Methanex Co. (NASDAQ:MEOH) Sees Large Increase in Short Interest

Methanex Co. (NASDAQ:MEOH) (TSE:MX) saw a significant increase in short interest in the month of February. As of February 28th, there was short interest totalling 669,100 shares, an increase of 22.8% from the February 13th total of 544,900 shares. Based on an average trading volume of 427,400 shares, the days-to-cover ratio is currently 1.6 days. Currently, 1.0% of the shares of the stock are sold short.

Methanex Price Performance

Shares of MEOH stock opened at $37.55 on Thursday. The firm has a market cap of $2.53 billion, a price-to-earnings ratio of 16.26 and a beta of 1.38. Methanex has a 12 month low of $35.67 and a 12 month high of $56.43. The company has a quick ratio of 2.00, a current ratio of 2.62 and a debt-to-equity ratio of 1.01. The stock has a 50-day moving average price of $45.95 and a 200 day moving average price of $44.47.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings results on Wednesday, January 29th. The specialty chemicals company reported $1.24 EPS for the quarter, topping the consensus estimate of $0.94 by $0.30. Methanex had a net margin of 4.41% and a return on equity of 10.97%. Research analysts expect that Methanex will post 4.32 EPS for the current year.

Methanex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be given a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a dividend yield of 1.97%. The ex-dividend date of this dividend is Monday, March 17th. Methanex’s payout ratio is 32.03%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in MEOH. Wilmington Savings Fund Society FSB acquired a new position in Methanex in the third quarter valued at about $40,000. Parkside Financial Bank & Trust raised its position in shares of Methanex by 39.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 2,015 shares of the specialty chemicals company’s stock valued at $101,000 after acquiring an additional 573 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Methanex in the 4th quarter valued at approximately $106,000. State of Wyoming bought a new position in Methanex during the 4th quarter worth approximately $129,000. Finally, Blue Trust Inc. increased its stake in Methanex by 15.0% in the fourth quarter. Blue Trust Inc. now owns 2,845 shares of the specialty chemicals company’s stock valued at $142,000 after purchasing an additional 371 shares in the last quarter. 73.49% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on MEOH shares. Royal Bank of Canada reiterated a “sector perform” rating and set a $55.00 target price on shares of Methanex in a research report on Friday, January 31st. UBS Group lifted their target price on shares of Methanex from $53.00 to $66.00 and gave the company a “buy” rating in a research note on Friday, February 7th. CIBC restated an “outperform” rating on shares of Methanex in a research report on Monday, February 3rd. Cibc World Mkts upgraded Methanex from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 10th. Finally, Scotiabank cut Methanex from a “sector outperform” rating to a “sector perform” rating and decreased their target price for the stock from $66.00 to $53.00 in a report on Monday, March 10th. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Methanex currently has an average rating of “Moderate Buy” and a consensus target price of $60.63.

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.