Polaris Capital Management LLC maintained its stake in shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,300 shares of the specialty chemicals company’s stock at the end of the second quarter. Polaris Capital Management LLC’s holdings in Methanex Corporation were worth $101,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. Quantbot Technologies LP lifted its holdings in shares of Methanex Corporation by 40.9% during the 1st quarter. Quantbot Technologies LP now owns 2,228 shares of the specialty chemicals company’s stock worth $104,000 after acquiring an additional 647 shares during the period. FNY Partners Fund LP purchased a new position in shares of Methanex Corporation during the 1st quarter worth about $117,000. Turner Investments LLC purchased a new position in shares of Methanex Corporation during the 2nd quarter worth about $221,000. Korea Investment CORP lifted its holdings in shares of Methanex Corporation by 1.8% during the 2nd quarter. Korea Investment CORP now owns 5,659 shares of the specialty chemicals company’s stock worth $249,000 after acquiring an additional 101 shares during the period. Finally, Comerica Bank lifted its holdings in shares of Methanex Corporation by 3.1% during the 1st quarter. Comerica Bank now owns 5,892 shares of the specialty chemicals company’s stock worth $264,000 after acquiring an additional 178 shares during the period. Institutional investors and hedge funds own 81.91% of the company’s stock.
Methanex Corporation (NASDAQ MEOH) traded up 1.362% during mid-day trading on Friday, reaching $50.225. 201,038 shares of the company were exchanged. The stock’s 50-day moving average is $50.46 and its 200-day moving average is $45.74. Methanex Corporation has a 12 month low of $34.45 and a 12 month high of $53.35. The company has a market cap of $4.33 billion, a P/E ratio of 19.543 and a beta of 1.76.
Methanex Corporation (NASDAQ:MEOH) (TSE:MX) last posted its earnings results on Wednesday, July 26th. The specialty chemicals company reported $0.85 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.08 by ($0.23). Methanex Corporation had a return on equity of 12.43% and a net margin of 8.92%. The company had revenue of $669.00 million during the quarter, compared to analyst estimates of $772.41 million. During the same quarter last year, the firm posted ($0.34) earnings per share. The firm’s revenue for the quarter was up 42.9% compared to the same quarter last year. Equities analysts expect that Methanex Corporation will post $3.99 earnings per share for the current year.
Methanex Corporation announced that its board has authorized a stock buyback program on Wednesday, July 26th that authorizes the company to repurchase 1,660,000 shares. This repurchase authorization authorizes the specialty chemicals company to purchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Saturday, September 30th. Investors of record on Saturday, September 16th were issued a $0.30 dividend. The ex-dividend date was Thursday, September 14th. This represents a $1.20 annualized dividend and a yield of 2.42%. Methanex Corporation’s dividend payout ratio (DPR) is currently 47.81%.
Several research analysts have recently weighed in on the stock. UBS AG increased their price objective on shares of Methanex Corporation from $42.00 to $44.00 and gave the stock a “sell” rating in a report on Friday. Cowen and Company reiterated an “outperform” rating and set a $58.00 price objective (up from $55.00) on shares of Methanex Corporation in a report on Monday. Scotiabank reiterated a “sector perform” rating and set a $67.00 price objective on shares of Methanex Corporation in a report on Wednesday, October 4th. Zacks Investment Research upgraded shares of Methanex Corporation from a “hold” rating to a “buy” rating and set a $57.00 price objective on the stock in a report on Tuesday, October 3rd. Finally, Royal Bank Of Canada reiterated a “hold” rating on shares of Methanex Corporation in a report on Wednesday, September 27th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and ten have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $56.73.
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Methanex Corporation Company Profile
Methanex Corp is a Canada-based producer and supplier of methanol to a range of international markets. The Company operates production sites in Canada, Chile, Egypt, New Zealand, the United States, as well as Trinidad and Tobago. Its global operations are supported by a global supply chain of terminals, storage facilities and a fleet of methanol ocean tankers.
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