Methanex (NASDAQ:MEOH) Upgraded at Cibc World Mkts

Cibc World Mkts upgraded shares of Methanex (NASDAQ:MEOH) (TSE:MX) from a hold rating to a strong-buy rating in a research report report published on Tuesday morning,Zacks.com reports.

Other analysts have also recently issued reports about the stock. Raymond James dropped their target price on shares of Methanex from $62.00 to $54.00 and set an “outperform” rating on the stock in a report on Wednesday, September 11th. Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 target price on shares of Methanex in a report on Tuesday, September 3rd. UBS Group dropped their price objective on shares of Methanex from $54.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Barclays increased their price objective on shares of Methanex from $44.00 to $46.00 and gave the stock an “equal weight” rating in a report on Monday, November 11th. Finally, StockNews.com raised shares of Methanex from a “hold” rating to a “buy” rating in a report on Friday, November 8th. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $57.25.

Methanex Price Performance

Shares of MEOH stock opened at $45.89 on Tuesday. The company has a market capitalization of $3.09 billion, a PE ratio of 21.44 and a beta of 1.40. The firm has a fifty day simple moving average of $43.21 and a 200-day simple moving average of $45.16. The company has a current ratio of 1.34, a quick ratio of 1.01 and a debt-to-equity ratio of 0.79. Methanex has a twelve month low of $36.13 and a twelve month high of $56.43.

Methanex Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be given a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date is Tuesday, December 17th. Methanex’s dividend payout ratio (DPR) is 34.58%.

Hedge Funds Weigh In On Methanex

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Dixon Mitchell Investment Counsel Inc. raised its position in Methanex by 9.9% during the third quarter. Dixon Mitchell Investment Counsel Inc. now owns 1,182,168 shares of the specialty chemicals company’s stock valued at $49,022,000 after acquiring an additional 106,848 shares in the last quarter. Bank of Montreal Can grew its holdings in Methanex by 16.3% during the second quarter. Bank of Montreal Can now owns 1,136,436 shares of the specialty chemicals company’s stock valued at $55,406,000 after purchasing an additional 159,542 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Methanex by 3.4% during the second quarter. Dimensional Fund Advisors LP now owns 944,262 shares of the specialty chemicals company’s stock valued at $45,570,000 after purchasing an additional 30,887 shares during the last quarter. Mackenzie Financial Corp grew its holdings in Methanex by 3.4% during the second quarter. Mackenzie Financial Corp now owns 726,546 shares of the specialty chemicals company’s stock valued at $35,082,000 after purchasing an additional 23,747 shares during the last quarter. Finally, Millennium Management LLC grew its holdings in Methanex by 13.0% during the second quarter. Millennium Management LLC now owns 508,730 shares of the specialty chemicals company’s stock valued at $24,551,000 after purchasing an additional 58,719 shares during the last quarter. Institutional investors own 73.49% of the company’s stock.

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.