Granite Investment Partners LLC Has $18.08 Million Stock Holdings in Methanex Corporation $MEOH

Granite Investment Partners LLC reduced its stake in Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 3.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 303,631 shares of the specialty chemicals company’s stock after selling 10,619 shares during the period. Methanex accounts for 1.1% of Granite Investment Partners LLC’s holdings, making the stock its 18th biggest holding. Granite Investment Partners LLC’s holdings in Methanex were worth $18,078,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Amundi grew its stake in shares of Methanex by 3.9% in the 1st quarter. Amundi now owns 22,791 shares of the specialty chemicals company’s stock valued at $800,000 after buying an additional 848 shares during the period. Hsbc Holdings PLC acquired a new position in Methanex during the 2nd quarter worth approximately $419,000. Invesco Ltd. boosted its holdings in Methanex by 15.7% in the second quarter. Invesco Ltd. now owns 249,231 shares of the specialty chemicals company’s stock worth $8,250,000 after acquiring an additional 33,827 shares in the last quarter. AXA S.A. bought a new position in Methanex in the second quarter worth approximately $166,000. Finally, Qube Research & Technologies Ltd boosted its holdings in Methanex by 327.0% in the second quarter. Qube Research & Technologies Ltd now owns 47,284 shares of the specialty chemicals company’s stock worth $1,565,000 after acquiring an additional 36,211 shares in the last quarter. Institutional investors and hedge funds own 73.49% of the company’s stock.

Methanex Trading Up 6.4%

NASDAQ MEOH opened at $48.87 on Thursday. The company has a current ratio of 1.96, a quick ratio of 1.26 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $3.78 billion, a P/E ratio of -99.73 and a beta of 0.60. The business has a fifty day simple moving average of $56.94 and a 200 day simple moving average of $53.07. Methanex Corporation has a 12 month low of $32.00 and a 12 month high of $66.75.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its earnings results on Wednesday, April 29th. The specialty chemicals company reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.08). Methanex had a positive return on equity of 2.96% and a negative net margin of 1.25%.The firm had revenue of $957.42 million during the quarter, compared to the consensus estimate of $964.76 million. During the same quarter in the previous year, the company earned $1.30 EPS. The business’s revenue was up 8.7% compared to the same quarter last year. On average, analysts predict that Methanex Corporation will post 8.18 EPS for the current fiscal year.

Methanex Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were issued a dividend of $0.185 per share. The ex-dividend date was Tuesday, June 16th. This represents a $0.74 annualized dividend and a yield of 1.5%. Methanex’s payout ratio is -151.02%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. JPMorgan Chase & Co. downgraded Methanex from an “overweight” rating to a “neutral” rating and boosted their price objective for the company from $56.00 to $65.00 in a report on Friday, May 1st. Raymond James Financial increased their target price on Methanex from $52.00 to $65.00 and gave the stock a “market perform” rating in a report on Thursday, April 16th. Scotiabank lifted their price target on shares of Methanex from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, May 5th. UBS Group boosted their price target on shares of Methanex from $70.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, May 1st. Finally, Wall Street Zen raised shares of Methanex from a “hold” rating to a “buy” rating in a research note on Saturday, May 2nd. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $66.22.

Methanex Company Profile

Methanex Corporation is a Vancouver, Canada–based company and one of the world’s largest producers and suppliers of methanol. The company manufactures methanol, a key feedstock for a wide range of chemical products and industrial applications. Methanex markets its product to customers in energy, plastics, paints and coatings, and various chemical sectors, positioning the company as a critical link in the global supply chain for basic chemicals.

The company’s core product, methanol, serves as a building block for downstream chemicals such as formaldehyde, acetic acid and methyl tertiary butyl ether (MTBE).