Oppenheimer & Co. Inc. Decreases Holdings in Methanex Co. (NASDAQ:MEOH)

Oppenheimer & Co. Inc. lessened its stake in shares of Methanex Co. (NASDAQ:MEOH - Free Report) TSE: MX by 90.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,412 shares of the specialty chemicals company's stock after selling 112,315 shares during the period. Oppenheimer & Co. Inc.'s holdings in Methanex were worth $472,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MEOH. Blue Trust Inc. increased its position in 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 in the last quarter. EverSource Wealth Advisors LLC grew its position in Methanex by 572.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the specialty chemicals company's stock worth $93,000 after acquiring an additional 1,626 shares during the last quarter. Squarepoint Ops LLC bought a new position in Methanex in the second quarter valued at about $201,000. Value Partners Investments Inc. raised its position in Methanex by 10.4% in the third quarter. Value Partners Investments Inc. now owns 5,642 shares of the specialty chemicals company's stock valued at $233,000 after purchasing an additional 532 shares during the last quarter. Finally, Bayesian Capital Management LP acquired a new stake in shares of Methanex during the first quarter valued at about $239,000. 73.49% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on MEOH shares. Raymond James cut their target price 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. UBS Group decreased their price target on Methanex from $54.00 to $53.00 and set a "buy" rating for the company in a research note on Thursday, November 7th. Piper Sandler upped their target price on Methanex from $68.00 to $71.00 and gave the company an "overweight" rating in a report on Tuesday. StockNews.com raised shares of Methanex from a "hold" rating to a "buy" rating in a research note on Friday, November 8th. Finally, Barclays lifted their price objective on Methanex from $44.00 to $46.00 and gave the stock an "equal weight" rating in a research report on Monday, November 11th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, Methanex has a consensus rating of "Moderate Buy" and a consensus price target of $55.88.

Methanex Price Performance

MEOH opened at $44.42 on Thursday. The firm's fifty day moving average price is $41.18 and its two-hundred day moving average price is $45.69. The company has a market capitalization of $2.99 billion, a price-to-earnings ratio of 20.76 and a beta of 1.36. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.34 and a quick ratio of 1.01. Methanex Co. has a 1 year low of $36.13 and a 1 year high of $56.43.

Methanex Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be given a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a yield of 1.67%. The ex-dividend date of this dividend is Tuesday, December 17th. Methanex's payout ratio is 34.58%.

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.