Methanex (NASDAQ:MEOH) Price Target Cut to $54.00

Methanex (NASDAQ:MEOH) (TSE:MX) had its price target trimmed by UBS Group from $58.00 to $54.00 in a report released on Monday, Benzinga reports. The brokerage currently has a buy rating on the specialty chemicals company’s stock.

Other equities research analysts also recently issued research reports about the company. Piper Sandler raised their price objective on Methanex from $51.00 to $68.00 and gave the company an overweight rating in a research report on Tuesday, September 10th. Royal Bank of Canada restated a sector perform rating and issued a $55.00 price target on shares of Methanex in a report on Tuesday, September 3rd. Barclays downgraded shares of Methanex from an overweight rating to an equal weight rating and cut their price objective for the stock from $56.00 to $44.00 in a research report on Tuesday, September 10th. Jefferies Financial Group increased their target price on shares of Methanex from $56.00 to $60.00 and gave the company a buy rating in a research report on Monday, June 10th. Finally, Scotiabank lifted their price target on shares of Methanex from $58.00 to $60.00 and gave the stock a sector outperform rating in a report on Wednesday, July 10th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Methanex presently has a consensus rating of Moderate Buy and an average target price of $55.38.

Methanex Trading Up 2.4 %

NASDAQ:MEOH opened at $40.48 on Monday. The firm has a 50-day simple moving average of $44.75 and a 200-day simple moving average of $47.11. Methanex has a one year low of $36.13 and a one year high of $56.43. The firm has a market cap of $2.73 billion, a P/E ratio of 17.15 and a beta of 1.36. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.87 and a current ratio of 1.25.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings data on Tuesday, July 30th. The specialty chemicals company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.10. The company had revenue of $920.00 million during the quarter, compared to the consensus estimate of $954.26 million. Methanex had a net margin of 4.05% and a return on equity of 5.44%. Methanex’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.60 earnings per share. Equities analysts anticipate that Methanex will post 2.46 EPS for the current fiscal year.

Methanex Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be given a dividend of $0.185 per share. The ex-dividend date is Monday, September 16th. This represents a $0.74 dividend on an annualized basis and a yield of 1.83%. Methanex’s dividend payout ratio is currently 31.36%.

Institutional Investors Weigh In On Methanex

Large investors have recently bought and sold shares of the company. M&G Plc purchased a new position in Methanex during the 1st quarter worth approximately $589,459,000. Norges Bank acquired a new position in Methanex during the fourth quarter valued at $34,109,000. Wellington Management Group LLP boosted its holdings in Methanex by 15.2% in the fourth quarter. Wellington Management Group LLP now owns 4,557,093 shares of the specialty chemicals company’s stock valued at $216,043,000 after purchasing an additional 599,778 shares during the last quarter. Vanguard Group Inc. grew its position in Methanex by 21.1% during the 4th quarter. Vanguard Group Inc. now owns 2,443,939 shares of the specialty chemicals company’s stock worth $115,745,000 after purchasing an additional 425,104 shares during the period. Finally, FIL Ltd raised its stake in shares of Methanex by 4.9% during the 4th quarter. FIL Ltd now owns 7,396,173 shares of the specialty chemicals company’s stock valued at $349,868,000 after buying an additional 346,475 shares during the last quarter. Hedge funds and other institutional investors 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.