CIBC Asset Management Inc Trims Stock Position in Methanex Co. (NASDAQ:MEOH)

CIBC Asset Management Inc decreased its position in Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 1.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 82,854 shares of the specialty chemicals company’s stock after selling 845 shares during the period. CIBC Asset Management Inc owned 0.12% of Methanex worth $3,425,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in MEOH. O Shaughnessy Asset Management LLC grew its position in Methanex by 0.6% in the first quarter. O Shaughnessy Asset Management LLC now owns 39,649 shares of the specialty chemicals company’s stock worth $1,769,000 after acquiring an additional 229 shares during the period. Truist Financial Corp raised its holdings in Methanex by 5.0% in the 2nd quarter. Truist Financial Corp now owns 6,219 shares of the specialty chemicals company’s stock valued at $300,000 after buying an additional 294 shares during the period. CANADA LIFE ASSURANCE Co lifted its position in Methanex by 3.0% in the first quarter. CANADA LIFE ASSURANCE Co now owns 13,978 shares of the specialty chemicals company’s stock valued at $622,000 after buying an additional 411 shares during the last quarter. Value Partners Investments Inc. boosted its stake in Methanex by 10.4% during 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, Pinnacle Associates Ltd. increased its position in shares of Methanex by 3.4% during the third quarter. Pinnacle Associates Ltd. now owns 21,701 shares of the specialty chemicals company’s stock valued at $897,000 after acquiring an additional 707 shares during the last quarter. Institutional investors and hedge funds own 73.49% of the company’s stock.

Analysts Set New Price Targets

MEOH has been the topic of several recent analyst reports. Barclays upped their price objective on shares of Methanex from $44.00 to $46.00 and gave the stock an “equal weight” rating in a report on Monday, November 11th. Piper Sandler upped their price target on Methanex from $51.00 to $68.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. UBS Group dropped their price objective on Methanex from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 target price on shares of Methanex in a research note on Tuesday, September 3rd. Finally, Raymond James lowered their target price on Methanex from $62.00 to $54.00 and set an “outperform” rating for the company in a report on Wednesday, September 11th. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Methanex presently has an average rating of “Moderate Buy” and a consensus target price of $55.50.

Methanex Price Performance

MEOH stock opened at $44.07 on Tuesday. The business’s 50-day moving average is $40.77 and its two-hundred day moving average is $45.76. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.34 and a quick ratio of 1.01. The firm has a market capitalization of $2.97 billion, a P/E ratio of 19.93 and a beta of 1.36. Methanex Co. has a 1 year low of $36.13 and a 1 year high of $56.43.

Methanex Company 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.