Nationwide Fund Advisors cut its holdings in shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 5.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 85,000 shares of the specialty chemicals company’s stock after selling 5,000 shares during the quarter. Nationwide Fund Advisors owned approximately 0.10% of Methanex worth $4,276,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in the company. Bank of New York Mellon Corp increased its position in shares of Methanex by 37.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,594,311 shares of the specialty chemicals company’s stock valued at $158,329,000 after purchasing an additional 976,901 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Methanex by 3.8% during the 2nd quarter. Vanguard Group Inc. now owns 2,067,886 shares of the specialty chemicals company’s stock valued at $91,090,000 after purchasing an additional 76,132 shares during the last quarter. Neuberger Berman Group LLC increased its position in shares of Methanex by 21.3% during the 2nd quarter. Neuberger Berman Group LLC now owns 1,598,782 shares of the specialty chemicals company’s stock valued at $70,426,000 after purchasing an additional 281,143 shares during the last quarter. Gotham Asset Management LLC purchased a new stake in shares of Methanex during the 2nd quarter valued at $23,031,000. Finally, AGF Investments Inc. increased its position in shares of Methanex by 103.7% during the 2nd quarter. AGF Investments Inc. now owns 409,320 shares of the specialty chemicals company’s stock valued at $18,080,000 after purchasing an additional 208,413 shares during the last quarter. 83.13% of the stock is owned by hedge funds and other institutional investors.
Shares of Methanex Co. (MEOH) opened at $57.35 on Friday. Methanex Co. has a twelve month low of $39.47 and a twelve month high of $58.25. The firm has a market capitalization of $4,805.34, a PE ratio of 17.40, a P/E/G ratio of 1.03 and a beta of 1.82. The company has a quick ratio of 1.17, a current ratio of 1.59 and a debt-to-equity ratio of 0.83.
The business also recently announced a quarterly dividend, which will be paid on Sunday, December 31st. Shareholders of record on Sunday, December 17th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $1.20 annualized dividend and a yield of 2.09%. Methanex’s dividend payout ratio is currently 39.87%.
MEOH has been the subject of several research analyst reports. Scotiabank set a $53.50 target price on Methanex and gave the company a “sector perform” rating in a research report on Thursday, October 26th. TD Securities raised their target price on Methanex to $71.00 and gave the company a “buy” rating in a research report on Monday, September 18th. Royal Bank of Canada reaffirmed a “hold” rating on shares of Methanex in a research report on Friday, August 25th. BidaskClub lowered Methanex from a “sell” rating to a “strong sell” rating in a report on Friday, August 18th. Finally, Cowen reissued a “buy” rating and issued a $55.00 price objective on shares of Methanex in a report on Friday, September 1st. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $56.00.
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Methanex Corp is a Canada-based producer and supplier of methanol to a range of international markets. The Company operates production sites in Canada, Chile, Egypt, New Zealand, the United States, as well as Trinidad and Tobago. Its global operations are supported by a global supply chain of terminals, storage facilities and a fleet of methanol ocean tankers.
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