Methanex (MEOH) Sets New 52-Week Low at $44.09

Methanex Co. (NASDAQ:MEOH) (TSE:MX)’s share price hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $44.09 and last traded at $44.25, with a volume of 323044 shares traded. The stock had previously closed at $45.13.

MEOH has been the topic of several research analyst reports. Barclays set a $60.00 price objective on Methanex and gave the stock a “hold” rating in a research note on Friday, April 26th. Zacks Investment Research upgraded Methanex from a “sell” rating to a “hold” rating in a research note on Monday, April 8th. Royal Bank of Canada reduced their price objective on Methanex from $75.00 to $70.00 and set a “sector perform” rating on the stock in a research note on Friday, April 26th. Cowen cut Methanex from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $74.00 to $62.00 in a research note on Wednesday, February 6th. Finally, ValuEngine upgraded Methanex from a “sell” rating to a “hold” rating in a research note on Wednesday, February 13th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $73.14.

The company has a debt-to-equity ratio of 0.90, a current ratio of 1.08 and a quick ratio of 0.77. The stock has a market capitalization of $3.42 billion, a price-to-earnings ratio of 6.31, a price-to-earnings-growth ratio of 0.77 and a beta of 1.51.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its earnings results on Wednesday, April 24th. The specialty chemicals company reported $0.73 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.02. Methanex had a return on equity of 24.89% and a net margin of 11.84%. The firm had revenue of $773.00 million for the quarter, compared to analyst estimates of $790.00 million. During the same period last year, the company earned $2.03 earnings per share. The firm’s revenue for the quarter was down 19.6% on a year-over-year basis. As a group, research analysts predict that Methanex Co. will post 3.85 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Sunday, June 30th. Shareholders of record on Sunday, June 16th will be given a $0.36 dividend. The ex-dividend date is Thursday, June 13th. This is a positive change from Methanex’s previous quarterly dividend of $0.33. This represents a $1.44 annualized dividend and a yield of 3.33%. Methanex’s dividend payout ratio (DPR) is currently 19.24%.

A number of hedge funds and other institutional investors have recently modified their holdings of MEOH. Norges Bank acquired a new stake in Methanex in the fourth quarter worth $49,470,000. FIL Ltd increased its holdings in shares of Methanex by 145.0% during the first quarter. FIL Ltd now owns 1,679,092 shares of the specialty chemicals company’s stock valued at $95,366,000 after purchasing an additional 993,793 shares during the period. Millennium Management LLC increased its holdings in shares of Methanex by 298.6% during the fourth quarter. Millennium Management LLC now owns 635,587 shares of the specialty chemicals company’s stock valued at $30,616,000 after purchasing an additional 476,114 shares during the period. Fiera Capital Corp increased its holdings in shares of Methanex by 82.5% during the first quarter. Fiera Capital Corp now owns 806,944 shares of the specialty chemicals company’s stock valued at $45,820,000 after purchasing an additional 364,841 shares during the period. Finally, Scheer Rowlett & Associates Investment Management Ltd. increased its holdings in shares of Methanex by 228.8% during the fourth quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 411,775 shares of the specialty chemicals company’s stock valued at $19,796,000 after purchasing an additional 286,524 shares during the period. 70.08% of the stock is currently owned by hedge funds and other institutional investors.

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Methanex Company Profile (NASDAQ:MEOH)

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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