Wealth High Governance Capital Ltda Purchases New Stake in Methanex Corporation $MEOH

Wealth High Governance Capital Ltda purchased a new stake in shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 42,106 shares of the specialty chemicals company’s stock, valued at approximately $2,507,000.

A number of other hedge funds have also recently modified their holdings of the company. Wealth High Governance Asset Management Ltda. purchased a new stake in shares of Methanex during the first quarter worth about $2,131,000. Bank of America Corp DE raised its position in Methanex by 202.3% during the 1st quarter. Bank of America Corp DE now owns 681,407 shares of the specialty chemicals company’s stock valued at $40,571,000 after purchasing an additional 455,975 shares during the last quarter. Amundi lifted its holdings in Methanex by 14.3% in the 1st quarter. Amundi now owns 76,469 shares of the specialty chemicals company’s stock worth $4,553,000 after buying an additional 9,550 shares during the period. Quantinno Capital Management LP bought a new stake in shares of Methanex in the 1st quarter worth approximately $252,000. Finally, Clough Capital Partners L P bought a new stake in shares of Methanex in the 1st quarter worth approximately $1,786,000. Hedge funds and other institutional investors own 73.49% of the company’s stock.

Methanex Price Performance

NASDAQ:MEOH opened at $55.55 on Monday. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.07 and a quick ratio of 1.35. The firm’s 50-day moving average price is $54.07 and its 200-day moving average price is $54.52. The company has a market capitalization of $4.30 billion, a PE ratio of 53.93 and a beta of 0.58. Methanex Corporation has a 1-year low of $32.00 and a 1-year high of $66.75.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings results on Tuesday, July 28th. The specialty chemicals company reported $3.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.00 by ($0.13). Methanex had a net margin of 2.07% and a return on equity of 11.35%. The business had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.43 billion. During the same period last year, the business earned $0.97 earnings per share. The company’s revenue was up 75.0% on a year-over-year basis. On average, equities analysts predict that Methanex Corporation will post 8.7 EPS for the current fiscal year.

Methanex Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be paid a dividend of $0.185 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.3%. Methanex’s dividend payout ratio (DPR) is currently 71.84%.

Analyst Ratings Changes

A number of analysts recently commented on MEOH shares. Scotiabank raised their price target on Methanex from $70.00 to $80.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 5th. UBS Group raised their target price on shares of Methanex from $70.00 to $71.00 and gave the stock a “buy” rating in a research report on Friday. National Bank Financial set a $70.00 target price on shares of Methanex and gave the company an “outperform” rating in a research note on Monday, July 13th. Royal Bank Of Canada decreased their price target on shares of Methanex from $70.00 to $65.00 and set a “sector perform” rating for the company in a research note on Wednesday, July 1st. Finally, Raymond James Financial lifted their price objective on Methanex from $52.00 to $65.00 and gave the company a “market perform” rating in a research report on Thursday, April 16th. Six research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $68.56.

About Methanex

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).