Methanex (NASDAQ:MEOH) Reaches New 12-Month Low on Analyst Downgrade

Methanex Co. (NASDAQ:MEOH) (TSE:MX)’s stock price reached a new 52-week low during trading on Wednesday after Barclays lowered their price target on the stock from $57.00 to $41.00. Barclays currently has an equal weight rating on the stock. Methanex traded as low as $33.97 and last traded at $34.34, with a volume of 390078 shares. The stock had previously closed at $35.09.

Several other research analysts also recently commented on MEOH. Cibc World Mkts raised Methanex from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, December 10th. Raymond James increased their target price on shares of Methanex from $54.00 to $60.00 and gave the company an “outperform” rating in a research report on Tuesday, January 14th. CIBC reissued an “outperform” rating on shares of Methanex in a research note on Monday, February 3rd. Scotiabank cut shares of Methanex from a “sector outperform” rating to a “sector perform” rating and dropped their price objective for the company from $66.00 to $53.00 in a research note on Monday, March 10th. Finally, UBS Group raised their target price on shares of Methanex from $53.00 to $66.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Three equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Methanex has an average rating of “Moderate Buy” and a consensus target price of $58.63.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Wilmington Savings Fund Society FSB acquired a new position in shares of Methanex in the 3rd quarter valued at $40,000. Parkside Financial Bank & Trust lifted its position in Methanex by 39.7% in the fourth quarter. Parkside Financial Bank & Trust now owns 2,015 shares of the specialty chemicals company’s stock valued at $101,000 after buying an additional 573 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in Methanex during the fourth quarter worth about $106,000. State of Wyoming acquired a new stake in shares of Methanex during the fourth quarter valued at about $129,000. Finally, Blue Trust Inc. raised its stake in shares of Methanex by 15.0% in the 4th quarter. Blue Trust Inc. now owns 2,845 shares of the specialty chemicals company’s stock valued at $142,000 after acquiring an additional 371 shares during the period. 73.49% of the stock is currently owned by institutional investors and hedge funds.

Methanex Stock Performance

The company has a current ratio of 2.62, a quick ratio of 2.00 and a debt-to-equity ratio of 1.01. The stock has a market capitalization of $2.31 billion, a price-to-earnings ratio of 14.87 and a beta of 1.38. The firm’s fifty day moving average price is $43.63 and its 200 day moving average price is $44.19.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings results on Wednesday, January 29th. The specialty chemicals company reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $0.94 by $0.30. Methanex had a return on equity of 10.97% and a net margin of 4.41%. Analysts forecast that Methanex Co. will post 4.32 EPS for the current fiscal year.

Methanex Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a $0.185 dividend. This represents a $0.74 annualized dividend and a yield of 2.15%. The ex-dividend date of this dividend was Monday, March 17th. Methanex’s dividend payout ratio is currently 32.03%.

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.