Wellington Management Group LLP Sells 10,952 Shares of Methanex Co. (NASDAQ:MEOH)

Wellington Management Group LLP lowered its position in Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 0.2% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 4,774,194 shares of the specialty chemicals company’s stock after selling 10,952 shares during the period. Wellington Management Group LLP owned about 7.08% of Methanex worth $197,399,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Dixon Mitchell Investment Counsel Inc. grew its position in shares of Methanex by 9.9% during the third quarter. Dixon Mitchell Investment Counsel Inc. now owns 1,182,168 shares of the specialty chemicals company’s stock worth $49,022,000 after purchasing an additional 106,848 shares in the last quarter. Bank of Montreal Can boosted its stake in Methanex by 16.3% in the 2nd quarter. Bank of Montreal Can now owns 1,136,436 shares of the specialty chemicals company’s stock worth $55,406,000 after purchasing an additional 159,542 shares during the period. Dimensional Fund Advisors LP grew its holdings in Methanex by 3.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 944,262 shares of the specialty chemicals company’s stock valued at $45,570,000 after buying an additional 30,887 shares in the last quarter. Mackenzie Financial Corp raised its position in shares of Methanex by 3.4% during the second quarter. Mackenzie Financial Corp now owns 726,546 shares of the specialty chemicals company’s stock valued at $35,082,000 after buying an additional 23,747 shares during the last quarter. Finally, Millennium Management LLC raised its position in shares of Methanex by 13.0% during the second quarter. Millennium Management LLC now owns 508,730 shares of the specialty chemicals company’s stock valued at $24,551,000 after buying an additional 58,719 shares during the last quarter. Hedge funds and other institutional investors own 73.49% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MEOH. Barclays raised their target price on shares of Methanex from $44.00 to $46.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. Piper Sandler raised their price objective on Methanex from $68.00 to $71.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. StockNews.com upgraded Methanex from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Raymond James cut their price target on Methanex from $62.00 to $54.00 and set an “outperform” rating for the company in a report on Wednesday, September 11th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 price objective on shares of Methanex in a report on Tuesday, September 3rd. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Methanex has a consensus rating of “Moderate Buy” and an average price target of $55.88.

Methanex Price Performance

Shares of Methanex stock opened at $47.47 on Monday. The stock has a market cap of $3.20 billion, a price-to-earnings ratio of 22.18 and a beta of 1.40. 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 has a 50 day moving average price of $42.89 and a 200-day moving average price of $45.22. Methanex Co. has a one year low of $36.13 and a one year high of $56.43.

Methanex Dividend Announcement

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 paid a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a yield of 1.56%. The ex-dividend date of this dividend is Tuesday, December 17th. Methanex’s payout ratio is 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.