Point72 Asset Management L.P. Has $5.74 Million Position in Methanex Co. (NASDAQ:MEOH)

Point72 Asset Management L.P. lifted its holdings in Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 1,495.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 138,827 shares of the specialty chemicals company’s stock after buying an additional 130,127 shares during the period. Point72 Asset Management L.P. owned about 0.21% of Methanex worth $5,739,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Toronto Dominion Bank increased its stake in Methanex by 19.6% in the 2nd quarter. Toronto Dominion Bank now owns 33,229 shares of the specialty chemicals company’s stock valued at $1,604,000 after buying an additional 5,451 shares during the period. Millennium Management LLC raised its holdings in shares of Methanex by 13.0% during the second quarter. Millennium Management LLC now owns 508,730 shares of the specialty chemicals company’s stock worth $24,551,000 after acquiring an additional 58,719 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Methanex during the second quarter worth $201,000. Truist Financial Corp grew its stake in Methanex by 5.0% in the second quarter. Truist Financial Corp now owns 6,219 shares of the specialty chemicals company’s stock valued at $300,000 after purchasing an additional 294 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Methanex by 3.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 944,262 shares of the specialty chemicals company’s stock worth $45,570,000 after purchasing an additional 30,887 shares during the last quarter. Hedge funds and other institutional investors own 73.49% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MEOH. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 price target on shares of Methanex in a research note on Tuesday, September 3rd. StockNews.com upgraded Methanex from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. Barclays upped their price target on shares of Methanex from $44.00 to $46.00 and gave the company an “equal weight” rating in a report on Monday, November 11th. UBS Group lowered their target price on Methanex from $54.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Finally, Piper Sandler increased their price objective on Methanex from $68.00 to $71.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $55.88.

Methanex Stock Performance

MEOH opened at $47.47 on Monday. The stock’s 50 day simple moving average is $42.89 and its 200-day simple moving average is $45.22. 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 stock has a market cap of $3.20 billion, a PE ratio of 22.18 and a beta of 1.40. Methanex Co. has a 1 year low of $36.13 and a 1 year high of $56.43.

Methanex Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Tuesday, December 17th will be issued a $0.185 dividend. This represents a $0.74 annualized dividend and a yield of 1.56%. The ex-dividend date is Tuesday, December 17th. Methanex’s dividend payout ratio (DPR) is presently 34.58%.

About Methanex

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.