Methanex (NASDAQ:MEOH) Sets New 12-Month Low on Analyst Downgrade

Shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) hit a new 52-week low during trading on Tuesday after UBS Group lowered their price target on the stock from $66.00 to $53.00. UBS Group currently has a buy rating on the stock. Methanex traded as low as $26.17 and last traded at $27.39, with a volume of 722022 shares trading hands. The stock had previously closed at $28.72.

MEOH has been the subject of a number of other reports. CIBC lowered their price objective on Methanex from $63.00 to $55.00 and set an “outperformer” rating for the company in a research note on Thursday, April 3rd. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $55.00 price objective on shares of Methanex in a report on Tuesday, April 1st. Raymond James lifted their price objective on shares of Methanex from $54.00 to $60.00 and gave the company an “outperform” rating in a research report on Tuesday, January 14th. Barclays decreased their target price on shares of Methanex from $57.00 to $41.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 1st. Finally, Piper Sandler cut Methanex from an “overweight” rating to a “neutral” rating and cut their price target for the company from $71.00 to $36.00 in a report on Monday. Four equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.63.

Institutional Investors Weigh In On Methanex

A number of institutional investors have recently added to or reduced their stakes in the company. Polar Asset Management Partners Inc. raised its stake in shares of Methanex by 81.0% in the 4th quarter. Polar Asset Management Partners Inc. now owns 188,773 shares of the specialty chemicals company’s stock worth $9,427,000 after buying an additional 84,462 shares in the last quarter. Value Partners Investments Inc. raised its position in Methanex by 7.3% in the fourth quarter. Value Partners Investments Inc. now owns 6,053 shares of the specialty chemicals company’s stock worth $302,000 after acquiring an additional 411 shares in the last quarter. Mackenzie Financial Corp raised its position in Methanex by 26.6% in the fourth quarter. Mackenzie Financial Corp now owns 1,077,193 shares of the specialty chemicals company’s stock worth $53,770,000 after acquiring an additional 226,349 shares in the last quarter. Public Employees Retirement System of Ohio lifted its holdings in Methanex by 98.4% in the 4th quarter. Public Employees Retirement System of Ohio now owns 52,370 shares of the specialty chemicals company’s stock valued at $2,616,000 after acquiring an additional 25,973 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Methanex by 1.4% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 71,134 shares of the specialty chemicals company’s stock valued at $3,552,000 after purchasing an additional 965 shares in the last quarter. 73.49% of the stock is currently owned by institutional investors and hedge funds.

Methanex Price Performance

The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.00 and a current ratio of 2.62. The company’s 50 day moving average price is $41.07 and its 200-day moving average price is $43.71. The company has a market cap of $1.74 billion, a price-to-earnings ratio of 11.20 and a beta of 1.06.

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

Methanex Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a yield of 2.86%. The ex-dividend date of this dividend was Monday, March 17th. Methanex’s 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.