Fmr LLC Reduces Position in Methanex Co. (NASDAQ:MEOH)

Fmr LLC trimmed its holdings in Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 7.3% during the third quarter, HoldingsChannel reports. The firm owned 3,234,939 shares of the specialty chemicals company’s stock after selling 255,826 shares during the period. Fmr LLC’s holdings in Methanex were worth $133,704,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in MEOH. Toronto Dominion Bank lifted its position in Methanex by 19.6% during the second quarter. Toronto Dominion Bank now owns 33,229 shares of the specialty chemicals company’s stock worth $1,604,000 after buying an additional 5,451 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Methanex by 13.0% during the 2nd quarter. Millennium Management LLC now owns 508,730 shares of the specialty chemicals company’s stock worth $24,551,000 after acquiring an additional 58,719 shares during the period. Squarepoint Ops LLC acquired a new position in shares of Methanex during the 2nd quarter valued at about $201,000. Truist Financial Corp grew its holdings in shares of Methanex by 5.0% in the second quarter. Truist Financial Corp now owns 6,219 shares of the specialty chemicals company’s stock valued at $300,000 after purchasing an additional 294 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in Methanex by 3.4% during the second quarter. Dimensional Fund Advisors LP now owns 944,262 shares of the specialty chemicals company’s stock worth $45,570,000 after purchasing an additional 30,887 shares during the last quarter. 73.49% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

MEOH has been the topic of several recent analyst reports. Raymond James decreased their target price on shares of Methanex from $62.00 to $54.00 and set an “outperform” rating on the stock in a report on Wednesday, September 11th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 price objective on shares of Methanex in a research report on Tuesday, September 3rd. StockNews.com upgraded Methanex from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Barclays increased their price target on Methanex from $44.00 to $46.00 and gave the stock an “equal weight” rating in a report on Monday, November 11th. Finally, UBS Group reduced their price objective on shares of Methanex from $54.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $55.88.

Methanex Price Performance

MEOH opened at $47.32 on Wednesday. The firm has a market cap of $3.19 billion, a price-to-earnings ratio of 22.11 and a beta of 1.40. The company has a current ratio of 1.34, a quick ratio of 1.01 and a debt-to-equity ratio of 0.79. The stock’s 50-day moving average price is $42.52 and its 200 day moving average price is $45.35. Methanex Co. has a 12-month low of $36.13 and a 12-month high of $56.43.

Methanex Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be paid a $0.185 dividend. This represents a $0.74 annualized dividend and a dividend yield of 1.56%. The ex-dividend date of this dividend is Tuesday, December 17th. Methanex’s payout ratio is 34.58%.

Methanex Profile

Methanex Corporation produces and supplies methanol in China, Europe, the United States, South America, South Korea, Canada, and Asia. The company also purchases methanol produced by others under methanol offtake contracts and on the spot market. In addition, it owns and leases storage and terminal facilities.