Methanex (NASDAQ:MEOH) Reaches New 12-Month Low at $31.92

Methanex Co. (NASDAQ:MEOH) (TSE:MX) shares hit a new 52-week low on Wednesday . The stock traded as low as $31.92 and last traded at $32.01, with a volume of 20098 shares changing hands. The stock had previously closed at $33.59.

MEOH has been the topic of several analyst reports. Jefferies Financial Group decreased their price target on Methanex from $61.00 to $48.00 and set a “hold” rating on the stock in a research report on Monday, July 15th. TD Securities decreased their price target on Methanex from $58.00 to $52.00 and set a “buy” rating on the stock in a research report on Friday, August 2nd. Monness Crespi & Hardt restated a “buy” rating and issued a $69.00 price objective (down from $77.00) on shares of Methanex in a research report on Thursday, June 27th. ValuEngine cut shares of Methanex from a “sell” rating to a “strong sell” rating in a research report on Thursday, May 23rd. Finally, CIBC cut shares of Methanex from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $70.00 to $53.00 in a research report on Thursday, July 11th. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $62.06.

The company has a debt-to-equity ratio of 0.92, a current ratio of 1.04 and a quick ratio of 0.71. The firm has a 50-day moving average of $40.47. The company has a market cap of $2.54 billion, a P/E ratio of 4.69, a P/E/G ratio of 1.24 and a beta of 1.69.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings data on Wednesday, July 31st. The specialty chemicals company reported $0.34 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.16). Methanex had a return on equity of 18.33% and a net margin of 10.81%. The company had revenue of $734.00 million during the quarter, compared to the consensus estimate of $719.86 million. During the same quarter last year, the company posted $1.75 earnings per share. The firm’s revenue for the quarter was down 22.7% on a year-over-year basis. Analysts expect that Methanex Co. will post 1.79 EPS for the current fiscal year.

The firm 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 dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 4.47%. The ex-dividend date is Friday, September 13th. Methanex’s payout ratio is currently 20.99%.

A number of hedge funds and other institutional investors have recently modified their holdings of MEOH. D. E. Shaw & Co. Inc. lifted its position in Methanex by 160.3% during the second quarter. D. E. Shaw & Co. Inc. now owns 157,344 shares of the specialty chemicals company’s stock valued at $7,153,000 after buying an additional 96,905 shares during the period. Cubist Systematic Strategies LLC lifted its position in Methanex by 107.7% during the second quarter. Cubist Systematic Strategies LLC now owns 9,781 shares of the specialty chemicals company’s stock valued at $444,000 after buying an additional 5,071 shares during the period. Jefferies Group LLC lifted its position in Methanex by 243.4% during the second quarter. Jefferies Group LLC now owns 35,428 shares of the specialty chemicals company’s stock valued at $1,611,000 after buying an additional 25,112 shares during the period. Bank of America Corp DE lifted its position in Methanex by 1.4% during the second quarter. Bank of America Corp DE now owns 255,895 shares of the specialty chemicals company’s stock valued at $11,633,000 after buying an additional 3,481 shares during the period. Finally, Mackenzie Financial Corp lifted its position in Methanex by 27.5% during the second quarter. Mackenzie Financial Corp now owns 1,227,240 shares of the specialty chemicals company’s stock valued at $55,790,000 after buying an additional 264,979 shares during the period. Institutional investors and hedge funds own 70.00% of the company’s stock.

About Methanex (NASDAQ:MEOH)

Methanex Corporation produces and supplies methanol in North America, the Asia Pacific, Europe, and South America. It also purchases methanol produced by others under methanol offtake contracts and on the spot market. The company was founded in 1968 and is headquartered in Vancouver, Canada.

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