Methanex Co. (NASDAQ:MEOH) (TSE:MX) was the recipient of a significant increase in short interest in the month of September. As of September 30th, there was short interest totalling 1,390,000 shares, an increase of 29.9% from the August 30th total of 1,070,000 shares. Based on an average daily volume of 438,300 shares, the days-to-cover ratio is currently 3.2 days. Currently, 1.8% of the shares of the stock are sold short.
Several research analysts have recently weighed in on the stock. UBS Group decreased their price target on shares of Methanex from $35.00 to $26.00 and set a “sell” rating on the stock in a report on Thursday, August 29th. Alembic Global Advisors set a $55.00 price target on shares of Methanex and gave the stock a “hold” rating in a report on Monday, August 26th. Barclays reduced their target price on Methanex from $53.00 to $39.00 and set an “equal weight” rating on the stock in a research note on Monday, September 9th. TheStreet cut Methanex from a “b-” rating to a “c+” rating in a research note on Friday, August 16th. Finally, Cowen reissued a “market perform” rating and issued a $39.00 target price (down previously from $49.00) on shares of Methanex in a research note on Tuesday, August 6th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $53.47.
Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Methanex by 1.7% during the second quarter. Vanguard Group Inc. now owns 2,245,124 shares of the specialty chemicals company’s stock valued at $102,064,000 after buying an additional 37,368 shares during the last quarter. Mackenzie Financial Corp grew its stake in shares of Methanex by 27.5% during the second quarter. Mackenzie Financial Corp now owns 1,227,240 shares of the specialty chemicals company’s stock valued at $55,790,000 after buying an additional 264,979 shares during the last quarter. Invesco Ltd. grew its stake in shares of Methanex by 2.4% during the second quarter. Invesco Ltd. now owns 1,136,602 shares of the specialty chemicals company’s stock valued at $51,670,000 after buying an additional 26,803 shares during the last quarter. Scheer Rowlett & Associates Investment Management Ltd. grew its stake in shares of Methanex by 42.4% during the second quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 883,948 shares of the specialty chemicals company’s stock valued at $40,215,000 after buying an additional 263,340 shares during the last quarter. Finally, Fiera Capital Corp grew its stake in shares of Methanex by 3.7% during the second quarter. Fiera Capital Corp now owns 836,936 shares of the specialty chemicals company’s stock valued at $38,002,000 after buying an additional 29,992 shares during the last quarter. 65.13% of the stock is currently owned by hedge funds and other institutional investors.
MEOH traded up $1.89 during trading on Friday, reaching $36.37. The stock had a trading volume of 367,807 shares, compared to its average volume of 429,371. The stock has a market cap of $2.77 billion, a PE ratio of 5.30, a PEG ratio of 1.86 and a beta of 1.77. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.71 and a current ratio of 1.04. Methanex has a one year low of $30.25 and a one year high of $77.98. The business has a 50-day moving average of $34.23 and a 200-day moving average of $43.48.
Methanex (NASDAQ:MEOH) (TSE:MX) last released its earnings results on Wednesday, July 31st. The specialty chemicals company reported $0.34 EPS for the quarter, missing the Zacks’ consensus estimate of $0.50 by ($0.16). Methanex had a net margin of 10.81% and a return on equity of 18.33%. The firm had revenue of $734.00 million during the quarter, compared to the consensus estimate of $719.86 million. During the same period in the prior year, the company earned $1.75 EPS. The firm’s revenue was down 22.7% compared to the same quarter last year. Equities research analysts forecast that Methanex will post 1.2 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were paid a dividend of $0.36 per share. The ex-dividend date was Friday, September 13th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.96%. Methanex’s dividend payout ratio (DPR) is currently 20.99%.
Methanex Corporation produces and supplies methanol in North America, the Asia Pacific, Europe, and South America. It also purchases methanol produced by others under methanol offtake contracts and on the spot market. The company was founded in 1968 and is headquartered in Vancouver, Canada.
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