Short Interest in Methanex Co. (NASDAQ:MEOH) Expands By 22.8%

Methanex Co. (NASDAQ:MEOH) (TSE:MX) was the recipient of a large increase in short interest during the month of February. As of February 28th, there was short interest totalling 669,100 shares, an increase of 22.8% from the February 13th total of 544,900 shares. Based on an average trading volume of 427,400 shares, the short-interest ratio is presently 1.6 days. Approximately 1.0% of the shares of the company are sold short.

Methanex Price Performance

MEOH traded up $0.11 on Wednesday, hitting $37.85. 36,257 shares of the company were exchanged, compared to its average volume of 334,375. Methanex has a fifty-two week low of $35.67 and a fifty-two week high of $56.43. The company has a debt-to-equity ratio of 1.01, a quick ratio of 2.00 and a current ratio of 2.62. The firm has a market capitalization of $2.55 billion, a P/E ratio of 16.40 and a beta of 1.38. The business’s fifty day moving average is $46.17 and its 200 day moving average is $44.51.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings results on Wednesday, January 29th. The specialty chemicals company reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.30. Methanex had a return on equity of 10.97% and a net margin of 4.41%. As a group, sell-side analysts anticipate that Methanex will post 4.32 EPS for the current year.

Methanex Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a dividend yield of 1.95%. The ex-dividend date is Monday, March 17th. Methanex’s dividend payout ratio (DPR) is presently 32.03%.

Institutional Investors Weigh In On Methanex

Several institutional investors and hedge funds have recently made changes to their positions in MEOH. Wilmington Savings Fund Society FSB acquired a new position in Methanex during the third quarter worth about $40,000. Parkside Financial Bank & Trust increased its stake in shares of Methanex by 39.7% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,015 shares of the specialty chemicals company’s stock worth $101,000 after purchasing an additional 573 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Methanex during the 4th quarter worth approximately $106,000. State of Wyoming purchased a new stake in Methanex in the 4th quarter valued at approximately $129,000. Finally, Blue Trust Inc. grew its holdings in Methanex by 15.0% during the 4th quarter. Blue Trust Inc. now owns 2,845 shares of the specialty chemicals company’s stock valued at $142,000 after buying an additional 371 shares during the last quarter. 73.49% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on MEOH shares. Raymond James lifted their target price on Methanex from $54.00 to $60.00 and gave the company an “outperform” rating in a research note on Tuesday, January 14th. CIBC reiterated an “outperform” rating on shares of Methanex in a research report on Monday, February 3rd. Cibc World Mkts upgraded shares of Methanex from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 10th. Barclays lifted their target price on shares of Methanex from $54.00 to $57.00 and gave the company an “equal weight” rating in a report on Monday, February 10th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 price target on shares of Methanex in a report on Friday, January 31st. Three investment 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 stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $60.63.

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.