Methanex Co. (NASDAQ:MEOH) Shares Sold by CIBC Asset Management Inc

CIBC Asset Management Inc cut its stake in Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 1.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 82,854 shares of the specialty chemicals company’s stock after selling 845 shares during the period. CIBC Asset Management Inc’s holdings in Methanex were worth $3,425,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Blue Trust Inc. increased its stake in shares of Methanex by 52,500.0% during the second quarter. Blue Trust Inc. now owns 1,578 shares of the specialty chemicals company’s stock worth $70,000 after acquiring an additional 1,575 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of Methanex by 572.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the specialty chemicals company’s stock worth $93,000 after purchasing an additional 1,626 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Methanex in the second quarter valued at $201,000. Value Partners Investments Inc. boosted its stake in shares of Methanex by 10.4% during the 3rd quarter. Value Partners Investments Inc. now owns 5,642 shares of the specialty chemicals company’s stock worth $233,000 after purchasing an additional 532 shares during the last quarter. Finally, Bayesian Capital Management LP acquired a new stake in Methanex during the first quarter worth approximately $239,000. 73.49% of the stock is currently owned by hedge funds and other institutional investors.

Methanex Stock Performance

Shares of MEOH opened at $44.07 on Tuesday. The firm has a market capitalization of $2.97 billion, a PE ratio of 19.93 and a beta of 1.36. The company has a quick ratio of 1.01, a current ratio of 1.34 and a debt-to-equity ratio of 0.79. Methanex Co. has a 52-week low of $36.13 and a 52-week high of $56.43. The firm has a 50-day moving average price of $40.77 and a 200 day moving average price of $45.76.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Raymond James dropped their price target on shares of Methanex from $62.00 to $54.00 and set an “outperform” rating for the company in a research report on Wednesday, September 11th. Barclays raised their target price on Methanex from $44.00 to $46.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. Piper Sandler upped their price target on shares of Methanex from $51.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. StockNews.com raised Methanex from a “hold” rating to a “buy” rating in a report on Friday, November 8th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 target price on shares of Methanex in a research note on Tuesday, September 3rd. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $55.50.

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.