Wellington Management Group LLP decreased its position in Methanex Co. (NASDAQ:MEOH - Free Report) TSE: MX by 0.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,774,194 shares of the specialty chemicals company's stock after selling 10,952 shares during the quarter. Wellington Management Group LLP owned 7.08% of Methanex worth $197,399,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the company. Dixon Mitchell Investment Counsel Inc. raised its holdings in Methanex by 9.9% in the third quarter. Dixon Mitchell Investment Counsel Inc. now owns 1,182,168 shares of the specialty chemicals company's stock valued at $49,022,000 after acquiring an additional 106,848 shares in the last quarter. Bank of Montreal Can raised its holdings in Methanex by 16.3% in the second 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 in the last quarter. Dimensional Fund Advisors LP raised its holdings in Methanex by 3.4% during the second quarter. Dimensional Fund Advisors LP now owns 944,262 shares of the specialty chemicals company's stock worth $45,570,000 after purchasing an additional 30,887 shares in the last quarter. Mackenzie Financial Corp raised its holdings in Methanex by 3.4% during the second quarter. Mackenzie Financial Corp now owns 726,546 shares of the specialty chemicals company's stock worth $35,082,000 after purchasing an additional 23,747 shares in the last quarter. Finally, Millennium Management LLC raised its holdings 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 in the last quarter. Institutional investors and hedge funds own 73.49% of the company's stock.
Analyst Upgrades and Downgrades
A number of research firms have weighed in on MEOH. Barclays raised their price objective on shares of Methanex from $44.00 to $46.00 and gave the stock an "equal weight" rating in a report on Monday, November 11th. Raymond James lowered 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. Piper Sandler raised their target price on shares of Methanex from $68.00 to $71.00 and gave the stock an "overweight" rating in a research report on Tuesday, November 19th. UBS Group lowered their target price on shares of Methanex from $54.00 to $53.00 and set a "buy" rating on the stock in a research report on Thursday, November 7th. Finally, Royal Bank of Canada restated a "sector perform" rating and set a $55.00 target price on shares of Methanex in a research report on Tuesday, September 3rd. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, Methanex currently has a consensus rating of "Moderate Buy" and an average target price of $55.88.
View Our Latest Stock Report on MEOH
Methanex Price Performance
Shares of NASDAQ MEOH traded up $0.16 during trading on Monday, hitting $47.63. 380,023 shares of the company were exchanged, compared to its average volume of 300,239. The company has a market cap of $3.21 billion, a price-to-earnings ratio of 22.26 and a beta of 1.40. Methanex Co. has a 1 year low of $36.13 and a 1 year high of $56.43. The firm's fifty day moving average price is $43.01 and its 200 day moving average price is $45.18. 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 Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be given a dividend of $0.185 per share. The ex-dividend date is Tuesday, December 17th. This represents a $0.74 annualized dividend and a dividend yield of 1.55%. Methanex's payout ratio is currently 34.58%.
About Methanex
(
Free Report)
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.
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