Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 159.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,043 shares of the specialty chemicals company’s stock after buying an additional 28,946 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.06% of Methanex worth $3,711,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of MEOH. Canada Pension Plan Investment Board boosted its position in shares of Methanex by 60.1% in the second quarter. Canada Pension Plan Investment Board now owns 601,759 shares of the specialty chemicals company’s stock worth $42,525,000 after buying an additional 226,000 shares during the period. Janus Henderson Group PLC boosted its holdings in Methanex by 173.8% in the second quarter. Janus Henderson Group PLC now owns 350,291 shares of the specialty chemicals company’s stock valued at $24,753,000 after purchasing an additional 222,338 shares during the last quarter. Strs Ohio purchased a new position in Methanex in the second quarter valued at about $13,345,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp boosted its holdings in Methanex by 8.7% in the second quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 997,100 shares of the specialty chemicals company’s stock valued at $92,690,000 after purchasing an additional 79,700 shares during the last quarter. Finally, Hexavest Inc. purchased a new position in Methanex in the third quarter valued at about $5,080,000. 74.99% of the stock is owned by institutional investors.
A number of research analysts recently commented on the company. Barclays assumed coverage on Methanex in a report on Monday, October 8th. They issued an “equal weight” rating and a $90.00 price target for the company. BidaskClub raised Methanex from a “buy” rating to a “strong-buy” rating in a report on Friday, August 24th. Cowen increased their price target on Methanex from $80.00 to $89.00 and gave the company an “outperform” rating in a report on Monday, October 15th. Raymond James set a $90.00 price target on Methanex and gave the company an “outperform” rating in a report on Friday, October 26th. Finally, Monness Crespi & Hardt increased their price target on Methanex from $75.00 to $86.00 and gave the company a “buy” rating in a report on Tuesday, September 25th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $81.50.
Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings data on Wednesday, October 24th. The specialty chemicals company reported $1.92 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.99 by ($0.07). Methanex had a net margin of 12.48% and a return on equity of 34.25%. The firm had revenue of $1.04 billion for the quarter. As a group, equities research analysts predict that Methanex Co. will post 6.88 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Shareholders of record on Monday, December 17th will be paid a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.38%. The ex-dividend date is Friday, December 14th. Methanex’s payout ratio is currently 28.03%.
TRADEMARK VIOLATION NOTICE: This article was posted by Community Financial News and is the property of of Community Financial News. If you are accessing this article on another domain, it was stolen and reposted in violation of US & international trademark and copyright laws. The correct version of this article can be viewed at https://www.com-unik.info/2018/12/02/zurcher-kantonalbank-zurich-cantonalbank-has-3-71-million-stake-in-methanex-co-meoh.html.
Methanex Corporation produces and sells methanol in North America, the Asia Pacific, Europe, and South America. It also purchases and sells methanol produced by others under methanol offtake contracts and on the spot market. The company was founded in 1968 and is headquartered in Vancouver, Canada.
Read More: Momentum Indicator: Relative Strength Index
Receive News & Ratings for Methanex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Methanex and related companies with MarketBeat.com's FREE daily email newsletter.