Fmr LLC Trims Holdings in Methanex Co. (NASDAQ:MEOH)

Fmr LLC lowered its position in Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 7.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,234,939 shares of the specialty chemicals company’s stock after selling 255,826 shares during the period. Fmr LLC owned approximately 4.80% of Methanex worth $133,704,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of MEOH. Blue Trust Inc. boosted its holdings in shares of Methanex by 52,500.0% in the 2nd quarter. Blue Trust Inc. now owns 1,578 shares of the specialty chemicals company’s stock valued at $70,000 after acquiring an additional 1,575 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Methanex by 572.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the specialty chemicals company’s stock valued at $93,000 after purchasing an additional 1,626 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in Methanex during the 2nd quarter worth about $201,000. Value Partners Investments Inc. raised its stake in shares of Methanex by 10.4% during 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 during the last quarter. Finally, Truist Financial Corp lifted its holdings in shares of Methanex by 5.0% in the 2nd quarter. Truist Financial Corp now owns 6,219 shares of the specialty chemicals company’s stock valued at $300,000 after buying an additional 294 shares during the period. Institutional investors and hedge funds own 73.49% of the company’s stock.

Methanex Trading Down 1.8 %

Shares of Methanex stock opened at $47.32 on Wednesday. Methanex Co. has a twelve month low of $36.13 and a twelve month high of $56.43. The firm’s 50-day moving average price is $42.52 and its 200 day moving average price is $45.35. The company has a current ratio of 1.34, a quick ratio of 1.01 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $3.19 billion, a PE ratio of 22.11 and a beta of 1.40.

Methanex Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be given a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a dividend yield of 1.56%. The ex-dividend date of this dividend is Tuesday, December 17th. Methanex’s payout ratio is 34.58%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Raymond James reduced their price target on Methanex from $62.00 to $54.00 and set an “outperform” rating for the company in a research report on Wednesday, September 11th. Piper Sandler boosted their target price on shares of Methanex from $68.00 to $71.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. UBS Group dropped their price target 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. Barclays upped their price objective on shares of Methanex from $44.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Monday, November 11th. 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 analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $55.88.

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.