UBS Group upgraded shares of Methanex (NASDAQ:MEOH – Free Report) (TSE:MX) from a neutral rating to a buy rating in a report released on Thursday, Marketbeat Ratings reports. The firm currently has $60.00 price objective on the specialty chemicals company’s stock, up from their previous price objective of $51.00.
A number of other equities research analysts have also recently issued reports on the stock. Scotiabank raised shares of Methanex from a sector perform rating to a sector outperform rating and boosted their target price for the company from $47.00 to $54.00 in a report on Monday, October 30th. Barclays lowered their target price on shares of Methanex from $50.00 to $48.00 and set an overweight rating on the stock in a report on Monday, October 30th. Raymond James boosted their target price on shares of Methanex from $60.00 to $67.00 and gave the company an outperform rating in a report on Friday, February 2nd. TheStreet raised shares of Methanex from a c rating to a b- rating in a report on Thursday, January 11th. Finally, CIBC upped their price target on shares of Methanex from $46.00 to $48.00 and gave the stock a neutral rating in a report on Wednesday, January 10th. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Methanex presently has an average rating of Moderate Buy and a consensus target price of $53.89.
Methanex Price Performance
Methanex Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 28th. Investors of record on Thursday, March 14th will be paid a $0.185 dividend. The ex-dividend date is Wednesday, March 13th. This represents a $0.74 dividend on an annualized basis and a yield of 1.65%. Methanex’s dividend payout ratio is presently 30.08%.
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC boosted its position in Methanex by 1,158.4% during the second quarter. Tower Research Capital LLC TRC now owns 1,271 shares of the specialty chemicals company’s stock valued at $53,000 after buying an additional 1,170 shares during the period. Lazard Asset Management LLC boosted its position in Methanex by 37.2% during the first quarter. Lazard Asset Management LLC now owns 1,114 shares of the specialty chemicals company’s stock valued at $60,000 after buying an additional 302 shares during the period. Banque Cantonale Vaudoise boosted its position in Methanex by 90.5% during the second quarter. Banque Cantonale Vaudoise now owns 2,000 shares of the specialty chemicals company’s stock valued at $83,000 after buying an additional 950 shares during the period. State of Wyoming purchased a new stake in Methanex during the fourth quarter valued at about $92,000. Finally, Deutsche Bank AG purchased a new stake in Methanex during the fourth quarter valued at about $101,000. Institutional investors own 71.00% of the company’s stock.
Methanex Corporation produces and supplies methanol in North America, the Asia Pacific, Europe, and South America. 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. The company owns and manages a fleet of approximately 30 ocean-going vessels.
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