Connor Clark & Lunn Investment Management Ltd. Sells 1,214,698 Shares of Methanex Co. (NASDAQ:MEOH)

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 72.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 458,483 shares of the specialty chemicals company’s stock after selling 1,214,698 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Methanex were worth $18,941,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Blue Trust Inc. grew its holdings in shares of Methanex by 52,500.0% during the 2nd quarter. Blue Trust Inc. now owns 1,578 shares of the specialty chemicals company’s stock valued at $70,000 after purchasing an additional 1,575 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in Methanex by 572.5% during the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the specialty chemicals company’s stock valued at $93,000 after buying an additional 1,626 shares during the period. Squarepoint Ops LLC bought a new position in shares of Methanex during the second quarter valued at about $201,000. Value Partners Investments Inc. increased its holdings in shares of Methanex by 10.4% in the third quarter. Value Partners Investments Inc. now owns 5,642 shares of the specialty chemicals company’s stock worth $233,000 after buying an additional 532 shares during the period. Finally, Bayesian Capital Management LP purchased a new stake in Methanex during the 1st quarter valued at about $239,000. 73.49% of the stock is owned by hedge funds and other institutional investors.

Methanex Trading Down 0.1 %

Shares of NASDAQ MEOH opened at $44.42 on Thursday. The stock has a market cap of $2.99 billion, a P/E ratio of 20.76 and a beta of 1.36. 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 Co. has a 1 year low of $36.13 and a 1 year high of $56.43. The firm has a 50-day moving average of $41.02 and a 200 day moving average of $45.70.

Methanex Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 17th will be paid a $0.185 dividend. The ex-dividend date of this dividend is Tuesday, December 17th. This represents a $0.74 annualized dividend and a dividend yield of 1.67%. Methanex’s payout ratio is currently 34.58%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Barclays boosted their price objective on Methanex from $44.00 to $46.00 and gave the company an “equal weight” rating in a research report on Monday, November 11th. Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 price target on shares of Methanex in a research report on Tuesday, September 3rd. Piper Sandler increased their target price on shares of Methanex from $68.00 to $71.00 and gave the stock an “overweight” rating in a report on Tuesday. StockNews.com upgraded Methanex from a “hold” rating to a “buy” rating in a report on Friday, November 8th. Finally, UBS Group cut their price objective on Methanex from $54.00 to $53.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $55.88.

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.