Methanex Co. (NASDAQ:MEOH) Shares Sold by Ritholtz Wealth Management

Ritholtz Wealth Management cut its stake in shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 2.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,535 shares of the specialty chemicals company’s stock after selling 510 shares during the period. Ritholtz Wealth Management’s holdings in Methanex were worth $894,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of MEOH. BNP Paribas Financial Markets purchased a new position in Methanex in the 1st quarter worth about $494,000. Duality Advisers LP purchased a new position in shares of Methanex in the first quarter worth approximately $779,000. M&G Plc acquired a new stake in shares of Methanex during the first quarter valued at approximately $589,459,000. Dimensional Fund Advisors LP lifted its position in shares of Methanex by 1.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 908,008 shares of the specialty chemicals company’s stock valued at $43,004,000 after acquiring an additional 15,190 shares in the last quarter. Finally, Headlands Technologies LLC boosted its stake in Methanex by 346.5% in the 1st quarter. Headlands Technologies LLC now owns 902 shares of the specialty chemicals company’s stock worth $40,000 after purchasing an additional 700 shares during the period. 73.49% of the stock is owned by hedge funds and other institutional investors.

Methanex Trading Down 4.6 %

NASDAQ:MEOH opened at $44.52 on Wednesday. The company has a market capitalization of $3.00 billion, a P/E ratio of 18.86 and a beta of 1.39. The stock’s 50 day moving average price is $46.89 and its 200 day moving average price is $47.56. 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 Co. has a 52 week low of $38.31 and a 52 week high of $56.43.

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

Methanex Dividend Announcement

The business 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 $0.185 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.66%. Methanex’s dividend payout ratio is currently 31.36%.

Analyst Ratings Changes

Several brokerages have issued reports on MEOH. Scotiabank boosted their target price on shares of Methanex from $58.00 to $60.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 10th. UBS Group dropped their price target on Methanex from $62.00 to $58.00 and set a “buy” rating on the stock in a research report on Wednesday, August 21st. Jefferies Financial Group raised their price objective on Methanex from $56.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, June 10th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 target price on shares of Methanex in a report on Tuesday. Finally, Piper Sandler raised shares of Methanex from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $50.00 to $51.00 in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $56.25.

Methanex 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.