Methanex (NASDAQ:MEOH) Stock Price Down 11.5% – Here’s What Happened

Methanex Co. (NASDAQ:MEOH) (TSE:MX) dropped 11.5% during trading on Monday . The stock traded as low as $37.49 and last traded at $37.41. Approximately 162,497 shares traded hands during mid-day trading, a decline of 50% from the average daily volume of 323,373 shares. The stock had previously closed at $42.25.

Analysts Set New Price Targets

MEOH has been the topic of several research reports. Piper Sandler increased their price objective on shares of Methanex from $68.00 to $71.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 19th. Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 price target on shares of Methanex in a research report on Friday, January 31st. CIBC restated an “outperform” rating on shares of Methanex in a research note on Monday, February 3rd. Cibc World Mkts upgraded Methanex from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 10th. Finally, Raymond James boosted their price target on shares of Methanex from $54.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, January 14th. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $60.63.

Methanex Trading Down 14.2 %

The company has a current ratio of 2.62, a quick ratio of 2.00 and a debt-to-equity ratio of 1.01. The company has a fifty day simple moving average of $47.96 and a 200-day simple moving average of $44.95. The stock has a market cap of $2.44 billion, a price-to-earnings ratio of 15.68 and a beta of 1.38.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings results on Wednesday, January 29th. The specialty chemicals company reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.30. Methanex had a net margin of 4.41% and a return on equity of 10.97%. On average, research analysts forecast that Methanex Co. will post 4.32 earnings per share for the current fiscal year.

Methanex Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be issued a $0.185 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.74 annualized dividend and a yield of 2.04%. Methanex’s dividend payout ratio (DPR) is currently 32.03%.

Hedge Funds Weigh In On Methanex

Several large investors have recently made changes to their positions in MEOH. Wellington Management Group LLP raised its position in shares of Methanex by 1.3% during the fourth quarter. Wellington Management Group LLP now owns 4,836,661 shares of the specialty chemicals company’s stock valued at $241,549,000 after buying an additional 62,467 shares during the last quarter. FMR LLC boosted its stake in Methanex by 3.0% in the 4th quarter. FMR LLC now owns 3,330,889 shares of the specialty chemicals company’s stock valued at $166,384,000 after buying an additional 95,950 shares in the last quarter. Vanguard Group Inc. grew its position in Methanex by 1.8% in the fourth quarter. Vanguard Group Inc. now owns 2,116,860 shares of the specialty chemicals company’s stock valued at $105,779,000 after acquiring an additional 37,658 shares during the period. Mackenzie Financial Corp raised its stake in Methanex by 26.6% during the fourth quarter. Mackenzie Financial Corp now owns 1,077,193 shares of the specialty chemicals company’s stock worth $53,770,000 after acquiring an additional 226,349 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Methanex by 5.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,047,978 shares of the specialty chemicals company’s stock valued at $52,334,000 after purchasing an additional 50,075 shares in the last quarter. Institutional investors and hedge funds own 73.49% of the company’s stock.

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.