Cerity Partners LLC Increases Stake in Methanex Co. (NASDAQ:MEOH)

Cerity Partners LLC grew its holdings in shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 19.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,844 shares of the specialty chemicals company’s stock after acquiring an additional 2,863 shares during the period. Cerity Partners LLC’s holdings in Methanex were worth $738,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Bank of Montreal Can raised its stake in Methanex by 16.3% during the 2nd quarter. Bank of Montreal Can now owns 1,136,436 shares of the specialty chemicals company’s stock worth $55,406,000 after acquiring an additional 159,542 shares during the period. Intact Investment Management Inc. raised its position 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 valued at $14,236,000 after purchasing an additional 124,600 shares during the period. Oppenheimer & Co. Inc. purchased a new position in shares of Methanex during the 2nd quarter valued at $5,971,000. Dixon Mitchell Investment Counsel Inc. boosted its holdings in Methanex by 9.9% in the 3rd quarter. Dixon Mitchell Investment Counsel Inc. now owns 1,182,168 shares of the specialty chemicals company’s stock worth $49,022,000 after buying an additional 106,848 shares during the period. Finally, TD Asset Management Inc boosted its holdings in Methanex by 25.7% in the 2nd quarter. TD Asset Management Inc now owns 463,795 shares of the specialty chemicals company’s stock worth $22,387,000 after buying an additional 94,899 shares during the period. Institutional investors own 73.49% of the company’s stock.

Wall Street Analysts Forecast Growth

MEOH has been the topic of several research analyst reports. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 price objective on shares of Methanex in a research report on Tuesday, September 3rd. UBS Group lowered their price target on Methanex from $54.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Barclays upped their price target on Methanex from $44.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. Raymond James reduced their price objective on shares of Methanex from $62.00 to $54.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 11th. Finally, Piper Sandler upped their target price on shares of Methanex from $68.00 to $71.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 19th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Methanex currently has an average rating of “Moderate Buy” and a consensus price target of $55.88.

Methanex Price Performance

Methanex stock opened at $47.47 on Friday. 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 1.01, a current ratio of 1.34 and a debt-to-equity ratio of 0.79. The firm’s fifty day moving average is $42.89 and its 200 day moving average is $45.32. The company has a market cap of $3.20 billion, a price-to-earnings ratio of 22.18 and a beta of 1.40.

Methanex Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be given a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a dividend yield of 1.56%. The ex-dividend date is Tuesday, December 17th. Methanex’s dividend payout ratio is 34.58%.

About Methanex

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.