BB&T Corp cut its stake in Methanex Corp. (NASDAQ:MEOH) (TSE:MX) by 10.3% during the third quarter, Holdings Channel reports. The institutional investor owned 22,867 shares of the company’s stock after selling 2,630 shares during the period. BB&T Corp’s holdings in Methanex Corp. were worth $816,000 as of its most recent SEC filing.
Several other large investors have also added to or reduced their stakes in MEOH. Quantbot Technologies LP acquired a new stake in Methanex Corp. during the second quarter valued at approximately $109,000. Polaris Capital Management LLC raised its stake in Methanex Corp. by 19.7% in the second quarter. Polaris Capital Management LLC now owns 4,250 shares of the company’s stock valued at $124,000 after buying an additional 700 shares in the last quarter. First Interstate Bank raised its stake in Methanex Corp. by 19.2% in the second quarter. First Interstate Bank now owns 5,250 shares of the company’s stock valued at $153,000 after buying an additional 845 shares in the last quarter. Citigroup Inc. raised its stake in Methanex Corp. by 104.6% in the second quarter. Citigroup Inc. now owns 6,045 shares of the company’s stock valued at $175,000 after buying an additional 137,805 shares in the last quarter. Finally, World Asset Management Inc acquired a new stake in Methanex Corp. during the third quarter valued at approximately $215,000. Institutional investors and hedge funds own 83.69% of the company’s stock.
Methanex Corp. (NASDAQ:MEOH) remained flat at $39.70 during mid-day trading on Friday. The company had a trading volume of 261,797 shares. Methanex Corp. has a one year low of $22.73 and a one year high of $41.49. The company’s 50 day moving average is $37.49 and its 200-day moving average is $32.12. The company’s market capitalization is $3.57 billion.
Methanex Corp. (NASDAQ:MEOH) last released its earnings results on Wednesday, October 26th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.20. The firm had revenue of $2.48 million for the quarter, compared to analyst estimates of $2.09 million. Methanex Corp. had a negative return on equity of 2.57% and a negative net margin of 1.45%. Methanex Corp.’s revenue was down 3.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.26 earnings per share. Equities research analysts predict that Methanex Corp. will post ($0.58) earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Saturday, December 31st. Investors of record on Saturday, December 17th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date is Wednesday, December 14th. Methanex Corp.’s payout ratio is currently -366.67%.
Several equities research analysts recently commented on the stock. TD Securities lowered shares of Methanex Corp. from a “buy” rating to a “hold” rating and boosted their price objective for the stock from $39.00 to $40.00 in a research report on Friday, October 28th. Scotiabank restated an “outperform” rating and issued a $35.00 target price on shares of Methanex Corp. in a report on Wednesday, August 31st. RBC Capital Markets restated a “sector perform” rating and issued a $54.50 target price (up from $46.50) on shares of Methanex Corp. in a report on Thursday, October 27th. Cowen and Company reduced their target price on shares of Methanex Corp. from $43.00 to $40.00 and set an “outperform” rating on the stock in a report on Thursday, August 4th. Finally, Zacks Investment Research upgraded shares of Methanex Corp. from a “strong sell” rating to a “hold” rating in a report on Friday, October 21st. Seven research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Methanex Corp. has a consensus rating of “Hold” and a consensus target price of $40.70.
About Methanex Corp.
Methanex Corporation is a producer and supplier of methanol to a range of international markets. The Company operates production sites in Canada, Chile, Egypt, New Zealand, the United States, and Trinidad and Tobago. Its global operations are supported by a global supply chain of terminals, storage facilities and a fleet of methanol ocean tankers.