Norges Bank Makes New $34.87 Million Investment in Methanex Corporation $MEOH

Norges Bank acquired a new position in shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) during the fourth quarter, Holdings Channel reports. The fund acquired 879,178 shares of the specialty chemicals company’s stock, valued at approximately $34,872,000.

A number of other hedge funds have also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. boosted its holdings in Methanex by 44,780.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 20,196 shares of the specialty chemicals company’s stock worth $802,000 after acquiring an additional 20,151 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Methanex by 15.1% in the 4th quarter. Geode Capital Management LLC now owns 356,382 shares of the specialty chemicals company’s stock worth $14,155,000 after buying an additional 46,800 shares during the last quarter. Clearstead Advisors LLC boosted its holdings in shares of Methanex by 336.2% in the 4th quarter. Clearstead Advisors LLC now owns 1,784 shares of the specialty chemicals company’s stock worth $71,000 after buying an additional 1,375 shares during the last quarter. Intact Investment Management Inc. boosted its holdings in shares of Methanex by 17.2% in the 4th quarter. Intact Investment Management Inc. now owns 677,610 shares of the specialty chemicals company’s stock worth $26,875,000 after buying an additional 99,210 shares during the last quarter. Finally, AMG National Trust Bank purchased a new position in shares of Methanex in the 4th quarter worth about $308,000. 73.49% of the stock is owned by hedge funds and other institutional investors.

Methanex Stock Performance

NASDAQ MEOH opened at $58.29 on Tuesday. The company’s 50 day moving average is $60.66 and its 200-day moving average is $50.89. Methanex Corporation has a 12-month low of $32.00 and a 12-month high of $66.75. The company has a quick ratio of 1.26, a current ratio of 1.96 and a debt-to-equity ratio of 0.98. The firm has a market cap of $4.51 billion, a P/E ratio of -118.96 and a beta of 0.56.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings results on Wednesday, April 29th. The specialty chemicals company reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.08). Methanex had a negative net margin of 1.25% and a positive return on equity of 2.96%. The business had revenue of $957.42 million during the quarter, compared to the consensus estimate of $964.76 million. During the same period last year, the firm earned $1.30 EPS. The business’s revenue for the quarter was up 8.7% on a year-over-year basis. Sell-side analysts predict that Methanex Corporation will post 6.36 earnings per share for the current year.

Methanex Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be given a $0.185 dividend. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $0.74 annualized dividend and a dividend yield of 1.3%. Methanex’s payout ratio is -151.02%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Jefferies Financial Group boosted their price target on shares of Methanex from $50.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, March 11th. JPMorgan Chase & Co. downgraded shares of Methanex from an “overweight” rating to a “neutral” rating and boosted their price target for the stock from $56.00 to $65.00 in a report on Friday, May 1st. UBS Group boosted their price target on shares of Methanex from $70.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, May 1st. Raymond James Financial boosted their price target on shares of Methanex from $52.00 to $65.00 and gave the stock a “market perform” rating in a report on Thursday, April 16th. Finally, BMO Capital Markets boosted their price target on shares of Methanex from $65.00 to $70.00 and gave the stock an “outperform” rating in a report on Wednesday, March 18th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $66.78.

Methanex Profile

Methanex Corporation is a Vancouver, Canada–based company and one of the world’s largest producers and suppliers of methanol. The company manufactures methanol, a key feedstock for a wide range of chemical products and industrial applications. Methanex markets its product to customers in energy, plastics, paints and coatings, and various chemical sectors, positioning the company as a critical link in the global supply chain for basic chemicals.

The company’s core product, methanol, serves as a building block for downstream chemicals such as formaldehyde, acetic acid and methyl tertiary butyl ether (MTBE).