Short Interest in Methanex Co. (NASDAQ:MEOH) Grows By 22.8%

Methanex Co. (NASDAQ:MEOH) (TSE:MX) saw a significant growth in short interest in the month of February. As of February 28th, there was short interest totalling 669,100 shares, a growth of 22.8% from the February 13th total of 544,900 shares. Currently, 1.0% of the company’s shares are short sold. Based on an average trading volume of 427,400 shares, the short-interest ratio is presently 1.6 days.

Methanex Stock Down 0.2 %

NASDAQ:MEOH traded down $0.08 during midday trading on Tuesday, reaching $37.74. The company had a trading volume of 264,017 shares, compared to its average volume of 335,559. Methanex has a 12-month low of $35.67 and a 12-month high of $56.43. 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 firm has a market capitalization of $2.54 billion, a price-to-earnings ratio of 16.34 and a beta of 1.38. The stock’s fifty day simple moving average is $46.43 and its 200-day simple moving average is $44.58.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted 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 return on equity of 10.97% and a net margin of 4.41%. On average, sell-side analysts anticipate that Methanex will post 4.32 earnings per share for the current fiscal year.

Methanex Dividend Announcement

The company 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 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date is Monday, March 17th. Methanex’s dividend payout ratio (DPR) is currently 32.03%.

Analyst Ratings Changes

Several research analysts have recently commented on MEOH shares. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 price target on shares of Methanex in a research report on Friday, January 31st. Piper Sandler raised their price target on Methanex from $68.00 to $71.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. CIBC restated an “outperform” rating on shares of Methanex in a research report on Monday, February 3rd. Barclays raised their price target on Methanex from $54.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Monday, February 10th. Finally, Scotiabank lowered Methanex from a “sector outperform” rating to a “sector perform” rating and lowered their price target for the stock from $66.00 to $53.00 in a research report on Monday, March 10th. Three equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Methanex has a consensus rating of “Moderate Buy” and an average price target of $60.63.

Institutional Trading of Methanex

Hedge funds and other institutional investors have recently made changes to their positions in the company. Wilmington Savings Fund Society FSB acquired a new stake in shares of Methanex during the third quarter worth about $40,000. Parkside Financial Bank & Trust increased its position in shares of Methanex by 39.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 2,015 shares of the specialty chemicals company’s stock worth $101,000 after purchasing an additional 573 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Methanex during the fourth quarter worth about $106,000. State of Wyoming acquired a new stake in shares of Methanex during the fourth quarter worth about $129,000. Finally, Blue Trust Inc. increased its position in shares of Methanex by 15.0% during the fourth quarter. Blue Trust Inc. now owns 2,845 shares of the specialty chemicals company’s stock worth $142,000 after purchasing an additional 371 shares in the last quarter. Institutional investors and hedge funds own 73.49% of the company’s stock.

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.