Dixon Mitchell Investment Counsel Inc. Acquires 106,848 Shares of Methanex Co. (NASDAQ:MEOH)

Dixon Mitchell Investment Counsel Inc. lifted its holdings in shares of Methanex Co. (NASDAQ:MEOH - Free Report) TSE: MX by 9.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,182,168 shares of the specialty chemicals company's stock after purchasing an additional 106,848 shares during the period. Methanex comprises approximately 2.2% of Dixon Mitchell Investment Counsel Inc.'s investment portfolio, making the stock its 21st largest holding. Dixon Mitchell Investment Counsel Inc. owned 1.75% of Methanex worth $49,022,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Headlands Technologies LLC raised its stake in shares of Methanex by 346.5% during the 1st quarter. Headlands Technologies LLC now owns 902 shares of the specialty chemicals company's stock worth $40,000 after purchasing an additional 700 shares during the period. Larson Financial Group LLC bought a new stake in Methanex in the 1st quarter valued at about $45,000. Blue Trust Inc. raised its stake in Methanex by 52,500.0% in the 2nd quarter. Blue Trust Inc. now owns 1,578 shares of the specialty chemicals company's stock valued at $70,000 after acquiring an additional 1,575 shares during the period. EverSource Wealth Advisors LLC raised its stake 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 acquiring an additional 1,626 shares during the period. Finally, Value Partners Investments Inc. bought a new stake in Methanex in the 1st quarter valued at about $201,000. 73.49% of the stock is currently owned by institutional investors.

Methanex Price Performance

Shares of NASDAQ MEOH traded down $0.54 during midday trading on Friday, hitting $40.53. 219,170 shares of the company's stock were exchanged, compared to its average volume of 299,344. Methanex Co. has a 12-month low of $36.13 and a 12-month high of $56.43. The company has a current ratio of 1.25, a quick ratio of 0.87 and a debt-to-equity ratio of 0.80. The company has a market cap of $2.73 billion, a price-to-earnings ratio of 17.17 and a beta of 1.35. The business's fifty day moving average price is $42.52 and its two-hundred day moving average price is $46.87.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last issued its quarterly earnings data on Tuesday, July 30th. The specialty chemicals company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.52 by $0.10. Methanex had a return on equity of 5.44% and a net margin of 4.05%. The company had revenue of $920.00 million during the quarter, compared to analyst estimates of $954.26 million. During the same quarter in the previous year, the firm earned $0.60 earnings per share. Methanex's revenue was down 2.0% on a year-over-year basis. As a group, research analysts forecast that Methanex Co. will post 2.41 EPS for the current fiscal year.

Analyst Ratings Changes

MEOH has been the topic of a number of research reports. Raymond James lowered their price objective on Methanex from $62.00 to $54.00 and set an "outperform" rating on the stock in a research note on Wednesday, September 11th. Barclays cut Methanex from an "overweight" rating to an "equal weight" rating and lowered their price objective for the company from $56.00 to $44.00 in a research note on Tuesday, September 10th. Scotiabank lifted their target price on Methanex from $58.00 to $60.00 and gave the company a "sector outperform" rating in a report on Wednesday, July 10th. UBS Group reduced their target price on Methanex from $58.00 to $54.00 and set a "buy" rating for the company in a report on Monday, September 16th. Finally, Piper Sandler lifted their target price on Methanex from $51.00 to $68.00 and gave the company an "overweight" rating in a report on Tuesday, September 10th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $55.38.

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.