Barclays PLC Increases Stock Position in Methanex Co. (NASDAQ:MEOH)

Barclays PLC raised its position in Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 64.9% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 20,447 shares of the specialty chemicals company’s stock after buying an additional 8,047 shares during the period. Barclays PLC’s holdings in Methanex were worth $845,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the company. Truist Financial Corp grew its position in shares of Methanex by 5.0% during the 2nd quarter. Truist Financial Corp now owns 6,219 shares of the specialty chemicals company’s stock valued at $300,000 after acquiring an additional 294 shares during the period. Bank of Hawaii grew its holdings in Methanex by 4.2% in the third quarter. Bank of Hawaii now owns 11,470 shares of the specialty chemicals company’s stock valued at $474,000 after purchasing an additional 465 shares during the period. Value Partners Investments Inc. increased its position in shares of Methanex by 10.4% in the third 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. Pinnacle Associates Ltd. raised its stake 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 buying an additional 707 shares during the period. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Methanex by 1.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 55,978 shares of the specialty chemicals company’s stock worth $2,699,000 after buying an additional 887 shares during the period. Institutional investors and hedge funds own 73.49% of the company’s stock.

Analysts Set New Price Targets

MEOH has been the subject of several recent analyst reports. Piper Sandler boosted their price target on shares of Methanex from $68.00 to $71.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. StockNews.com raised shares of Methanex from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. UBS Group decreased their price target on shares of Methanex from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Raymond James lowered their price target on Methanex from $62.00 to $54.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 11th. Finally, Cibc World Mkts raised Methanex from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 10th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $57.25.

Methanex Stock Performance

NASDAQ MEOH opened at $49.94 on Wednesday. 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 stock’s fifty day moving average is $44.66 and its two-hundred day moving average is $44.73. The firm has a market capitalization of $3.37 billion, a P/E ratio of 23.34 and a beta of 1.40. Methanex Co. has a fifty-two week low of $36.13 and a fifty-two week high of $56.43.

Methanex Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th were given a dividend of $0.185 per share. The ex-dividend date of this dividend was Tuesday, December 17th. This represents a $0.74 annualized dividend and a dividend yield of 1.48%. Methanex’s payout ratio is 34.58%.

About Methanex

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.