Pinnacle Associates Ltd. Has $897,000 Stake in Methanex Co. (NASDAQ:MEOH)

Pinnacle Associates Ltd. grew its holdings in Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 3.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 21,701 shares of the specialty chemicals company’s stock after purchasing an additional 707 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Methanex were worth $897,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. M&G Plc acquired a new stake in Methanex in the 1st quarter valued at approximately $589,459,000. Vanguard Group Inc. increased its position in Methanex by 1.8% during the first quarter. Vanguard Group Inc. now owns 2,487,117 shares of the specialty chemicals company’s stock worth $111,000,000 after acquiring an additional 43,178 shares during the period. Dixon Mitchell Investment Counsel Inc. raised its stake in Methanex by 9.9% during the 3rd 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 purchasing an additional 106,848 shares during the last quarter. Bank of Montreal Can boosted its holdings in Methanex by 16.3% in 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 purchasing an additional 159,542 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in Methanex by 3.4% in the 2nd 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 during the last quarter. 73.49% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 target price on shares of Methanex in a research note on Tuesday, September 3rd. Raymond James decreased their price objective on Methanex from $62.00 to $54.00 and set an “outperform” rating on the stock in a report on Wednesday, September 11th. Scotiabank upped their target price on Methanex from $58.00 to $60.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 10th. UBS Group decreased their price target on shares of Methanex from $58.00 to $54.00 and set a “buy” rating on the stock in a research note on Monday, September 16th. Finally, Barclays downgraded shares of Methanex from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $56.00 to $44.00 in a report on Tuesday, September 10th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Methanex has an average rating of “Moderate Buy” and a consensus target price of $55.38.

Methanex Trading Down 0.2 %

Shares of Methanex stock opened at $39.09 on Friday. The stock has a market capitalization of $2.63 billion, a P/E ratio of 18.18 and a beta of 1.36. Methanex Co. has a 12-month low of $36.13 and a 12-month high of $56.43. The company has a quick ratio of 0.87, a current ratio of 1.25 and a debt-to-equity ratio of 0.80. The company has a 50-day simple moving average of $41.57 and a 200 day simple moving average of $46.23.

Methanex 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.