US Bancorp DE Boosts Stock Position in Methanex Co. (NASDAQ:MEOH)

US Bancorp DE grew its holdings in shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 34.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,888 shares of the specialty chemicals company’s stock after buying an additional 3,540 shares during the period. US Bancorp DE’s holdings in Methanex were worth $574,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Pinnacle Associates Ltd. raised its position in shares of Methanex by 3.4% during the 3rd quarter. Pinnacle Associates Ltd. now owns 21,701 shares of the specialty chemicals company’s stock worth $897,000 after acquiring an additional 707 shares in the last quarter. Blue Trust Inc. lifted its position in shares of Methanex by 56.8% during the 3rd quarter. Blue Trust Inc. now owns 2,474 shares of the specialty chemicals company’s stock worth $102,000 after buying an additional 896 shares during the last quarter. Dixon Mitchell Investment Counsel Inc. lifted its position in shares of 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 worth $49,022,000 after buying an additional 106,848 shares during the last quarter. Value Partners Investments Inc. boosted its holdings in shares of Methanex by 10.4% in the 3rd quarter. Value Partners Investments Inc. now owns 5,642 shares of the specialty chemicals company’s stock valued at $233,000 after buying an additional 532 shares in the last quarter. Finally, Clearbridge Investments LLC grew its position in shares of Methanex by 18.4% in the 2nd quarter. Clearbridge Investments LLC now owns 52,350 shares of the specialty chemicals company’s stock valued at $2,526,000 after buying an additional 8,150 shares during the last quarter. 73.49% of the stock is owned by institutional investors and hedge funds.

Methanex Trading Up 0.8 %

Shares of Methanex stock opened at $42.19 on Monday. The company has a quick ratio of 0.87, a current ratio of 1.34 and a debt-to-equity ratio of 0.79. The firm has a market cap of $2.84 billion, a price-to-earnings ratio of 19.72 and a beta of 1.36. Methanex Co. has a 52-week low of $36.13 and a 52-week high of $56.43. The company’s 50-day simple moving average is $40.99 and its 200-day simple moving average is $45.98.

Analysts Set New Price Targets

Several equities analysts have issued reports on the stock. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 price objective on shares of Methanex in a research note on Tuesday, September 3rd. UBS Group decreased their target price on Methanex from $54.00 to $53.00 and set a “buy” rating for the company in a research report on Thursday. StockNews.com raised Methanex from a “hold” rating to a “buy” rating in a research report on Friday. Piper Sandler increased their price objective on Methanex from $51.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Finally, Barclays cut shares of Methanex from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $56.00 to $44.00 in a report on Tuesday, September 10th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $55.25.

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.