Acadian Asset Management LLC boosted its holdings in Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 28.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 86,000 shares of the specialty chemicals company’s stock after purchasing an additional 19,300 shares during the quarter. Acadian Asset Management LLC owned approximately 0.11% of Methanex worth $6,784,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of MEOH. Canada Pension Plan Investment Board boosted its stake in Methanex by 60.1% in the 2nd quarter. Canada Pension Plan Investment Board now owns 601,759 shares of the specialty chemicals company’s stock worth $42,525,000 after purchasing an additional 226,000 shares during the period. Janus Henderson Group PLC boosted its stake in Methanex by 173.8% in the 2nd quarter. Janus Henderson Group PLC now owns 350,291 shares of the specialty chemicals company’s stock worth $24,753,000 after purchasing an additional 222,338 shares during the period. Addenda Capital Inc. boosted its stake in Methanex by 78.0% in the 2nd quarter. Addenda Capital Inc. now owns 477,338 shares of the specialty chemicals company’s stock worth $31,014,000 after purchasing an additional 209,236 shares during the period. Strs Ohio bought a new position in Methanex in the 2nd quarter worth approximately $13,345,000. Finally, TD Asset Management Inc. boosted its stake in Methanex by 25.1% in the 2nd quarter. TD Asset Management Inc. now owns 737,671 shares of the specialty chemicals company’s stock worth $52,128,000 after purchasing an additional 147,874 shares during the period. Institutional investors and hedge funds own 76.51% of the company’s stock.
Several research analysts have weighed in on MEOH shares. Citigroup upped their price target on Methanex from $67.00 to $75.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 11th. TD Securities upped their price objective on Methanex from $71.00 to $76.00 and gave the stock a “hold” rating in a report on Wednesday, July 11th. Monness Crespi & Hardt upped their price objective on Methanex from $72.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, July 27th. Royal Bank of Canada upped their price objective on Methanex from $70.00 to $78.00 in a report on Friday, July 27th. Finally, MED reaffirmed a “buy” rating on shares of Methanex in a report on Monday, August 6th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $82.36.
Shares of MEOH opened at $64.73 on Wednesday. The company has a market cap of $4.94 billion, a PE ratio of 13.74, a PEG ratio of 0.61 and a beta of 1.62. Methanex Co. has a 1 year low of $48.72 and a 1 year high of $83.23. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.27 and a current ratio of 1.70.
Methanex (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings data on Wednesday, October 24th. The specialty chemicals company reported $1.92 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.99 by ($0.07). The firm had revenue of $1.04 billion for the quarter. Methanex had a return on equity of 34.25% and a net margin of 12.48%. As a group, equities analysts forecast that Methanex Co. will post 6.88 EPS for the current fiscal year.
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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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