Y Intercept Hong Kong Ltd Takes $302,000 Position in Methanex Co. (NASDAQ:MEOH)

Y Intercept Hong Kong Ltd bought a new position in Methanex Co. (NASDAQ:MEOH) (TSE:MX) during the third quarter, Holdings Channel reports. The firm bought 7,298 shares of the specialty chemicals company’s stock, valued at approximately $302,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MEOH. Blue Trust Inc. grew its stake in shares of Methanex by 52,500.0% during the 2nd quarter. Blue Trust Inc. now owns 1,578 shares of the specialty chemicals company’s stock worth $70,000 after purchasing an additional 1,575 shares during the period. U S Global Investors Inc. increased its holdings in Methanex by 125.0% in the second quarter. U S Global Investors Inc. now owns 9,000 shares of the specialty chemicals company’s stock valued at $434,000 after buying an additional 5,000 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Methanex by 24.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,664 shares of the specialty chemicals company’s stock worth $708,000 after acquiring an additional 2,902 shares during the period. Intact Investment Management Inc. boosted its stake in shares of Methanex by 73.2% during the 2nd quarter. Intact Investment Management Inc. now owns 294,900 shares of the specialty chemicals company’s stock worth $14,236,000 after acquiring an additional 124,600 shares in the last quarter. Finally, CIBC Asset Management Inc grew its position in shares of Methanex by 7.7% during the 2nd quarter. CIBC Asset Management Inc now owns 83,699 shares of the specialty chemicals company’s stock valued at $4,038,000 after acquiring an additional 5,963 shares during the period. 73.49% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently weighed in on MEOH. Piper Sandler upped their price target on Methanex from $68.00 to $71.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. UBS Group reduced their target price on Methanex from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Raymond James decreased their target price on Methanex from $62.00 to $54.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 11th. StockNews.com raised shares of Methanex from a “hold” rating to a “buy” rating in a report on Friday, November 8th. Finally, Cibc World Mkts raised shares of Methanex from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 10th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $57.25.

Methanex Trading Up 2.3 %

Shares of MEOH stock opened at $47.12 on Wednesday. Methanex Co. has a fifty-two week low of $36.13 and a fifty-two week high of $56.43. 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 stock’s fifty day moving average is $43.37 and its two-hundred day moving average is $44.91. The firm has a market capitalization of $3.18 billion, a P/E ratio of 22.02 and a beta of 1.40.

Methanex Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be given a dividend of $0.185 per share. The ex-dividend date is Tuesday, December 17th. This represents a $0.74 dividend on an annualized basis and a yield of 1.57%. Methanex’s payout ratio is presently 34.58%.

Methanex Profile

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.