one year low of $25.46 and a one year high of $56.43. The business has a 50-day moving average price of $37.24 and a two-hundred day moving average price of $42.94.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last posted its quarterly earnings data on Wednesday, January 29th. The specialty chemicals company reported $1.24 EPS for the quarter, topping analysts' consensus estimates of $0.94 by $0.30. Methanex had a return on equity of 10.97% and a net margin of 4.41%. Sell-side analysts predict that Methanex Co. will post 4.32 EPS for the current year.

Methanex Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were issued a $0.185 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 2.74%. Methanex's payout ratio is currently 32.03%.

Analysts Set New Price Targets

MEOH has been the topic of a number of recent research reports. Barclays cut their target price on shares of Methanex from $57.00 to $41.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 1st. Scotiabank downgraded Methanex from a "sector outperform" rating to a "sector perform" rating and lowered their price objective for the stock from $66.00 to $53.00 in a research note on Monday, March 10th. Raymond James dropped their target price on Methanex from $62.00 to $40.00 and set an "outperform" rating on the stock in a research report on Tuesday. Piper Sandler downgraded shares of Methanex from an "overweight" rating to a "neutral" rating and reduced their price target for the company from $71.00 to $36.00 in a report on Monday, April 7th. Finally, UBS Group dropped their price objective on shares of Methanex from $66.00 to $53.00 and set a "buy" rating on the stock in a report on Monday, April 7th. Four research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $49.13.

About Methanex

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.