Intact Investment Management Inc. Reduces Stake in Methanex Co. (NASDAQ:MEOH)

Intact Investment Management Inc. decreased its position in Methanex Co. (NASDAQ:MEOH - Free Report) TSE: MX by 18.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 240,200 shares of the specialty chemicals company's stock after selling 54,700 shares during the quarter. Intact Investment Management Inc. owned 0.36% of Methanex worth $9,925,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. BNP Paribas Financial Markets acquired a new position in shares of Methanex in the 1st quarter valued at $494,000. Duality Advisers LP acquired a new stake in Methanex in the 1st quarter valued at about $779,000. M&G Plc acquired a new position in shares of Methanex during the 1st quarter worth approximately $589,459,000. Swiss National Bank raised its position in shares of Methanex by 0.6% in the first quarter. Swiss National Bank now owns 127,500 shares of the specialty chemicals company's stock valued at $5,681,000 after purchasing an additional 700 shares during the period. Finally, Headlands Technologies LLC lifted its position in Methanex by 346.5% during the first 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 last quarter. Institutional investors own 73.49% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on MEOH shares. Piper Sandler raised their price target on Methanex from $51.00 to $68.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 10th. Royal Bank of Canada reiterated a "sector perform" rating and issued a $55.00 price objective on shares of Methanex in a report on Tuesday, September 3rd. Raymond James lowered their price objective on Methanex from $62.00 to $54.00 and set an "outperform" rating for the company in a research report on Wednesday, September 11th. UBS Group reduced their price objective on shares of Methanex from $58.00 to $54.00 and set a "buy" rating for the company in a research report on Monday, September 16th. Finally, Barclays cut shares of 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 report on Tuesday, September 10th. Three equities research 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 has a consensus rating of "Moderate Buy" and a consensus price target of $55.38.

Methanex Price Performance

Shares of NASDAQ:MEOH traded up $0.10 on Monday, reaching $39.19. The company's stock had a trading volume of 222,905 shares, compared to its average volume of 296,106. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.87 and a current ratio of 1.25. Methanex Co. has a 52-week low of $36.13 and a 52-week high of $56.43. The company has a market cap of $2.64 billion, a P/E ratio of 18.18 and a beta of 1.36. The company has a 50-day simple moving average of $41.57 and a 200 day simple moving average of $46.23.

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.