Methanex Co. (NASDAQ:MEOH) Stake Cut by M&G Investment Management Ltd.

M&G Investment Management Ltd. lowered its holdings in Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 0.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,112,435 shares of the specialty chemicals company’s stock after selling 117,800 shares during the period. Methanex makes up 3.7% of M&G Investment Management Ltd.’s investment portfolio, making the stock its 4th largest position. M&G Investment Management Ltd. owned about 19.46% of Methanex worth $616,284,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Citigroup Inc. increased its stake in shares of Methanex by 40.2% during the third quarter. Citigroup Inc. now owns 4,042 shares of the specialty chemicals company’s stock valued at $183,000 after buying an additional 1,158 shares during the period. Ausbil Investment Management Ltd bought a new stake in shares of Methanex during the fourth quarter valued at approximately $195,000. Advisor Partners II LLC bought a new stake in Methanex in the third quarter worth $209,000. Vanguard Personalized Indexing Management LLC bought a new stake in Methanex in the third quarter worth $216,000. Finally, Numerai GP LLC bought a new stake in Methanex in the third quarter worth $223,000. Hedge funds and other institutional investors own 73.49% of the company’s stock.

Analyst Ratings Changes

MEOH has been the subject of several recent analyst reports. Barclays boosted their price target on Methanex from $53.00 to $56.00 and gave the stock an “overweight” rating in a research note on Monday, February 12th. Scotiabank boosted their price target on Methanex from $54.00 to $58.00 and gave the stock a “sector outperform” rating in a research note on Monday, April 29th. Raymond James decreased their price target on Methanex from $67.00 to $62.00 and set an “outperform” rating for the company in a research note on Wednesday, February 21st. UBS Group boosted their price target on Methanex from $59.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, April 25th. Finally, Piper Sandler reiterated a “neutral” rating and set a $50.00 price objective on shares of Methanex in a research report on Thursday, March 7th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Methanex presently has an average rating of “Moderate Buy” and an average price target of $54.88.

Methanex Price Performance

Methanex stock traded down $0.74 during midday trading on Wednesday, reaching $52.53. 216,285 shares of the stock traded hands, compared to its average volume of 303,519. The stock has a market cap of $3.54 billion, a P/E ratio of 22.30 and a beta of 1.47. Methanex Co. has a 12 month low of $38.18 and a 12 month high of $53.55. The stock’s fifty day moving average is $46.68 and its 200-day moving average is $45.37. The company has a quick ratio of 0.85, a current ratio of 1.17 and a debt-to-equity ratio of 0.82.

Methanex Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be paid a $0.185 dividend. This represents a $0.74 annualized dividend and a dividend yield of 1.41%. The ex-dividend date is Friday, June 14th. Methanex’s payout ratio is 31.36%.

Methanex Company Profile

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.