Intact Investment Management Inc. increased its stake in Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 81.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 117,400 shares of the specialty chemicals company’s stock after purchasing an additional 52,600 shares during the quarter. Intact Investment Management Inc. owned about 0.14% of Methanex Corporation worth $7,358,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of MEOH. FNY Partners Fund LP acquired a new stake in Methanex Corporation in the first quarter worth about $117,000. Turner Investments LLC acquired a new stake in Methanex Corporation in the second quarter worth about $221,000. Korea Investment CORP lifted its holdings in Methanex Corporation by 1.8% in the second quarter. Korea Investment CORP now owns 5,659 shares of the specialty chemicals company’s stock worth $249,000 after purchasing an additional 101 shares during the period. Comerica Bank lifted its holdings in Methanex Corporation by 3.1% in the first quarter. Comerica Bank now owns 5,892 shares of the specialty chemicals company’s stock worth $264,000 after purchasing an additional 178 shares during the period. Finally, AHL Partners LLP acquired a new stake in Methanex Corporation in the second quarter worth about $300,000. 81.93% of the stock is owned by institutional investors and hedge funds.
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Methanex Corporation (NASDAQ:MEOH) opened at 49.35 on Wednesday. Methanex Corporation has a 12-month low of $34.45 and a 12-month high of $53.35. The company has a 50-day moving average price of $50.77 and a 200-day moving average price of $46.02. The firm has a market cap of $4.25 billion, a P/E ratio of 19.20 and a beta of 1.76.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last released its earnings results on Wednesday, October 25th. The specialty chemicals company reported $0.60 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.05. The firm had revenue of $720.00 million for the quarter, compared to analysts’ expectations of $614.19 million. Methanex Corporation had a return on equity of 16.02% and a net margin of 9.81%. The business’s quarterly revenue was up 41.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.01) EPS. On average, analysts predict that Methanex Corporation will post $4.10 earnings per share for the current year.
Methanex Corporation announced that its board has approved a stock buyback plan on Wednesday, July 26th that permits the company to repurchase 1,660,000 outstanding shares. This repurchase authorization permits the specialty chemicals company to buy shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
Several equities research analysts recently weighed in on MEOH shares. Scotiabank set a $53.00 price objective on shares of Methanex Corporation and gave the stock a “sector perform” rating in a report on Tuesday, July 4th. BidaskClub raised shares of Methanex Corporation from a “sell” rating to a “hold” rating in a report on Thursday, July 13th. Zacks Investment Research downgraded shares of Methanex Corporation from a “hold” rating to a “sell” rating in a report on Monday, July 17th. Royal Bank Of Canada reduced their price objective on shares of Methanex Corporation from $54.00 to $50.00 and set a “sector perform” rating for the company in a report on Tuesday, July 18th. Finally, Alembic Global Advisors set a $65.00 price objective on shares of Methanex Corporation and gave the stock a “buy” rating in a report on Thursday, July 27th. Three analysts have rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $54.17.
Methanex Corporation Profile
Methanex Corp is a Canada-based producer and supplier of methanol to a range of international markets. The Company operates production sites in Canada, Chile, Egypt, New Zealand, the United States, as well as Trinidad and Tobago. Its global operations are supported by a global supply chain of terminals, storage facilities and a fleet of methanol ocean tankers.
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