Methanex (NASDAQ:MEOH) Hits New 52-Week Low – What’s Next?

Methanex Co. (NASDAQ:MEOH) (TSE:MX)’s stock price hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $35.11 and last traded at $35.85, with a volume of 113358 shares. The stock had previously closed at $35.96.

Analysts Set New Price Targets

Several equities research analysts have recently commented on MEOH shares. Cibc World Mkts upgraded Methanex from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 10th. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 price target on shares of Methanex in a research note on Friday, January 31st. UBS Group raised their price objective on shares of Methanex from $53.00 to $66.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Scotiabank cut shares of Methanex from a “sector outperform” rating to a “sector perform” rating and reduced their price objective for the company from $66.00 to $53.00 in a report on Monday, March 10th. Finally, Raymond James upped their target price on shares of Methanex from $54.00 to $60.00 and gave the stock an “outperform” rating in a report on Tuesday, January 14th. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $60.63.

Methanex Trading Down 0.5 %

The company has a debt-to-equity ratio of 1.01, a current ratio of 2.62 and a quick ratio of 2.00. The firm’s fifty day moving average is $44.80 and its two-hundred day moving average is $44.21. The firm has a market capitalization of $2.41 billion, a PE ratio of 15.49 and a beta of 1.38.

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

Methanex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be given a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a dividend yield of 2.07%. The ex-dividend date is Monday, March 17th. Methanex’s dividend payout ratio is presently 32.03%.

Hedge Funds Weigh In On Methanex

A number of hedge funds and other institutional investors have recently made changes to their positions in MEOH. Bank of New York Mellon Corp increased its holdings in Methanex by 4,776.7% during the fourth quarter. Bank of New York Mellon Corp now owns 900,284 shares of the specialty chemicals company’s stock worth $44,960,000 after buying an additional 881,823 shares during the last quarter. Hillsdale Investment Management Inc. bought a new position in shares of Methanex during the 4th quarter valued at approximately $38,301,000. Norges Bank purchased a new stake in shares of Methanex during the 4th quarter worth approximately $34,119,000. Encompass Capital Advisors LLC bought a new stake in shares of Methanex in the 4th quarter worth approximately $26,835,000. Finally, Raymond James Financial Inc. purchased a new position in Methanex in the fourth quarter valued at approximately $14,327,000. 73.49% of the stock is owned by hedge funds and other institutional investors.

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.