American Century Companies Inc. Sells 73,652 Shares of Methanex Co. (NASDAQ:MEOH)

American Century Companies Inc. trimmed its position in Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 23.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 235,964 shares of the specialty chemicals company’s stock after selling 73,652 shares during the quarter. American Century Companies Inc. owned approximately 0.35% of Methanex worth $11,392,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. AGF Management Ltd. raised its stake in Methanex by 2.2% in the 2nd quarter. AGF Management Ltd. now owns 129,857 shares of the specialty chemicals company’s stock valued at $6,270,000 after acquiring an additional 2,802 shares during the period. TD Asset Management Inc raised its position in shares of Methanex by 25.7% in the second quarter. TD Asset Management Inc now owns 463,795 shares of the specialty chemicals company’s stock valued at $22,387,000 after purchasing an additional 94,899 shares during the period. CIBC Asset Management Inc lifted its stake in shares of Methanex by 7.7% during the 2nd quarter. CIBC Asset Management Inc now owns 83,699 shares of the specialty chemicals company’s stock worth $4,038,000 after buying an additional 5,963 shares during the last quarter. Intact Investment Management Inc. boosted its holdings in shares of Methanex by 73.2% during the 2nd quarter. Intact Investment Management Inc. now owns 294,900 shares of the specialty chemicals company’s stock worth $14,236,000 after buying an additional 124,600 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Methanex by 24.7% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,664 shares of the specialty chemicals company’s stock valued at $708,000 after buying an additional 2,902 shares during the last quarter. 73.49% of the stock is currently owned by institutional investors and hedge funds.

Methanex Stock Down 2.3 %

MEOH stock opened at $39.55 on Monday. Methanex Co. has a 52 week low of $36.13 and a 52 week high of $56.43. The business has a 50-day simple moving average of $44.52 and a 200 day simple moving average of $47.16. 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 company has a market cap of $2.67 billion, a PE ratio of 16.76 and a beta of 1.36.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its earnings results on Tuesday, July 30th. The specialty chemicals company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.52 by $0.10. The company had revenue of $920.00 million during the quarter, compared to analysts’ expectations of $954.26 million. Methanex had a net margin of 4.05% and a return on equity of 5.44%. The business’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.60 EPS. Sell-side analysts anticipate that Methanex Co. will post 2.46 EPS for the current fiscal year.

Methanex Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be paid a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a yield of 1.87%. The ex-dividend date is Monday, September 16th. Methanex’s payout ratio is presently 31.36%.

Analysts Set New Price Targets

MEOH has been the subject of several research reports. Scotiabank raised their price objective on shares of Methanex from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 10th. Barclays cut Methanex from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $56.00 to $44.00 in a report on Tuesday, September 10th. Jefferies Financial Group upped their price objective on Methanex from $56.00 to $60.00 and gave the company a “buy” rating in a report on Monday, June 10th. Piper Sandler lifted their target price on Methanex from $51.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Finally, Raymond James decreased their price target on shares of Methanex from $62.00 to $54.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 11th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $55.38.

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.