Bank of Montreal Can Sells 241,452 Shares of Methanex Co. (NASDAQ:MEOH)

Bank of Montreal Can cut its position in Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 21.2% in the 3rd quarter, Holdings Channel.com reports. The firm owned 894,984 shares of the specialty chemicals company’s stock after selling 241,452 shares during the period. Bank of Montreal Can’s holdings in Methanex were worth $37,166,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Bank of Hawaii raised its position in shares of Methanex by 4.2% during the third quarter. Bank of Hawaii now owns 11,470 shares of the specialty chemicals company’s stock worth $474,000 after acquiring an additional 465 shares during the last quarter. Cerity Partners LLC raised its position in shares of Methanex by 19.1% during the third quarter. Cerity Partners LLC now owns 17,844 shares of the specialty chemicals company’s stock worth $738,000 after acquiring an additional 2,863 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Methanex by 4.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 205,102 shares of the specialty chemicals company’s stock worth $8,483,000 after acquiring an additional 8,850 shares during the last quarter. PCJ Investment Counsel Ltd. bought a new position in shares of Methanex during the third quarter worth about $471,000. Finally, MQS Management LLC bought a new position in shares of Methanex during the third quarter worth about $401,000. 73.49% of the stock is currently owned by institutional investors.

Methanex Trading Up 0.5 %

Shares of Methanex stock opened at $46.52 on Friday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.01 and a current ratio of 1.34. Methanex Co. has a 52 week low of $36.13 and a 52 week high of $56.43. The stock has a 50 day moving average price of $42.07 and a two-hundred day moving average price of $45.58. The stock has a market capitalization of $3.13 billion, a PE ratio of 21.74 and a beta of 1.36.

Methanex Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be paid a $0.185 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $0.74 dividend on an annualized basis and a yield of 1.59%. Methanex’s dividend payout ratio (DPR) is presently 34.58%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MEOH. Piper Sandler raised their price objective on Methanex from $68.00 to $71.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. UBS Group lowered their target price on Methanex from $54.00 to $53.00 and set a “buy” rating for the company in a report on Thursday, November 7th. 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, September 3rd. StockNews.com upgraded Methanex from a “hold” rating to a “buy” rating in a report on Friday, November 8th. Finally, Raymond James lowered their target price on Methanex from $62.00 to $54.00 and set an “outperform” rating for the company in a report on Wednesday, September 11th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $55.88.

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.