MQS Management LLC Makes New Investment in Methanex Co. (NASDAQ:MEOH)

MQS Management LLC bought a new position in shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 9,704 shares of the specialty chemicals company’s stock, valued at approximately $401,000.

Several other hedge funds have also bought and sold shares of the business. M&G Plc bought a new stake in shares of Methanex in the 1st quarter worth $589,459,000. Bank of Montreal Can lifted its position in shares of Methanex by 16.3% during the 2nd quarter. Bank of Montreal Can now owns 1,136,436 shares of the specialty chemicals company’s stock worth $55,406,000 after buying an additional 159,542 shares in the last quarter. Intact Investment Management Inc. boosted its stake in shares of Methanex by 73.2% in the 2nd quarter. Intact Investment Management Inc. now owns 294,900 shares of the specialty chemicals company’s stock worth $14,236,000 after buying an additional 124,600 shares during the last quarter. Oppenheimer & Co. Inc. bought a new position in shares of Methanex in the second quarter valued at approximately $5,971,000. Finally, Dixon Mitchell Investment Counsel Inc. increased its position in shares of Methanex by 9.9% during the third quarter. Dixon Mitchell Investment Counsel Inc. now owns 1,182,168 shares of the specialty chemicals company’s stock valued at $49,022,000 after acquiring an additional 106,848 shares during the last quarter. Institutional investors and hedge funds own 73.49% of the company’s stock.

Methanex Price Performance

MEOH stock opened at $42.29 on Thursday. The firm has a 50 day moving average of $40.86 and a 200-day moving average of $45.89. The company has a current ratio of 1.34, a quick ratio of 1.01 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $2.85 billion, a P/E ratio of 19.77 and a beta of 1.36. Methanex Co. has a 12 month low of $36.13 and a 12 month high of $56.43.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. UBS Group reduced their price objective on Methanex from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. StockNews.com raised Methanex from a “hold” rating to a “buy” rating in a report on Friday, November 8th. Barclays boosted their target price on Methanex from $44.00 to $46.00 and gave the company an “equal weight” rating in a research note on Monday. Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 price target on shares of Methanex in a research note on Tuesday, September 3rd. Finally, Raymond James lowered their price objective on Methanex from $62.00 to $54.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 11th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Methanex presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.50.

Methanex Company Profile

Methanex Corporation produces and supplies methanol in China, Europe, the United States, South America, South Korea, Canada, and Asia. The company also purchases methanol produced by others under methanol offtake contracts and on the spot market. In addition, it owns and leases storage and terminal facilities.