M&G Plc Decreases Stake in Methanex Co. (NASDAQ:MEOH)

M&G PLC lessened its stake in shares of Methanex Co. (NASDAQ:MEOH - Free Report) TSE: MX by 1.2% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 12,864,931 shares of the specialty chemicals company's stock after selling 161,625 shares during the quarter. Methanex comprises approximately 2.7% of M&G PLC's holdings, making the stock its 5th largest position. M&G PLC owned about 19.09% of Methanex worth $527,462,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Headlands Technologies LLC raised its holdings in Methanex by 346.5% in the 1st quarter. Headlands Technologies LLC now owns 902 shares of the specialty chemicals company's stock worth $40,000 after acquiring an additional 700 shares during the period. Larson Financial Group LLC bought a new position in shares of Methanex in the first quarter worth about $45,000. Blue Trust Inc. lifted its position in shares of Methanex by 52,500.0% during the 2nd quarter. Blue Trust Inc. now owns 1,578 shares of the specialty chemicals company's stock worth $70,000 after purchasing an additional 1,575 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in Methanex by 572.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the specialty chemicals company's stock valued at $93,000 after buying an additional 1,626 shares during the last quarter. Finally, Squarepoint Ops LLC acquired a new stake in Methanex in the 2nd quarter valued at approximately $201,000. Institutional investors and hedge funds own 73.49% of the company's stock.

Methanex Price Performance

Shares of Methanex stock traded up $2.87 during midday trading on Thursday, hitting $41.84. 785,601 shares of the company were exchanged, compared to its average volume of 298,619. The firm has a 50 day simple moving average of $41.16 and a 200-day simple moving average of $46.06. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.25 and a quick ratio of 0.87. The firm has a market cap of $2.82 billion, a P/E ratio of 19.68 and a beta of 1.36. Methanex Co. has a 52 week low of $36.13 and a 52 week high of $56.43.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last issued its earnings results on Wednesday, November 6th. The specialty chemicals company reported $1.21 EPS for the quarter, beating the consensus estimate of $0.44 by $0.77. The company had revenue of $935.00 million for the quarter, compared to the consensus estimate of $920.10 million. Methanex had a net margin of 4.05% and a return on equity of 5.44%. Research analysts forecast that Methanex Co. will post 2.5 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MEOH. Barclays cut Methanex from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $56.00 to $44.00 in a research report on Tuesday, September 10th. Raymond James decreased their price target on shares of Methanex from $62.00 to $54.00 and set an "outperform" rating on the stock in a research report on Wednesday, September 11th. Scotiabank upped their price objective on shares of Methanex from $58.00 to $60.00 and gave the company a "sector outperform" rating in a research report on Wednesday, July 10th. Piper Sandler lifted their target price on Methanex from $51.00 to $68.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 10th. Finally, UBS Group cut their price target on Methanex from $54.00 to $53.00 and set a "buy" rating for the company in a report on Thursday. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $55.25.

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.