Connor Clark & Lunn Investment Management Ltd. Increases Position in Methanex Corporation $MEOH

Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 249.8% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,432,483 shares of the specialty chemicals company’s stock after purchasing an additional 1,022,987 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 1.85% of Methanex worth $56,939,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. NewEdge Advisors LLC purchased a new stake in shares of Methanex in the 2nd quarter valued at $50,000. Parkside Financial Bank & Trust boosted its holdings in Methanex by 1,244.4% during the 3rd quarter. Parkside Financial Bank & Trust now owns 1,331 shares of the specialty chemicals company’s stock valued at $53,000 after acquiring an additional 1,232 shares during the period. PNC Financial Services Group Inc. grew its position in Methanex by 131.5% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,482 shares of the specialty chemicals company’s stock valued at $99,000 after acquiring an additional 1,410 shares in the last quarter. AXA S.A. purchased a new stake in Methanex during the second quarter worth about $166,000. Finally, SBI Securities Co. Ltd. increased its stake in Methanex by 21.9% during the second quarter. SBI Securities Co. Ltd. now owns 5,107 shares of the specialty chemicals company’s stock worth $169,000 after purchasing an additional 917 shares during the period. 73.49% of the stock is owned by institutional investors and hedge funds.

Methanex Stock Performance

Shares of Methanex stock opened at $53.48 on Thursday. The business has a 50-day simple moving average of $48.19 and a 200-day simple moving average of $41.21. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.37 and a current ratio of 2.06. Methanex Corporation has a one year low of $25.46 and a one year high of $57.93. The company has a market cap of $4.14 billion, a PE ratio of 47.33 and a beta of 0.65.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its earnings results on Thursday, March 5th. The specialty chemicals company reported ($0.14) earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.95). Methanex had a net margin of 2.21% and a return on equity of 5.35%. The firm had revenue of $968.81 million during the quarter, compared to analyst estimates of $1.03 billion. During the same period last year, the business earned $1.24 EPS. The firm’s revenue was up 2.1% compared to the same quarter last year. On average, equities research analysts forecast that Methanex Corporation will post 4.32 EPS for the current fiscal year.

Methanex Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be issued a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Tuesday, March 17th. Methanex’s dividend payout ratio (DPR) is presently 65.49%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Jefferies Financial Group raised their price objective on shares of Methanex from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday. Scotiabank reaffirmed an “outperform” rating on shares of Methanex in a research note on Wednesday, January 21st. Royal Bank Of Canada increased their target price on shares of Methanex from $50.00 to $55.00 and gave the stock an “outperform” rating in a report on Monday, February 2nd. UBS Group raised their price target on shares of Methanex from $53.00 to $60.00 and gave the company a “buy” rating in a research report on Wednesday, March 4th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Methanex in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.90.

Methanex Profile

Methanex Corporation is a Vancouver, Canada–based company and one of the world’s largest producers and suppliers of methanol. The company manufactures methanol, a key feedstock for a wide range of chemical products and industrial applications. Methanex markets its product to customers in energy, plastics, paints and coatings, and various chemical sectors, positioning the company as a critical link in the global supply chain for basic chemicals.

The company’s core product, methanol, serves as a building block for downstream chemicals such as formaldehyde, acetic acid and methyl tertiary butyl ether (MTBE).