Russell Investments Group Ltd. Cuts Position in Methanex Co. (NASDAQ:MEOH)

Russell Investments Group Ltd. decreased its holdings in shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 0.8% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 103,626 shares of the specialty chemicals company’s stock after selling 812 shares during the period. Russell Investments Group Ltd.’s holdings in Methanex were worth $5,175,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Wilmington Savings Fund Society FSB bought a new position in Methanex during the 3rd quarter valued at approximately $40,000. Parkside Financial Bank & Trust increased its holdings in shares of Methanex by 39.7% during the fourth quarter. Parkside Financial Bank & Trust now owns 2,015 shares of the specialty chemicals company’s stock valued at $101,000 after acquiring an additional 573 shares in the last quarter. Blue Trust Inc. increased its holdings in shares of Methanex by 15.0% during the fourth quarter. Blue Trust Inc. now owns 2,845 shares of the specialty chemicals company’s stock valued at $142,000 after acquiring an additional 371 shares in the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of Methanex in the 4th quarter worth about $166,000. Finally, Signaturefd LLC boosted its stake in Methanex by 15.0% in the 4th quarter. Signaturefd LLC now owns 3,452 shares of the specialty chemicals company’s stock worth $172,000 after purchasing an additional 450 shares in the last quarter. 73.49% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MEOH has been the subject of several recent analyst reports. UBS Group decreased their target price on shares of Methanex from $66.00 to $53.00 and set a “buy” rating for the company in a report on Monday, April 7th. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 price objective on shares of Methanex in a report on Tuesday, April 1st. Piper Sandler downgraded Methanex from an “overweight” rating to a “neutral” rating and cut their target price for the company from $71.00 to $36.00 in a research note on Monday, April 7th. Scotiabank cut Methanex from a “sector outperform” rating to a “sector perform” rating and decreased their price target for the stock from $66.00 to $53.00 in a research note on Monday, March 10th. Finally, Barclays lowered their price target on Methanex from $57.00 to $41.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 1st. Four investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $51.63.

Methanex Stock Up 2.1 %

Methanex stock opened at $27.21 on Tuesday. Methanex Co. has a one year low of $25.46 and a one year high of $56.43. The stock has a fifty day moving average of $38.65 and a 200 day moving average of $43.27. 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 stock has a market cap of $1.83 billion, a PE ratio of 11.78 and a beta of 1.06.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings results on Wednesday, January 29th. The specialty chemicals company reported $1.24 EPS for the quarter, beating 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%. As a group, sell-side analysts predict that Methanex Co. will post 4.32 EPS for the current year.

Methanex Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were paid a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a dividend yield of 2.72%. The ex-dividend date was Monday, March 17th. Methanex’s dividend payout ratio is presently 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.