Shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) were down 6.2% during mid-day trading on Wednesday . The stock traded as low as $54.95 and last traded at $54.95. Approximately 802,317 shares were traded during trading, an increase of 13% from the average daily volume of 711,410 shares. The stock had previously closed at $58.60.
Several equities analysts recently weighed in on the company. Scotiabank boosted their price objective on Methanex from $53.50 to $74.00 and gave the stock a “sector perform” rating in a research report on Thursday, November 30th. TD Securities cut Methanex from a “buy” rating to a “hold” rating and set a $66.00 price objective for the company. in a research report on Monday, January 8th. They noted that the move was a valuation call. BMO Capital Markets reissued a “buy” rating and set a $57.00 price objective on shares of Methanex in a research report on Friday, November 24th. BidaskClub raised Methanex from a “buy” rating to a “strong-buy” rating in a research report on Friday, December 22nd. Finally, CIBC cut Methanex from an “outperform” rating to a “neutral” rating in a research report on Tuesday, January 9th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company’s stock. Methanex presently has an average rating of “Hold” and a consensus target price of $59.00.
The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.25 and a current ratio of 1.66. The stock has a market cap of $4,946.66, a price-to-earnings ratio of 15.52, a P/E/G ratio of 0.64 and a beta of 1.73.
The company also recently declared a quarterly dividend, which will be paid on Saturday, March 31st. Shareholders of record on Saturday, March 17th will be issued a $0.33 dividend. This is a boost from Methanex’s previous quarterly dividend of $0.30. The ex-dividend date is Thursday, March 15th. This represents a $1.32 annualized dividend and a yield of 2.40%. Methanex’s dividend payout ratio is 33.90%.
Institutional investors have recently bought and sold shares of the business. ETRADE Capital Management LLC acquired a new position in Methanex in the 3rd quarter valued at approximately $241,000. FineMark National Bank & Trust acquired a new position in Methanex in the 4th quarter valued at approximately $253,000. FNY Partners Fund LP acquired a new position in Methanex in the 4th quarter valued at approximately $302,000. Trexquant Investment LP acquired a new position in Methanex in the 3rd quarter valued at approximately $388,000. Finally, Timber Hill LLC acquired a new position in Methanex in the 3rd quarter valued at approximately $410,000. 81.60% of the stock is owned by hedge funds and other institutional investors.
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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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