Methanex Co. (NASDAQ:MEOH) Short Interest Down 20.9% in December

Methanex Co. (NASDAQ:MEOH) (TSE:MX) saw a significant decline in short interest in December. As of December 15th, there was short interest totalling 623,100 shares, a decline of 20.9% from the November 30th total of 787,600 shares. Approximately 0.9% of the shares of the stock are short sold. Based on an average trading volume of 318,300 shares, the short-interest ratio is presently 2.0 days.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Wilmington Savings Fund Society FSB purchased a new position in shares of Methanex during the third quarter valued at approximately $40,000. EverSource Wealth Advisors LLC boosted its stake in Methanex by 572.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the specialty chemicals company’s stock worth $93,000 after purchasing an additional 1,626 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of Methanex by 56.8% during the third quarter. Blue Trust Inc. now owns 2,474 shares of the specialty chemicals company’s stock valued at $102,000 after buying an additional 896 shares during the last quarter. Squarepoint Ops LLC bought a new stake in shares of Methanex during the second quarter valued at approximately $201,000. Finally, Value Partners Investments Inc. raised its holdings in Methanex by 10.4% in the 3rd quarter. Value Partners Investments Inc. now owns 5,642 shares of the specialty chemicals company’s stock worth $233,000 after acquiring an additional 532 shares during the last quarter. 73.49% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on MEOH shares. CIBC reaffirmed an “outperformer” rating and issued a $59.00 target price (up previously from $48.00) on shares of Methanex in a research note on Tuesday, December 10th. Raymond James lowered their target price on Methanex from $62.00 to $54.00 and set an “outperform” rating for the company in a research note on Wednesday, September 11th. Cibc World Mkts upgraded Methanex from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 10th. UBS Group lowered their price objective on Methanex from $54.00 to $53.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Finally, StockNews.com upgraded shares of Methanex from a “hold” rating to a “buy” rating in a report on Friday, November 8th. Two investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Methanex has an average rating of “Moderate Buy” and an average target price of $57.25.

Methanex Trading Up 1.1 %

Shares of NASDAQ MEOH traded up $0.55 during midday trading on Tuesday, hitting $49.94. 354,774 shares of the company traded hands, compared to its average volume of 304,005. The stock has a 50-day moving average price of $44.66 and a 200 day moving average price of $44.73. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.01 and a current ratio of 1.34. The firm has a market cap of $3.37 billion, a P/E ratio of 23.34 and a beta of 1.40. Methanex has a 12-month low of $36.13 and a 12-month high of $56.43.

Methanex Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be given a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a yield of 1.48%. The ex-dividend date is Tuesday, December 17th. Methanex’s dividend payout ratio is currently 34.58%.

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.