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

Methanex Co. (NASDAQ:MEOH) (TSE:MX) was the recipient of a large drop in short interest during the month of December. As of December 15th, there was short interest totalling 623,100 shares, a drop of 20.9% from the November 30th total of 787,600 shares. Based on an average trading volume of 318,300 shares, the days-to-cover ratio is presently 2.0 days. Approximately 0.9% of the shares of the company are sold short.

Methanex Stock Performance

Shares of NASDAQ:MEOH traded up $0.55 during mid-day trading on Tuesday, reaching $49.94. 354,774 shares of the company traded hands, compared to its average volume of 304,005. Methanex has a 52 week low of $36.13 and a 52 week high of $56.43. The firm has a market cap of $3.37 billion, a PE ratio of 23.34 and a beta of 1.40. The company’s 50 day moving average price is $44.66 and its 200-day moving average price is $44.73. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.34 and a quick ratio of 1.01.

Methanex Dividend Announcement

The company also recently disclosed 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 of this dividend is Tuesday, December 17th. This represents a $0.74 annualized dividend and a dividend yield of 1.48%. Methanex’s payout ratio is 34.58%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. UBS Group dropped their target price on shares of Methanex from $54.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 price target on shares of Methanex in a research note on Tuesday, September 3rd. Raymond James reduced their price objective on Methanex from $62.00 to $54.00 and set an “outperform” rating for the company in a research report on Wednesday, September 11th. Cibc World Mkts raised Methanex from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, December 10th. Finally, CIBC reaffirmed an “outperformer” rating and set a $59.00 price target (up previously from $48.00) on shares of Methanex in a research report on Tuesday, December 10th. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $57.25.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its position 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 acquiring an additional 2,902 shares in the last quarter. CIBC Asset Management Inc boosted its stake in Methanex by 7.7% in the 2nd quarter. CIBC Asset Management Inc now owns 83,699 shares of the specialty chemicals company’s stock worth $4,038,000 after purchasing an additional 5,963 shares during the period. TD Asset Management Inc grew its holdings in Methanex by 25.7% during the 2nd quarter. TD Asset Management Inc now owns 463,795 shares of the specialty chemicals company’s stock valued at $22,387,000 after buying an additional 94,899 shares in the last quarter. AGF Management Ltd. raised its position in shares of Methanex by 2.2% during the second quarter. AGF Management Ltd. now owns 129,857 shares of the specialty chemicals company’s stock valued at $6,270,000 after buying an additional 2,802 shares during the last quarter. Finally, Oppenheimer & Co. Inc. purchased a new position in shares of Methanex in the second quarter worth $5,971,000. Hedge funds and other institutional investors own 73.49% of the company’s stock.

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.