Pinnacle Associates Ltd. Trims Stake in Methanex Co. (MEOH)

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Pinnacle Associates Ltd. cut its stake in shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 11.9% during the fourth quarter, HoldingsChannel.com reports. The fund owned 111,271 shares of the specialty chemicals company’s stock after selling 14,989 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Methanex were worth $5,360,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the company. Financial Gravity Companies Inc. purchased a new stake in shares of Methanex in the 4th quarter valued at approximately $36,000. Becker Capital Management Inc. raised its stake in shares of Methanex by 88.5% in the 4th quarter. Becker Capital Management Inc. now owns 306,489 shares of the specialty chemicals company’s stock valued at $14,764,000 after acquiring an additional 143,878 shares during the period. Janney Montgomery Scott LLC purchased a new stake in shares of Methanex in the 4th quarter valued at approximately $453,000. Oppenheimer & Co. Inc. raised its stake in shares of Methanex by 15.7% in the 4th quarter. Oppenheimer & Co. Inc. now owns 20,975 shares of the specialty chemicals company’s stock valued at $1,010,000 after acquiring an additional 2,850 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Methanex by 120.9% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 103,915 shares of the specialty chemicals company’s stock valued at $4,996,000 after acquiring an additional 56,872 shares during the period. 72.00% of the stock is currently owned by institutional investors and hedge funds.

MEOH has been the subject of several research analyst reports. Zacks Investment Research cut shares of Methanex from a “hold” rating to a “sell” rating in a report on Monday. Cowen cut shares of Methanex from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $74.00 to $62.00 in a report on Wednesday, February 6th. Tudor Pickering cut shares of Methanex from a “buy” rating to a “hold” rating in a research note on Friday, February 1st. TD Securities dropped their target price on shares of Methanex from $77.00 to $70.00 and set a “buy” rating for the company in a report on Wednesday, January 30th. Finally, Raymond James reissued an “outperform” rating and issued a $80.00 target price on shares of Methanex in a research report on Monday, January 28th. One analyst has rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $78.43.

Shares of NASDAQ MEOH opened at $53.78 on Tuesday. The company has a quick ratio of 0.83, a current ratio of 1.20 and a debt-to-equity ratio of 0.59. Methanex Co. has a 12 month low of $45.48 and a 12 month high of $83.23. The company has a market cap of $4.06 billion, a PE ratio of 7.84, a price-to-earnings-growth ratio of 0.66 and a beta of 1.62.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its quarterly earnings results on Wednesday, January 30th. The specialty chemicals company reported $1.15 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.60). Methanex had a return on equity of 31.00% and a net margin of 14.48%. The business had revenue of $977.00 million for the quarter, compared to analyst estimates of $986.13 million. During the same period last year, the firm posted $1.70 EPS. Methanex’s quarterly revenue was up 13.5% on a year-over-year basis. On average, research analysts expect that Methanex Co. will post 5.34 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Sunday, March 31st. Shareholders of record on Sunday, March 17th will be issued a $0.33 dividend. The ex-dividend date is Thursday, March 14th. This represents a $1.32 annualized dividend and a yield of 2.45%. Methanex’s payout ratio is currently 19.24%.

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About Methanex

Methanex Corporation produces and sells methanol in North America, the Asia Pacific, Europe, and South America. It also purchases and sells methanol produced by others under methanol offtake contracts and on the spot market. The company was founded in 1968 and is headquartered in Vancouver, Canada.

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Want to see what other hedge funds are holding MEOH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Methanex Co. (NASDAQ:MEOH) (TSE:MX).

Institutional Ownership by Quarter for Methanex (NASDAQ:MEOH)

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