Bank of Montreal Can Sells 241,452 Shares of Methanex Co. (NASDAQ:MEOH)

Bank of Montreal Can decreased its position in shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 21.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 894,984 shares of the specialty chemicals company’s stock after selling 241,452 shares during the period. Bank of Montreal Can owned approximately 1.33% of Methanex worth $37,166,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in MEOH. Vanguard Group Inc. increased its position in Methanex by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 2,487,117 shares of the specialty chemicals company’s stock worth $111,000,000 after buying an additional 43,178 shares during the period. CANADA LIFE ASSURANCE Co increased its position in Methanex by 3.0% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 13,978 shares of the specialty chemicals company’s stock worth $622,000 after buying an additional 411 shares during the period. Bayesian Capital Management LP bought a new position in Methanex during the 1st quarter worth $239,000. Virtu Financial LLC acquired a new stake in shares of Methanex during the 1st quarter worth $462,000. Finally, Value Partners Investments Inc. grew its holdings in shares of Methanex by 13.3% during the 2nd quarter. Value Partners Investments Inc. now owns 5,110 shares of the specialty chemicals company’s stock worth $247,000 after purchasing an additional 599 shares in the last quarter. Institutional investors own 73.49% of the company’s stock.

Methanex Stock Performance

NASDAQ:MEOH opened at $46.52 on Friday. The company has a quick ratio of 1.01, a current ratio of 1.34 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $3.13 billion, a PE ratio of 21.74 and a beta of 1.36. Methanex Co. has a twelve month low of $36.13 and a twelve month high of $56.43. The stock’s 50-day simple moving average is $42.07 and its 200 day simple moving average is $45.58.

Methanex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be given a $0.185 dividend. The ex-dividend date is Tuesday, December 17th. This represents a $0.74 annualized dividend and a yield of 1.59%. Methanex’s dividend payout ratio is presently 34.58%.

Analyst Ratings Changes

Several analysts have recently issued reports on MEOH shares. Raymond James reduced their target price on Methanex from $62.00 to $54.00 and set an “outperform” rating on the stock in a report on Wednesday, September 11th. StockNews.com raised Methanex from a “hold” rating to a “buy” rating in a report on Friday, November 8th. Barclays increased their target price on Methanex from $44.00 to $46.00 and gave the stock an “equal weight” rating in a report on Monday, November 11th. Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 target price on shares of Methanex in a report on Tuesday, September 3rd. Finally, Piper Sandler increased their target price on Methanex from $68.00 to $71.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $55.88.

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.