Geode Capital Management LLC Grows Position in Methanex Co. (NASDAQ:MEOH)

Geode Capital Management LLC grew its position in shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 1.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 104,871 shares of the specialty chemicals company’s stock after acquiring an additional 1,203 shares during the quarter. Geode Capital Management LLC owned 0.16% of Methanex worth $4,340,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. EverSource Wealth Advisors LLC lifted its position in shares of Methanex by 572.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the specialty chemicals company’s stock valued at $93,000 after purchasing an additional 1,626 shares in the last quarter. Blue Trust Inc. lifted its position in shares of Methanex by 56.8% during the 3rd quarter. Blue Trust Inc. now owns 2,474 shares of the specialty chemicals company’s stock worth $102,000 after buying an additional 896 shares in the last quarter. Squarepoint Ops LLC bought a new position in shares of Methanex in the second quarter valued at approximately $201,000. Value Partners Investments Inc. increased its position in shares of Methanex by 10.4% during the third quarter. Value Partners Investments Inc. now owns 5,642 shares of the specialty chemicals company’s stock valued at $233,000 after acquiring an additional 532 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new stake in Methanex during the third quarter worth $294,000. Institutional investors own 73.49% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on MEOH shares. Raymond James reduced their price objective on Methanex from $62.00 to $54.00 and set an “outperform” rating for the company in a research note on Wednesday, September 11th. StockNews.com upgraded shares of Methanex from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. UBS Group lowered their price objective on shares of Methanex from $54.00 to $53.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Piper Sandler boosted their target price on shares of Methanex from $68.00 to $71.00 and gave the company an “overweight” rating in a research note on Tuesday, November 19th. Finally, CIBC restated an “outperformer” rating and set a $59.00 price target (up previously from $48.00) on shares of Methanex in a research note on Tuesday, December 10th. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Methanex currently has an average rating of “Moderate Buy” and an average price target of $57.25.

Methanex Stock Down 0.3 %

MEOH opened at $49.41 on Monday. The company has a 50 day moving average of $45.22 and a 200 day moving average of $44.78. 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 Co. has a 12 month low of $36.13 and a 12 month high of $56.43. The company has a market cap of $3.33 billion, a PE ratio of 23.09 and a beta of 1.37.

Methanex Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th were given a $0.185 dividend. This represents a $0.74 annualized dividend and a dividend yield of 1.50%. The ex-dividend date was Tuesday, December 17th. Methanex’s dividend payout ratio (DPR) is presently 34.58%.

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.