Methanex (NASDAQ:MEOH) Earns Outperformer Rating from CIBC

CIBC restated their outperformer rating on shares of Methanex (NASDAQ:MEOH) (TSE:MX) in a report published on Tuesday,Benzinga reports. CIBC currently has a $59.00 price target on the specialty chemicals company’s stock, up from their previous price target of $48.00.

MEOH has been the topic of a number of other reports. UBS Group lowered their price objective on Methanex from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. StockNews.com upgraded shares of Methanex from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. Barclays boosted their target price on shares of Methanex from $44.00 to $46.00 and gave the company an “equal weight” rating in a report on Monday, November 11th. Raymond James cut their price target on Methanex from $62.00 to $54.00 and set an “outperform” rating for the company in a report on Wednesday, September 11th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 price objective on shares of Methanex in a research note on Tuesday, September 3rd. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $57.25.

Methanex Stock Performance

NASDAQ:MEOH opened at $47.46 on Tuesday. The company has a market capitalization of $3.20 billion, a P/E ratio of 22.18 and a beta of 1.40. The business has a fifty day simple moving average of $43.01 and a two-hundred day simple moving average of $45.18. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.34 and a quick ratio of 1.01. Methanex has a 1 year low of $36.13 and a 1 year high of $56.43.

Methanex Announces Dividend

The firm also recently announced 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 of this dividend is Tuesday, December 17th. This represents a $0.74 dividend on an annualized basis and a yield of 1.56%. Methanex’s dividend payout ratio is currently 34.58%.

Institutional Trading of Methanex

A number of large investors have recently modified their holdings of the business. Wilmington Savings Fund Society FSB purchased a new stake in Methanex in the third quarter valued at approximately $40,000. Barclays PLC increased its holdings in shares of Methanex by 64.9% in the 3rd quarter. Barclays PLC now owns 20,447 shares of the specialty chemicals company’s stock worth $845,000 after buying an additional 8,047 shares during the last quarter. Toronto Dominion Bank raised its position in shares of Methanex by 7.8% during the 3rd quarter. Toronto Dominion Bank now owns 35,819 shares of the specialty chemicals company’s stock valued at $1,481,000 after buying an additional 2,590 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Methanex by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 104,871 shares of the specialty chemicals company’s stock worth $4,340,000 after acquiring an additional 1,203 shares during the last quarter. Finally, Public Employees Retirement System of Ohio purchased a new position in Methanex in the third quarter worth $1,092,000. Institutional investors own 73.49% of the company’s stock.

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.