Methanex (MEOH) Shares Down 5.4%
Methanex Co. (NASDAQ:MEOH) (TSE:MX)’s share price fell 5.4% during mid-day trading on Monday . The company traded as low as $57.65 and last traded at $58.00. 798,386 shares traded hands during trading, an increase of 37% from the average session volume of 584,008 shares. The stock had previously closed at $61.33.
A number of research firms recently issued reports on MEOH. ValuEngine cut shares of Methanex from a “buy” rating to a “hold” rating in a research report on Tuesday, September 4th. Monness Crespi & Hardt upped their price objective on shares of Methanex from $75.00 to $86.00 and gave the stock a “buy” rating in a research report on Tuesday, September 25th. TD Securities upgraded shares of Methanex from a “hold” rating to a “buy” rating and set a $77.00 price objective for the company in a research report on Friday, October 26th. They noted that the move was a valuation call. Citigroup lowered their price objective on shares of Methanex from $84.00 to $72.00 and set a “hold” rating for the company in a research report on Monday, October 29th. Finally, Cowen upped their price objective on shares of Methanex from $80.00 to $89.00 and gave the stock an “outperform” rating in a research report on Monday, October 15th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $82.36.
The company has a current ratio of 1.70, a quick ratio of 1.27 and a debt-to-equity ratio of 0.82. The firm has a market capitalization of $4.79 billion, a price-to-earnings ratio of 12.31, a P/E/G ratio of 0.59 and a beta of 1.62.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Shareholders of record on Monday, December 17th will be issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date is Friday, December 14th. Methanex’s payout ratio is 28.03%.
Institutional investors and hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC bought a new stake in Methanex during the 3rd quarter worth approximately $181,000. Highstreet Asset Management Inc. bought a new stake in shares of Methanex in the 2nd quarter valued at $183,000. Cerebellum GP LLC bought a new stake in shares of Methanex in the 3rd quarter valued at $188,000. Advisors Preferred LLC boosted its stake in shares of Methanex by 57.8% in the 2nd quarter. Advisors Preferred LLC now owns 2,688 shares of the specialty chemicals company’s stock valued at $190,000 after purchasing an additional 985 shares during the last quarter. Finally, One Capital Management LLC bought a new stake in shares of Methanex in the 2nd quarter valued at $212,000. 74.99% of the stock is currently owned by hedge funds and other institutional investors.
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About Methanex (NASDAQ:MEOH)
Methanex Corporation produces and sells methanol in North America, the Asia Pacific, Europe, and South America. It also purchases and sells 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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