Stonebridge Capital Management Inc. boosted its stake in Methanex Corp. (NASDAQ:MEOH) by 34.5% during the second quarter, Holdings Channel reports. The fund owned 10,625 shares of the company’s stock after buying an additional 2,725 shares during the period. Stonebridge Capital Management Inc.’s holdings in Methanex Corp. were worth $309,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its stake in Methanex Corp. by 243.9% in the first quarter. JPMorgan Chase & Co. now owns 308,463 shares of the company’s stock valued at $9,908,000 after buying an additional 218,770 shares during the last quarter. A.R.T. Advisors LLC bought a new position in shares of Methanex Corp. during the first quarter valued at $2,470,000. Barclays PLC boosted its position in shares of Methanex Corp. by 73.3% in the first quarter. Barclays PLC now owns 62,863 shares of the company’s stock valued at $2,011,000 after buying an additional 26,581 shares in the last quarter. OMERS ADMINISTRATION Corp bought a new position in shares of Methanex Corp. during the first quarter valued at $816,000. Finally, Envestnet Asset Management Inc. boosted its position in shares of Methanex Corp. by 68.1% in the first quarter. Envestnet Asset Management Inc. now owns 35,483 shares of the company’s stock valued at $1,140,000 after buying an additional 14,371 shares in the last quarter. 87.01% of the stock is owned by institutional investors and hedge funds.
Shares of Methanex Corp. (NASDAQ:MEOH) traded up 3.23% during midday trading on Thursday, reaching $35.76. The company had a trading volume of 1,460,532 shares. Methanex Corp. has a one year low of $22.73 and a one year high of $44.95. The company has a 50 day moving average of $30.01 and a 200 day moving average of $30.94. The company has a market capitalization of $3.21 billion, a PE ratio of 81.09 and a beta of 2.10.
Methanex Corp. (NASDAQ:MEOH) last announced its quarterly earnings data on Thursday, July 28th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.25) by $0.09. Methanex Corp. had a net margin of 3.22% and a return on equity of 2.10%. The firm had revenue of $468 million for the quarter, compared to the consensus estimate of $422.82 million. During the same period last year, the company posted $0.56 earnings per share. Methanex Corp.’s revenue for the quarter was down 26.6% on a year-over-year basis. Analysts predict that Methanex Corp. will post ($0.79) EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Friday, September 16th will be given a dividend of $0.275 per share. The ex-dividend date is Wednesday, September 14th. This represents a $1.10 annualized dividend and a dividend yield of 3.08%. Methanex Corp.’s dividend payout ratio is currently 305.56%.
Several equities analysts have weighed in on the company. BMO Capital Markets lifted their price objective on Methanex Corp. to $40.00 in a report on Thursday. Scotiabank reaffirmed an “outperform” rating and issued a $35.00 price objective on shares of Methanex Corp. in a report on Wednesday, August 31st. Cowen and Company dropped their price objective on Methanex Corp. from $43.00 to $40.00 and set an “outperform” rating for the company in a report on Thursday, August 4th. TD Securities raised Methanex Corp. from a “hold” rating to a “buy” rating in a report on Friday, July 29th. Finally, Zacks Investment Research raised Methanex Corp. from a “strong sell” rating to a “hold” rating in a report on Tuesday, July 19th. Four investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. Methanex Corp. currently has a consensus rating of “Buy” and a consensus price target of $39.45.
About Methanex Corp.
Methanex Corporation is a producer and supplier of methanol to a range of international markets. The Company operates production sites in Canada, Chile, Egypt, New Zealand, the United States, and Trinidad and Tobago. Its global operations are supported by a global supply chain of terminals, storage facilities and a fleet of methanol ocean tankers.
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