CIBC Lowers Methanex (NASDAQ:MEOH) to Neutral

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CIBC lowered shares of Methanex (NASDAQ:MEOH) (TSE:MX) from an outperform rating to a neutral rating in a research note published on Thursday, BenzingaRatingsTable reports. They currently have $53.00 price target on the specialty chemicals company’s stock, down from their prior price target of $70.00.

Other analysts also recently issued research reports about the stock. TD Securities lifted their target price on shares of Waste Connections from $88.00 to $94.00 and gave the stock a hold rating in a report on Friday, April 26th. Zacks Investment Research downgraded shares of Wix.Com from a hold rating to a sell rating in a report on Monday, April 8th. UBS Group reaffirmed a buy rating and set a $124.00 target price on shares of Cie Gnrl des Etblsmnts Michelin SCA in a report on Thursday, April 25th. BMO Capital Markets reduced their target price on shares of Methanex from $70.00 to $65.00 and set an outperform rating for the company in a report on Friday, June 28th. Finally, ValuEngine downgraded shares of Verso from a hold rating to a sell rating in a report on Thursday, May 23rd. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company’s stock. Methanex presently has a consensus rating of Hold and an average target price of $68.93.

Methanex stock opened at $42.58 on Thursday. The firm has a market cap of $3.27 billion, a price-to-earnings ratio of 7.67, a PEG ratio of 0.83 and a beta of 1.67. The business’s 50-day moving average price is $44.40. Methanex has a fifty-two week low of $40.43 and a fifty-two week high of $83.23. The company has a quick ratio of 0.77, a current ratio of 1.08 and a debt-to-equity ratio of 0.90.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings data on Wednesday, April 24th. The specialty chemicals company reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.02. The company had revenue of $773.00 million for the quarter, compared to analyst estimates of $790.00 million. Methanex had a net margin of 11.84% and a return on equity of 24.89%. Methanex’s revenue for the quarter was down 19.6% compared to the same quarter last year. During the same period in the previous year, the business earned $2.03 EPS. Sell-side analysts anticipate that Methanex will post 3.43 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Sunday, June 30th. Investors of record on Sunday, June 16th were issued a dividend of $0.36 per share. This is an increase from Methanex’s previous quarterly dividend of $0.33. The ex-dividend date was Thursday, June 13th. This represents a $1.44 annualized dividend and a dividend yield of 3.38%. Methanex’s payout ratio is presently 20.99%.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp lifted its position in Methanex by 23.8% during the 4th quarter. Bank of New York Mellon Corp now owns 543,983 shares of the specialty chemicals company’s stock worth $26,204,000 after acquiring an additional 104,464 shares during the period. Aviva PLC acquired a new stake in shares of Methanex in the 4th quarter valued at approximately $1,276,000. Northern Trust Corp lifted its holdings in shares of Methanex by 17.0% in the 4th quarter. Northern Trust Corp now owns 40,402 shares of the specialty chemicals company’s stock valued at $1,947,000 after buying an additional 5,866 shares during the period. Korea Investment CORP lifted its holdings in shares of Methanex by 64.6% in the 4th quarter. Korea Investment CORP now owns 131,495 shares of the specialty chemicals company’s stock valued at $6,322,000 after buying an additional 51,586 shares during the period. Finally, Hsbc Holdings PLC lifted its holdings in shares of Methanex by 1,097.5% in the 4th quarter. Hsbc Holdings PLC now owns 47,982 shares of the specialty chemicals company’s stock valued at $2,308,000 after buying an additional 43,975 shares during the period. 70.53% of the stock is owned by hedge funds and other institutional investors.

About Methanex

Methanex Corporation produces and supplies methanol in North America, the Asia Pacific, Europe, and South America. It also purchases methanol produced by others under methanol offtake contracts and on the spot market. The company was founded in 1968 and is headquartered in Vancouver, Canada.

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