Addenda Capital Inc. Sells 456 Shares of Methanex Co. (NASDAQ:MEOH)

Addenda Capital Inc. decreased its stake in Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 0.3% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 159,739 shares of the specialty chemicals company’s stock after selling 456 shares during the quarter. Addenda Capital Inc.’s holdings in Methanex were worth $7,977,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of MEOH. Legacy Wealth Asset Management LLC acquired a new position in Methanex during the 4th quarter valued at about $220,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Methanex in the third quarter worth about $40,000. Barclays PLC boosted its stake in shares of Methanex by 64.9% in the third quarter. Barclays PLC now owns 20,447 shares of the specialty chemicals company’s stock worth $845,000 after buying an additional 8,047 shares during the last quarter. Toronto Dominion Bank boosted its position in Methanex by 7.8% during the third quarter. Toronto Dominion Bank now owns 35,819 shares of the specialty chemicals company’s stock worth $1,481,000 after purchasing an additional 2,590 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Methanex by 1.2% during the third 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. Hedge funds and other institutional investors own 73.49% of the company’s stock.

Methanex Price Performance

Shares of NASDAQ:MEOH opened at $49.32 on Tuesday. Methanex Co. has a one year low of $36.13 and a one year high of $56.43. The stock has a market cap of $3.32 billion, a PE ratio of 23.05 and a beta of 1.37. The business’s fifty day moving average price is $47.09 and its two-hundred day moving average price is $44.82. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.01 and a current ratio of 1.34.

Methanex Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th were given a $0.185 dividend. This represents a $0.74 annualized dividend and a dividend yield of 1.50%. The ex-dividend date of this dividend was Tuesday, December 17th. Methanex’s dividend payout ratio (DPR) is currently 34.58%.

Analysts Set New Price Targets

A number of brokerages have commented on MEOH. CIBC reissued an “outperformer” rating and set a $59.00 target price (up previously from $48.00) on shares of Methanex in a report on Tuesday, December 10th. Barclays raised their target price on Methanex from $44.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. StockNews.com upgraded Methanex from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Raymond James lifted their target price on Methanex from $54.00 to $60.00 and gave the company an “outperform” rating in a report on Tuesday, January 14th. Finally, UBS Group decreased their target price on Methanex from $54.00 to $53.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Two equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $58.00.

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.