Allianz Asset Management GmbH reduced its stake in shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 19.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 354,509 shares of the specialty chemicals company’s stock after selling 84,958 shares during the quarter. Allianz Asset Management GmbH’s holdings in Methanex were worth $27,963,000 as of its most recent filing with the SEC.
Other hedge funds also recently bought and sold shares of the company. SG Americas Securities LLC acquired a new stake in shares of Methanex during the third quarter worth approximately $181,000. Highstreet Asset Management Inc. bought a new position in Methanex during the second quarter valued at approximately $183,000. Cerebellum GP LLC bought a new position in Methanex during the third quarter valued at approximately $188,000. Advisors Preferred LLC raised its position in Methanex by 57.8% during the second quarter. Advisors Preferred LLC now owns 2,688 shares of the specialty chemicals company’s stock valued at $190,000 after acquiring an additional 985 shares in the last quarter. Finally, One Capital Management LLC bought a new position in Methanex during the second quarter valued at approximately $212,000. Institutional investors and hedge funds own 71.15% of the company’s stock.
Several equities analysts recently weighed in on the stock. Barclays assumed coverage on shares of Methanex in a research report on Monday, October 8th. They set an “equal weight” rating and a $90.00 price objective on the stock. ValuEngine raised shares of Methanex from a “hold” rating to a “buy” rating in a research report on Saturday, October 6th. Royal Bank of Canada raised their price objective on shares of Methanex from $78.00 to $83.00 and gave the company a “sector perform” rating in a research report on Monday, October 1st. BidaskClub raised shares of Methanex from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 28th. Finally, Monness Crespi & Hardt raised their price objective on shares of Methanex from $75.00 to $86.00 and gave the company a “buy” rating in a research report on Tuesday, September 25th. Two research analysts have rated the stock with a sell rating, three have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $81.07.
Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings results on Wednesday, October 24th. The specialty chemicals company reported $1.92 EPS for the quarter, missing the Zacks’ 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 during the quarter. Analysts predict that Methanex Co. will post 6.88 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Monday, December 17th will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date of this dividend is Friday, December 14th. Methanex’s dividend payout ratio is 28.03%.
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.
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