Chesapeake Capital Corp IL Trims Holdings in Methanex Co. (NASDAQ:MEOH)

Chesapeake Capital Corp IL cut its stake in Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 51.4% in the 2nd quarter, Holdings Channel.com reports. The firm owned 5,972 shares of the specialty chemicals company’s stock after selling 6,319 shares during the quarter. Chesapeake Capital Corp IL’s holdings in Methanex were worth $288,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in MEOH. Headlands Technologies LLC grew its position in shares of Methanex by 346.5% in the first quarter. Headlands Technologies LLC now owns 902 shares of the specialty chemicals company’s stock valued at $40,000 after purchasing an additional 700 shares in the last quarter. Larson Financial Group LLC bought a new stake in Methanex during the first quarter valued at $45,000. Blue Trust Inc. boosted its stake in Methanex by 52,500.0% during the second quarter. Blue Trust Inc. now owns 1,578 shares of the specialty chemicals company’s stock valued at $70,000 after buying an additional 1,575 shares during the period. U S Global Investors Inc. bought a new stake in Methanex during the first quarter valued at $178,000. Finally, Value Partners Investments Inc. bought a new stake in Methanex during the first quarter valued at $201,000. 73.49% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MEOH has been the subject of several research analyst reports. Piper Sandler lifted their price objective on Methanex from $51.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday. Jefferies Financial Group lifted their price objective on Methanex from $56.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, June 10th. UBS Group dropped their price objective on Methanex from $62.00 to $58.00 and set a “buy” rating for the company in a research note on Wednesday, August 21st. Scotiabank lifted their price objective on Methanex from $58.00 to $60.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 10th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price target on shares of Methanex in a research note on Tuesday, September 3rd. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $56.88.

Methanex Stock Down 5.8 %

MEOH opened at $36.82 on Wednesday. The company has a market cap of $2.48 billion, a P/E ratio of 15.60 and a beta of 1.36. The business’s 50-day moving average price is $46.17 and its 200-day moving average price is $47.45. The company has a current ratio of 1.25, a quick ratio of 0.87 and a debt-to-equity ratio of 0.80. Methanex Co. has a 12 month low of $36.78 and a 12 month high of $56.43.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings data on Tuesday, July 30th. The specialty chemicals company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.52 by $0.10. The firm had revenue of $920.00 million for the quarter, compared to the consensus estimate of $954.26 million. Methanex had a return on equity of 5.44% and a net margin of 4.05%. The company’s quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.60 earnings per share. On average, equities analysts expect that Methanex Co. will post 2.49 EPS for the current year.

Methanex Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be issued a $0.185 dividend. The ex-dividend date is Monday, September 16th. This represents a $0.74 annualized dividend and a dividend yield of 2.01%. Methanex’s dividend payout ratio is currently 31.36%.

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.