TD Asset Management Inc Grows Stock Position in Methanex Corporation $MEOH

TD Asset Management Inc increased its holdings in Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 35.2% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 932,123 shares of the specialty chemicals company’s stock after buying an additional 242,662 shares during the period. TD Asset Management Inc’s holdings in Methanex were worth $37,020,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in MEOH. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Methanex by 249.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,432,483 shares of the specialty chemicals company’s stock worth $56,939,000 after buying an additional 1,022,987 shares in the last quarter. Norges Bank purchased a new stake in shares of Methanex in the 4th quarter worth about $34,872,000. Boston Partners boosted its position in shares of Methanex by 686.0% in the 3rd quarter. Boston Partners now owns 963,408 shares of the specialty chemicals company’s stock worth $38,277,000 after buying an additional 840,831 shares in the last quarter. Millennium Management LLC boosted its position in shares of Methanex by 116.8% in the 3rd quarter. Millennium Management LLC now owns 1,157,233 shares of the specialty chemicals company’s stock worth $46,011,000 after buying an additional 623,502 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Methanex by 14.0% in the 4th quarter. Vanguard Group Inc. now owns 2,746,051 shares of the specialty chemicals company’s stock worth $108,917,000 after buying an additional 336,316 shares in the last quarter. 73.49% of the stock is currently owned by hedge funds and other institutional investors.

Methanex Trading Down 5.1%

Shares of MEOH stock opened at $57.62 on Friday. The firm has a 50-day moving average price of $60.69 and a 200 day moving average price of $50.62. Methanex Corporation has a twelve month low of $32.00 and a twelve month high of $66.75. The company has a market capitalization of $4.46 billion, a price-to-earnings ratio of -117.59 and a beta of 0.56. The company has a current ratio of 1.96, a quick ratio of 1.26 and a debt-to-equity ratio of 0.98.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its earnings results on Wednesday, April 29th. The specialty chemicals company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.08). Methanex had a negative net margin of 1.25% and a positive return on equity of 2.96%. The firm had revenue of $957.42 million during the quarter, compared to analyst estimates of $964.76 million. During the same period in the previous year, the firm posted $1.30 EPS. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. Research analysts forecast that Methanex Corporation will post 6.36 earnings per share for the current fiscal year.

Methanex Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be paid a dividend of $0.185 per share. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.3%. Methanex’s dividend payout ratio is currently -151.02%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on MEOH shares. Zacks Research upgraded shares of Methanex from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, May 13th. Jefferies Financial Group boosted their price objective on shares of Methanex from $50.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, March 11th. JPMorgan Chase & Co. lowered shares of Methanex from an “overweight” rating to a “neutral” rating and boosted their price objective for the stock from $56.00 to $65.00 in a research report on Friday, May 1st. Scotiabank boosted their price objective on shares of Methanex from $70.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 5th. Finally, Wall Street Zen raised shares of Methanex from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $66.78.

Methanex Company Profile

Methanex Corporation is a Vancouver, Canada–based company and one of the world’s largest producers and suppliers of methanol. The company manufactures methanol, a key feedstock for a wide range of chemical products and industrial applications. Methanex markets its product to customers in energy, plastics, paints and coatings, and various chemical sectors, positioning the company as a critical link in the global supply chain for basic chemicals.

The company’s core product, methanol, serves as a building block for downstream chemicals such as formaldehyde, acetic acid and methyl tertiary butyl ether (MTBE).