Granite Investment Partners LLC Trims Stock Holdings in Methanex Co. (NASDAQ:MEOH)

Granite Investment Partners LLC decreased its holdings in Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 10.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 326,370 shares of the specialty chemicals company’s stock after selling 39,062 shares during the period. Granite Investment Partners LLC owned 0.48% of Methanex worth $15,751,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of MEOH. O Shaughnessy Asset Management LLC grew its stake in Methanex by 0.6% during the first quarter. O Shaughnessy Asset Management LLC now owns 39,649 shares of the specialty chemicals company’s stock valued at $1,769,000 after acquiring an additional 229 shares in the last quarter. Pinnacle Associates Ltd. grew its stake in Methanex by 1.8% during the first quarter. Pinnacle Associates Ltd. now owns 22,094 shares of the specialty chemicals company’s stock valued at $986,000 after acquiring an additional 393 shares in the last quarter. CANADA LIFE ASSURANCE Co grew its stake in Methanex by 3.0% during the first quarter. CANADA LIFE ASSURANCE Co now owns 13,978 shares of the specialty chemicals company’s stock valued at $622,000 after acquiring an additional 411 shares in the last quarter. Value Partners Investments Inc. grew its stake in Methanex by 13.3% during the second quarter. Value Partners Investments Inc. now owns 5,110 shares of the specialty chemicals company’s stock valued at $247,000 after acquiring an additional 599 shares in the last quarter. Finally, Headlands Technologies LLC grew its stake in Methanex by 346.5% during the first quarter. Headlands Technologies LLC now owns 902 shares of the specialty chemicals company’s stock valued at $40,000 after acquiring an additional 700 shares in the last quarter. Hedge funds and other institutional investors own 73.49% of the company’s stock.

Methanex Trading Up 2.4 %

NASDAQ:MEOH opened at $40.48 on Friday. The company has a fifty day moving average of $44.75 and a 200 day moving average of $47.11. Methanex Co. has a 52 week low of $36.13 and a 52 week high of $56.43. The company has a quick ratio of 0.87, a current ratio of 1.25 and a debt-to-equity ratio of 0.80. The firm has a market capitalization of $2.73 billion, a P/E ratio of 17.15 and a beta of 1.36.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings results on Tuesday, July 30th. The specialty chemicals company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.10. The company had revenue of $920.00 million during the quarter, compared to analyst estimates of $954.26 million. Methanex had a net margin of 4.05% and a return on equity of 5.44%. The firm’s revenue was down 2.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.60 EPS. On average, research analysts predict that Methanex Co. will post 2.46 earnings per share for the current year.

Methanex Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be given a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date of this dividend is Monday, September 16th. Methanex’s payout ratio is currently 31.36%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Raymond James reduced their price objective on shares of Methanex from $62.00 to $54.00 and set an “outperform” rating for the company in a research note on Wednesday, September 11th. UBS Group dropped their target price on shares of Methanex from $58.00 to $54.00 and set a “buy” rating for the company in a research report on Monday. Jefferies Financial Group lifted their target price on shares of Methanex from $56.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, June 10th. Barclays lowered shares of Methanex from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $56.00 to $44.00 in a research report on Tuesday, September 10th. Finally, Piper Sandler lifted their target price on shares of Methanex from $51.00 to $68.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $55.38.

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.