Point72 Asset Management L.P. Purchases 130,127 Shares of Methanex Co. (NASDAQ:MEOH)

Point72 Asset Management L.P. grew its position in shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 1,495.7% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 138,827 shares of the specialty chemicals company’s stock after buying an additional 130,127 shares during the quarter. Point72 Asset Management L.P.’s holdings in Methanex were worth $5,739,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Blue Trust Inc. grew its position in Methanex by 52,500.0% during the 2nd quarter. Blue Trust Inc. now owns 1,578 shares of the specialty chemicals company’s stock worth $70,000 after acquiring an additional 1,575 shares during the last quarter. U S Global Investors Inc. grew its holdings in shares of Methanex by 125.0% during the second quarter. U S Global Investors Inc. now owns 9,000 shares of the specialty chemicals company’s stock worth $434,000 after purchasing an additional 5,000 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Methanex by 24.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,664 shares of the specialty chemicals company’s stock valued at $708,000 after buying an additional 2,902 shares in the last quarter. Intact Investment Management Inc. increased its stake in shares of Methanex by 73.2% in the second quarter. Intact Investment Management Inc. now owns 294,900 shares of the specialty chemicals company’s stock valued at $14,236,000 after buying an additional 124,600 shares in the last quarter. Finally, CIBC Asset Management Inc raised its holdings in shares of Methanex by 7.7% in the second quarter. CIBC Asset Management Inc now owns 83,699 shares of the specialty chemicals company’s stock valued at $4,038,000 after buying an additional 5,963 shares during the last quarter. Institutional investors and hedge funds own 73.49% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 price objective on shares of Methanex in a research report on Tuesday, September 3rd. Raymond James lowered their price target on shares of Methanex from $62.00 to $54.00 and set an “outperform” rating for the company in a report on Wednesday, September 11th. Piper Sandler upped their price objective on Methanex from $68.00 to $71.00 and gave the stock an “overweight” rating in a report on Tuesday, November 19th. StockNews.com raised Methanex from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. Finally, Barclays upped their price target on Methanex from $44.00 to $46.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $55.88.

Methanex Stock Up 0.8 %

NASDAQ:MEOH opened at $47.47 on Monday. The company has a quick ratio of 1.01, a current ratio of 1.34 and a debt-to-equity ratio of 0.79. Methanex Co. has a 12-month low of $36.13 and a 12-month high of $56.43. The stock’s fifty day simple moving average is $42.89 and its 200-day simple moving average is $45.22. The firm has a market capitalization of $3.20 billion, a P/E ratio of 22.18 and a beta of 1.40.

Methanex Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 17th will be given a dividend of $0.185 per share. The ex-dividend date is Tuesday, December 17th. This represents a $0.74 annualized dividend and a dividend yield of 1.56%. Methanex’s payout ratio is currently 34.58%.

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.