Point72 Asset Management L.P. Boosts Stock Position in Methanex Co. (NASDAQ:MEOH)

Point72 Asset Management L.P. raised its position in Methanex Co. (NASDAQ:MEOH - Free Report) TSE: MX by 1,495.7% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 138,827 shares of the specialty chemicals company's stock after purchasing an additional 130,127 shares during the period. Point72 Asset Management L.P. owned 0.21% of Methanex worth $5,739,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Dixon Mitchell Investment Counsel Inc. boosted its stake in Methanex by 9.9% during the third quarter. Dixon Mitchell Investment Counsel Inc. now owns 1,182,168 shares of the specialty chemicals company's stock worth $49,022,000 after buying an additional 106,848 shares during the last quarter. Bank of Montreal Can boosted its position in shares of Methanex by 16.3% during the 2nd quarter. Bank of Montreal Can now owns 1,136,436 shares of the specialty chemicals company's stock valued at $55,406,000 after acquiring an additional 159,542 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Methanex by 3.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 944,262 shares of the specialty chemicals company's stock valued at $45,570,000 after acquiring an additional 30,887 shares during the last quarter. Mackenzie Financial Corp grew its holdings in shares of Methanex by 3.4% in the second quarter. Mackenzie Financial Corp now owns 726,546 shares of the specialty chemicals company's stock valued at $35,082,000 after purchasing an additional 23,747 shares during the period. Finally, Millennium Management LLC increased its position in Methanex by 13.0% during the second quarter. Millennium Management LLC now owns 508,730 shares of the specialty chemicals company's stock worth $24,551,000 after purchasing an additional 58,719 shares during the last quarter. Institutional investors and hedge funds own 73.49% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on MEOH shares. Raymond James dropped their price target on shares of Methanex from $62.00 to $54.00 and set an "outperform" rating for the company in a research note on Wednesday, September 11th. StockNews.com upgraded Methanex from a "hold" rating to a "buy" rating in a research report on Friday, November 8th. Royal Bank of Canada restated a "sector perform" rating and issued a $55.00 target price on shares of Methanex in a research report on Tuesday, September 3rd. Piper Sandler increased their price target on Methanex from $68.00 to $71.00 and gave the stock an "overweight" rating in a report on Tuesday, November 19th. Finally, UBS Group reduced their price objective on shares of Methanex from $54.00 to $53.00 and set a "buy" rating on the stock in a report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $55.88.

Methanex Stock Up 1.1 %

Shares of MEOH traded up $0.50 during mid-day trading on Monday, hitting $47.97. 245,026 shares of the company's stock were exchanged, compared to its average volume of 299,618. The stock's 50-day moving average is $42.89 and its 200-day moving average is $45.22. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.01 and a current ratio of 1.34. Methanex Co. has a fifty-two week low of $36.13 and a fifty-two week high of $56.43. The company has a market cap of $3.23 billion, a price-to-earnings ratio of 22.18 and a beta of 1.40.

Methanex Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be paid a $0.185 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $0.74 annualized dividend and a dividend yield of 1.54%. Methanex's dividend payout ratio (DPR) 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.