Mackenzie Financial Corp Buys 23,747 Shares of Methanex Co. (NASDAQ:MEOH)

Mackenzie Financial Corp increased its stake in Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 3.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 726,546 shares of the specialty chemicals company’s stock after purchasing an additional 23,747 shares during the period. Mackenzie Financial Corp owned approximately 1.08% of Methanex worth $35,082,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of MEOH. Norges Bank acquired a new position in shares of Methanex in the 4th quarter valued at approximately $34,109,000. Trexquant Investment LP lifted its stake in Methanex by 35.1% during the fourth quarter. Trexquant Investment LP now owns 8,059 shares of the specialty chemicals company’s stock worth $382,000 after purchasing an additional 2,094 shares during the last quarter. Campbell & CO Investment Adviser LLC increased its stake in shares of Methanex by 327.2% in the 4th quarter. Campbell & CO Investment Adviser LLC now owns 37,109 shares of the specialty chemicals company’s stock valued at $1,757,000 after purchasing an additional 28,423 shares during the last quarter. CIBC Asset Management Inc raised its holdings in shares of Methanex by 2.9% during the 4th quarter. CIBC Asset Management Inc now owns 66,028 shares of the specialty chemicals company’s stock worth $3,133,000 after buying an additional 1,850 shares in the last quarter. Finally, Appian Way Asset Management LP bought a new stake in shares of Methanex during the 4th quarter worth $6,801,000. Institutional investors own 73.49% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on MEOH. UBS Group dropped their target price on shares of Methanex from $58.00 to $54.00 and set a “buy” rating for the company in a report on Monday, September 16th. Barclays cut shares of Methanex from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $56.00 to $44.00 in a research note on Tuesday, September 10th. Raymond James dropped their price target on Methanex from $62.00 to $54.00 and set an “outperform” rating for the company in a research note on Wednesday, September 11th. Jefferies Financial Group upped their target price on Methanex from $56.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, June 10th. Finally, Piper Sandler boosted their price target on Methanex from $51.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.38.

Methanex Stock Performance

Shares of MEOH stock opened at $41.63 on Friday. The stock has a market capitalization of $2.81 billion, a PE ratio of 17.64 and a beta of 1.36. The business’s 50 day simple moving average is $43.45 and its 200 day simple moving average is $47.04. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.25 and a quick ratio of 0.87. Methanex Co. has a one year low of $36.13 and a one year high of $56.43.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings data on Tuesday, July 30th. The specialty chemicals company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.10. The company had revenue of $920.00 million during the quarter, compared to analysts’ expectations 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 period in the prior year, the company posted $0.60 earnings per share. As a group, research analysts forecast that Methanex Co. will post 2.41 earnings per share for the current year.

Methanex Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors 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 annualized dividend and a dividend yield of 1.78%. Methanex’s payout ratio is 31.36%.

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.