Brokerages Set Methanex Co. (NASDAQ:MEOH) Price Target at $57.25

Methanex Co. (NASDAQ:MEOH) (TSE:MX) has been given an average rating of “Moderate Buy” by the eight brokerages that are presently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $57.25.

Several research analysts have recently weighed in on MEOH shares. Cibc World Mkts raised shares of Methanex from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 10th. UBS Group dropped their price target on shares of Methanex from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Raymond James reduced their price target 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. CIBC reiterated an “outperformer” rating and issued a $59.00 price objective (up from $48.00) on shares of Methanex in a research report on Tuesday, December 10th. Finally, StockNews.com raised Methanex from a “hold” rating to a “buy” rating in a research note on Friday, November 8th.

Institutional Investors Weigh In On Methanex

Institutional investors and hedge funds have recently modified their holdings of the company. Dixon Mitchell Investment Counsel Inc. grew its position in Methanex by 9.9% in 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 acquiring an additional 106,848 shares in the last quarter. Bank of Montreal Can boosted its stake in shares of 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 purchasing an additional 159,542 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Methanex by 3.4% in the second quarter. Dimensional Fund Advisors LP now owns 944,262 shares of the specialty chemicals company’s stock valued at $45,570,000 after purchasing an additional 30,887 shares in the last quarter. Mackenzie Financial Corp increased its stake in Methanex by 3.4% during the 2nd quarter. Mackenzie Financial Corp now owns 726,546 shares of the specialty chemicals company’s stock worth $35,082,000 after buying an additional 23,747 shares during the period. Finally, Millennium Management LLC lifted its holdings in Methanex by 13.0% during the 2nd quarter. Millennium Management LLC now owns 508,730 shares of the specialty chemicals company’s stock worth $24,551,000 after buying an additional 58,719 shares in the last quarter. Hedge funds and other institutional investors own 73.49% of the company’s stock.

Methanex Stock Performance

Shares of Methanex stock opened at $46.38 on Friday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.01 and a current ratio of 1.34. The business’s 50 day moving average price is $43.57 and its 200 day moving average price is $44.81. The company has a market cap of $3.13 billion, a price-to-earnings ratio of 21.67 and a beta of 1.40. Methanex has a one year low of $36.13 and a one year high of $56.43.

Methanex Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders 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 1.60%. Methanex’s dividend payout ratio is currently 34.58%.

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.