CIBC cut shares of Methanex (NASDAQ:MEOH) (TSE:MX) from an outperform rating to a neutral rating in a research note published on Thursday, BenzingaRatingsTable reports. CIBC currently has $53.00 target price on the specialty chemicals company’s stock, down from their previous target price of $70.00.
MEOH has been the subject of several other research reports. Zacks Investment Research cut Wix.Com from a hold rating to a sell rating in a report on Monday, April 8th. Royal Bank of Canada set a $147.00 price target on Ameriprise Financial and gave the company a hold rating in a report on Friday, April 26th. Barclays restated an overweight rating and issued a GBX 310 ($4.05) price target on shares of in a report on Monday, June 24th. BMO Capital Markets lowered their price target on Methanex from $70.00 to $65.00 and set an outperform rating for the company in a report on Friday, June 28th. Finally, TD Securities lifted their price target on Waste Connections from $88.00 to $94.00 and gave the company a hold rating in a report on Friday, April 26th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the stock. Methanex has an average rating of Hold and a consensus target price of $68.93.
Methanex stock opened at $42.58 on Thursday. The stock has a market cap of $3.27 billion, a PE ratio of 6.21, a PEG ratio of 0.83 and a beta of 1.67. The stock’s 50-day moving average is $44.40. Methanex has a 52 week low of $40.43 and a 52 week high of $83.23. The company has a current ratio of 1.08, a quick ratio of 0.77 and a debt-to-equity ratio of 0.90.
Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings data on Wednesday, April 24th. The specialty chemicals company reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.02. The firm had revenue of $773.00 million during the quarter, compared to analysts’ expectations of $790.00 million. Methanex had a return on equity of 24.89% and a net margin of 11.84%. The firm’s quarterly revenue was down 19.6% compared to the same quarter last year. During the same quarter last year, the business posted $2.03 EPS. Equities research analysts predict that Methanex will post 3.43 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Sunday, June 30th. Stockholders of record on Sunday, June 16th were paid a $0.36 dividend. This is a positive change from Methanex’s previous quarterly dividend of $0.33. This represents a $1.44 annualized dividend and a dividend yield of 3.38%. The ex-dividend date of this dividend was Thursday, June 13th. Methanex’s payout ratio is currently 20.99%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Legal & General Group Plc lifted its stake in shares of Methanex by 11.2% in the 4th quarter. Legal & General Group Plc now owns 122,461 shares of the specialty chemicals company’s stock valued at $5,887,000 after purchasing an additional 12,380 shares in the last quarter. Cidel Asset Management Inc. acquired a new position in shares of Methanex in the 1st quarter valued at about $7,381,000. Korea Investment CORP lifted its stake in shares of Methanex by 64.6% in the 4th quarter. Korea Investment CORP now owns 131,495 shares of the specialty chemicals company’s stock valued at $6,322,000 after purchasing an additional 51,586 shares in the last quarter. Bank of America Corp DE lifted its stake in shares of Methanex by 10.1% in the 4th quarter. Bank of America Corp DE now owns 221,582 shares of the specialty chemicals company’s stock valued at $10,674,000 after purchasing an additional 20,327 shares in the last quarter. Finally, ARP Americas LP lifted its stake in shares of Methanex by 121.1% in the 4th quarter. ARP Americas LP now owns 10,570 shares of the specialty chemicals company’s stock valued at $509,000 after purchasing an additional 5,789 shares in the last quarter. 70.53% of the stock is currently owned by institutional investors and hedge funds.
Methanex Company Profile
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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