Chesapeake Capital Corp IL Sells 6,319 Shares of Methanex Co. (NASDAQ:MEOH)

Chesapeake Capital Corp IL decreased its holdings in shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 51.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,972 shares of the specialty chemicals company’s stock after selling 6,319 shares during the period. Chesapeake Capital Corp IL’s holdings in Methanex were worth $288,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Headlands Technologies LLC boosted its holdings in Methanex by 346.5% in the first quarter. Headlands Technologies LLC now owns 902 shares of the specialty chemicals company’s stock worth $40,000 after acquiring an additional 700 shares in the last quarter. Larson Financial Group LLC bought a new position in Methanex in the first quarter worth approximately $45,000. Blue Trust Inc. boosted its holdings in Methanex by 52,500.0% in the second quarter. Blue Trust Inc. now owns 1,578 shares of the specialty chemicals company’s stock worth $70,000 after acquiring an additional 1,575 shares in the last quarter. U S Global Investors Inc. bought a new position in Methanex in the first quarter worth approximately $178,000. Finally, Value Partners Investments Inc. bought a new position in shares of Methanex in the first quarter valued at approximately $201,000. Institutional investors own 73.49% of the company’s stock.

Methanex Stock Performance

Shares of MEOH opened at $36.82 on Wednesday. The company has a current ratio of 1.25, a quick ratio of 0.87 and a debt-to-equity ratio of 0.80. The stock has a 50 day moving average of $46.17 and a 200 day moving average of $47.45. Methanex Co. has a 12 month low of $36.78 and a 12 month high of $56.43. The company has a market capitalization of $2.48 billion, a price-to-earnings ratio of 15.60 and a beta of 1.36.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its earnings results on Tuesday, July 30th. The specialty chemicals company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.10. Methanex had a return on equity of 5.44% and a net margin of 4.05%. The business had revenue of $920.00 million during the quarter, compared to the consensus estimate of $954.26 million. During the same period last year, the business posted $0.60 earnings per share. The business’s revenue for the quarter was down 2.0% on a year-over-year basis. As a group, sell-side analysts forecast that Methanex Co. will post 2.49 earnings per share for the current year.

Methanex Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be given a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date of this dividend is Monday, September 16th. Methanex’s dividend payout ratio is currently 31.36%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on MEOH shares. UBS Group dropped their target price on Methanex from $62.00 to $58.00 and set a “buy” rating on the stock in a report on Wednesday, August 21st. Piper Sandler raised their target price on Methanex from $51.00 to $68.00 and gave the company an “overweight” rating in a report on Tuesday. Barclays lowered Methanex from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $56.00 to $44.00 in a report on Tuesday. Scotiabank raised their target price on Methanex from $58.00 to $60.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 10th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 target price on shares of Methanex in a report on Tuesday, September 3rd. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Methanex has an average rating of “Moderate Buy” and an average target price of $56.88.

Methanex 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.