Raymond James Financial Inc. Invests $14.33 Million in Methanex Co. (NASDAQ:MEOH)

Raymond James Financial Inc. bought a new position in shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 286,893 shares of the specialty chemicals company’s stock, valued at approximately $14,327,000. Raymond James Financial Inc. owned about 0.43% of Methanex as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Bank of New York Mellon Corp raised its stake in Methanex by 4,776.7% in the 4th quarter. Bank of New York Mellon Corp now owns 900,284 shares of the specialty chemicals company’s stock worth $44,960,000 after purchasing an additional 881,823 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Methanex by 4.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 213,435 shares of the specialty chemicals company’s stock worth $10,660,000 after purchasing an additional 8,333 shares in the last quarter. Point72 Asset Management L.P. raised its stake in Methanex by 1,495.7% in the 3rd quarter. Point72 Asset Management L.P. now owns 138,827 shares of the specialty chemicals company’s stock worth $5,739,000 after purchasing an additional 130,127 shares in the last quarter. Westbourne Investment Advisors Inc. raised its stake in Methanex by 6.7% in the 4th quarter. Westbourne Investment Advisors Inc. now owns 117,981 shares of the specialty chemicals company’s stock worth $5,892,000 after purchasing an additional 7,375 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Methanex by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 104,871 shares of the specialty chemicals company’s stock worth $4,340,000 after purchasing an additional 1,203 shares in the last quarter. Institutional investors and hedge funds own 73.49% of the company’s stock.

Methanex Trading Down 0.2 %

Shares of Methanex stock opened at $37.74 on Wednesday. The firm has a market capitalization of $2.54 billion, a PE ratio of 16.34 and a beta of 1.38. The company has a current ratio of 2.62, a quick ratio of 2.00 and a debt-to-equity ratio of 1.01. The firm’s 50 day moving average is $46.17 and its 200 day moving average is $44.51. Methanex Co. has a 1 year low of $35.67 and a 1 year high of $56.43.

Methanex (NASDAQ:MEOH) (TSE:MX) last posted its earnings results on Wednesday, January 29th. The specialty chemicals company reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.94 by $0.30. Methanex had a net margin of 4.41% and a return on equity of 10.97%. Equities research analysts forecast that Methanex Co. will post 4.32 earnings per share for the current fiscal year.

Methanex Announces Dividend

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 issued a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date of this dividend is Monday, March 17th. Methanex’s payout ratio is 32.03%.

Analysts Set New Price Targets

MEOH has been the subject of several analyst reports. Cibc World Mkts upgraded shares of Methanex from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 10th. Barclays boosted their target price on shares of Methanex from $54.00 to $57.00 and gave the company an “equal weight” rating in a research report on Monday, February 10th. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 target price on shares of Methanex in a research report on Friday, January 31st. Raymond James boosted their target price on shares of Methanex from $54.00 to $60.00 and gave the company an “outperform” rating in a research report on Tuesday, January 14th. Finally, Piper Sandler boosted their target price on shares of Methanex from $68.00 to $71.00 and gave the company an “overweight” rating in a research report on Tuesday, November 19th. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $60.63.

Methanex 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.