Truist Financial Corp Acquires 294 Shares of Methanex Co. (NASDAQ:MEOH)

Truist Financial Corp increased its holdings in shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 5.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,219 shares of the specialty chemicals company’s stock after purchasing an additional 294 shares during the quarter. Truist Financial Corp’s holdings in Methanex were worth $300,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Headlands Technologies LLC raised its stake in shares of Methanex by 346.5% during the 1st quarter. Headlands Technologies LLC now owns 902 shares of the specialty chemicals company’s stock worth $40,000 after purchasing an additional 700 shares in the last quarter. Larson Financial Group LLC acquired a new position in Methanex during the first quarter worth $45,000. Blue Trust Inc. raised its position in Methanex by 52,500.0% during the second quarter. Blue Trust Inc. now owns 1,578 shares of the specialty chemicals company’s stock worth $70,000 after acquiring an additional 1,575 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in Methanex by 572.5% in the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the specialty chemicals company’s stock valued at $93,000 after acquiring an additional 1,626 shares during the last quarter. Finally, Squarepoint Ops LLC bought a new position in shares of Methanex in the 2nd quarter valued at about $201,000. Institutional investors own 73.49% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on MEOH shares. Piper Sandler raised their target price on shares of Methanex from $51.00 to $68.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Barclays downgraded Methanex from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $56.00 to $44.00 in a research note on Tuesday, September 10th. Raymond James cut their price target on Methanex from $62.00 to $54.00 and set an “outperform” rating for the company in a report on Wednesday, September 11th. Scotiabank lifted 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. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 price objective on shares of Methanex in a research report on Tuesday, September 3rd. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $55.38.

Methanex Trading Down 1.3 %

MEOH stock opened at $40.53 on Friday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.87 and a current ratio of 1.25. The company’s 50-day simple moving average is $42.52 and its 200 day simple moving average is $46.87. Methanex Co. has a 52 week low of $36.13 and a 52 week high of $56.43. The company has a market capitalization of $2.73 billion, a PE ratio of 17.17 and a beta of 1.35.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its earnings results on Tuesday, July 30th. The specialty chemicals company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.10. Methanex had a net margin of 4.05% and a return on equity of 5.44%. The firm had revenue of $920.00 million for the quarter, compared to analyst estimates of $954.26 million. During the same quarter in the prior year, the business posted $0.60 EPS. The business’s revenue was down 2.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Methanex Co. will post 2.41 earnings per share for the current year.

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.