Raymond James Financial Inc. Makes New $14.33 Million Investment in Methanex Co. (NASDAQ:MEOH)

Raymond James Financial Inc. purchased a new position in Methanex Co. (NASDAQ:MEOH) (TSE:MX) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 286,893 shares of the specialty chemicals company’s stock, valued at approximately $14,327,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MEOH. PCJ Investment Counsel Ltd. acquired a new position in shares of Methanex in the 3rd quarter worth approximately $471,000. Charles Schwab Investment Management Inc. lifted its position in shares of Methanex by 4.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 205,102 shares of the specialty chemicals company’s stock worth $8,483,000 after purchasing an additional 8,850 shares during the period. Cerity Partners LLC lifted its position in shares of Methanex by 19.1% in the 3rd quarter. Cerity Partners LLC now owns 17,844 shares of the specialty chemicals company’s stock worth $738,000 after purchasing an additional 2,863 shares during the period. Bank of Hawaii lifted its position in shares of Methanex by 4.2% in the 3rd quarter. Bank of Hawaii now owns 11,470 shares of the specialty chemicals company’s stock worth $474,000 after purchasing an additional 465 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Methanex by 25.6% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,414 shares of the specialty chemicals company’s stock worth $762,000 after purchasing an additional 3,750 shares during the period. Institutional investors and hedge funds own 73.49% of the company’s stock.

Methanex Stock Performance

MEOH opened at $37.74 on Wednesday. The company has a current ratio of 2.62, a quick ratio of 2.00 and a debt-to-equity ratio of 1.01. The company’s fifty day moving average price is $46.17 and its two-hundred day moving average price is $44.51. Methanex Co. has a 1-year low of $35.67 and a 1-year high of $56.43. The company has a market cap of $2.54 billion, a price-to-earnings ratio of 16.34 and a beta of 1.38.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings data on Wednesday, January 29th. The specialty chemicals company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.30. Methanex had a net margin of 4.41% and a return on equity of 10.97%. On average, analysts expect that Methanex Co. will post 4.32 EPS for the current fiscal year.

Methanex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a $0.185 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.74 annualized dividend and a dividend yield of 1.96%. Methanex’s payout ratio is 32.03%.

Analysts Set New Price Targets

MEOH has been the topic of a number of recent analyst reports. Raymond James boosted their price target on shares of Methanex from $54.00 to $60.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 14th. Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 target price on shares of Methanex in a research report on Friday, January 31st. Cibc World Mkts upgraded shares of Methanex from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 10th. Piper Sandler boosted their target price on shares of Methanex from $68.00 to $71.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Finally, CIBC reiterated an “outperform” rating on shares of Methanex in a research report on Monday, February 3rd. Three equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $60.63.

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.