Methanex (NASDAQ:MEOH) Reaches New 52-Week Low After Analyst Downgrade

Methanex Co. (NASDAQ:MEOH) (TSE:MX)’s stock price hit a new 52-week low during mid-day trading on Wednesday after Barclays lowered their price target on the stock from $57.00 to $41.00. Barclays currently has an equal weight rating on the stock. Methanex traded as low as $33.97 and last traded at $34.34, with a volume of 390078 shares changing hands. The stock had previously closed at $35.09.

Several other brokerages also recently commented on MEOH. Scotiabank downgraded Methanex from a “sector outperform” rating to a “sector perform” rating and reduced their target price for the stock from $66.00 to $53.00 in a research note on Monday, March 10th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price objective on shares of Methanex in a research report on Friday, January 31st. UBS Group increased their price objective on shares of Methanex from $53.00 to $66.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Cibc World Mkts raised shares of Methanex from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 10th. Finally, CIBC reissued an “outperform” rating on shares of Methanex in a report on Monday, February 3rd. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $58.63.

Institutional Investors Weigh In On Methanex

A number of hedge funds and other institutional investors have recently made changes to their positions in MEOH. Wilmington Savings Fund Society FSB bought a new stake in shares of Methanex during the 3rd quarter valued at $40,000. Parkside Financial Bank & Trust grew its stake in Methanex by 39.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 2,015 shares of the specialty chemicals company’s stock worth $101,000 after buying an additional 573 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in Methanex in the 4th quarter valued at about $106,000. State of Wyoming acquired a new position in shares of Methanex in the 4th quarter valued at approximately $129,000. Finally, Blue Trust Inc. lifted its holdings in shares of Methanex by 15.0% during the 4th quarter. Blue Trust Inc. now owns 2,845 shares of the specialty chemicals company’s stock worth $142,000 after acquiring an additional 371 shares during the period. 73.49% of the stock is currently owned by institutional investors and hedge funds.

Methanex Price Performance

The company’s 50-day moving average is $43.31 and its 200-day moving average is $44.12. The firm has a market cap of $2.29 billion, a price-to-earnings ratio of 14.74 and a beta of 1.38. The company has a current ratio of 2.62, a quick ratio of 2.00 and a debt-to-equity ratio of 1.01.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings data on Wednesday, January 29th. The specialty chemicals company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $0.94 by $0.30. Methanex had a return on equity of 10.97% and a net margin of 4.41%. Equities research analysts predict that Methanex Co. will post 4.32 earnings per share for the current year.

Methanex Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were given a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a yield of 2.17%. The ex-dividend date was Monday, March 17th. Methanex’s dividend payout ratio is 32.03%.

Methanex Company 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.