Methanex Co. (NASDAQ:MEOH) Short Interest Update

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Methanex Co. (NASDAQ:MEOH) (TSE:MX) was the target of a large growth in short interest in September. As of September 30th, there was short interest totalling 1,390,000 shares, a growth of 29.9% from the August 30th total of 1,070,000 shares. Based on an average daily trading volume, of 438,300 shares, the short-interest ratio is presently 3.2 days. Currently, 1.8% of the company’s stock are sold short.

Several hedge funds have recently added to or reduced their stakes in MEOH. JPMorgan Chase & Co. grew its holdings in shares of Methanex by 241.8% in the second quarter. JPMorgan Chase & Co. now owns 637,874 shares of the specialty chemicals company’s stock valued at $28,704,000 after acquiring an additional 451,239 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Methanex by 53.3% in the second quarter. Renaissance Technologies LLC now owns 765,548 shares of the specialty chemicals company’s stock valued at $34,801,000 after acquiring an additional 266,200 shares in the last quarter. Mackenzie Financial Corp grew its holdings in shares of Methanex by 27.5% in the second quarter. Mackenzie Financial Corp now owns 1,227,240 shares of the specialty chemicals company’s stock valued at $55,790,000 after acquiring an additional 264,979 shares in the last quarter. Scheer Rowlett & Associates Investment Management Ltd. grew its holdings in shares of Methanex by 42.4% in the second quarter. Scheer Rowlett & Associates Investment Management Ltd. now owns 883,948 shares of the specialty chemicals company’s stock valued at $40,215,000 after acquiring an additional 263,340 shares in the last quarter. Finally, Becker Capital Management Inc. grew its holdings in shares of Methanex by 55.1% in the second quarter. Becker Capital Management Inc. now owns 471,357 shares of the specialty chemicals company’s stock valued at $21,428,000 after acquiring an additional 167,418 shares in the last quarter. 65.13% of the stock is owned by institutional investors.

MEOH traded up $1.89 during midday trading on Friday, reaching $36.37. 367,807 shares of the company were exchanged, compared to its average volume of 429,371. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.71 and a current ratio of 1.04. The company’s fifty day moving average price is $34.23 and its 200 day moving average price is $43.48. The company has a market cap of $2.77 billion, a price-to-earnings ratio of 5.30, a price-to-earnings-growth ratio of 1.86 and a beta of 1.77. Methanex has a one year low of $30.25 and a one year high of $77.98.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings data on Wednesday, July 31st. The specialty chemicals company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.16). The company had revenue of $734.00 million for the quarter, compared to the consensus estimate of $719.86 million. Methanex had a return on equity of 18.33% and a net margin of 10.81%. The business’s revenue for the quarter was down 22.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.75 earnings per share. As a group, sell-side analysts anticipate that Methanex will post 1.2 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 3.96%. The ex-dividend date was Friday, September 13th. Methanex’s dividend payout ratio is presently 20.99%.

A number of brokerages recently commented on MEOH. ValuEngine raised Methanex from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Alembic Global Advisors set a $55.00 target price on Methanex and gave the company a “hold” rating in a research report on Monday, August 26th. CIBC lowered Methanex from an “outperform” rating to a “neutral” rating and decreased their target price for the company from $70.00 to $53.00 in a research report on Thursday, July 11th. Monness Crespi & Hardt reaffirmed a “buy” rating and issued a $69.00 target price (down from $77.00) on shares of Methanex in a research report on Thursday, June 27th. Finally, Jefferies Financial Group boosted their target price on Methanex from $34.00 to $38.00 and gave the company a “hold” rating in a research report on Tuesday, September 17th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company’s stock. Methanex presently has a consensus rating of “Hold” and an average target price of $53.47.

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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