Westbourne Investment Advisors Inc. Acquires 33,130 Shares of Methanex Co. (NASDAQ:MEOH)

Westbourne Investment Advisors Inc. grew its position in Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 48.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 101,818 shares of the specialty chemicals company’s stock after acquiring an additional 33,130 shares during the period. Methanex comprises 2.7% of Westbourne Investment Advisors Inc.’s portfolio, making the stock its 9th largest holding. Westbourne Investment Advisors Inc.’s holdings in Methanex were worth $3,615,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of MEOH. Resources Investment Advisors LLC. purchased a new stake in shares of Methanex in the second quarter valued at about $36,000. Polaris Capital Management LLC purchased a new stake in shares of Methanex in the second quarter valued at about $43,000. Tower Research Capital LLC TRC boosted its holdings in shares of Methanex by 206.3% in the second quarter. Tower Research Capital LLC TRC now owns 3,504 shares of the specialty chemicals company’s stock valued at $159,000 after acquiring an additional 2,360 shares in the last quarter. Weiss Asset Management LP boosted its holdings in shares of Methanex by 35.4% in the second quarter. Weiss Asset Management LP now owns 5,545 shares of the specialty chemicals company’s stock valued at $252,000 after acquiring an additional 1,450 shares in the last quarter. Finally, Cerebellum GP LLC boosted its holdings in shares of Methanex by 27.0% in the second quarter. Cerebellum GP LLC now owns 7,515 shares of the specialty chemicals company’s stock valued at $342,000 after acquiring an additional 1,597 shares in the last quarter. 65.01% of the stock is currently owned by institutional investors and hedge funds.

MEOH has been the topic of several analyst reports. Cowen lowered their target price on shares of Methanex from $39.00 to $38.00 and set a “market perform” rating on the stock in a report on Tuesday. UBS Group decreased their price objective on shares of Methanex from $35.00 to $26.00 and set a “sell” rating on the stock in a report on Thursday, August 29th. BMO Capital Markets decreased their price objective on shares of Methanex from $70.00 to $65.00 and set an “outperform” rating on the stock in a report on Friday, June 28th. Raymond James decreased their price objective on shares of Methanex from $62.00 to $50.00 and set an “outperform” rating on the stock in a report on Thursday, October 3rd. Finally, Royal Bank of Canada raised shares of Methanex from a “sector perform” rating to an “outperform” rating and set a $50.00 price objective on the stock in a report on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $53.40.

Shares of NASDAQ MEOH traded down $1.66 on Tuesday, hitting $34.99. The company’s stock had a trading volume of 25,429 shares, compared to its average volume of 322,592. Methanex Co. has a 12-month low of $30.25 and a 12-month high of $73.82. The company has a market capitalization of $2.70 billion, a price-to-earnings ratio of 5.09, a price-to-earnings-growth ratio of 1.98 and a beta of 1.77. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.04 and a quick ratio of 0.71. The stock has a 50 day moving average of $35.18 and a 200-day moving average of $42.42.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings results on Wednesday, July 31st. The specialty chemicals company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.16). Methanex had a net margin of 10.81% and a return on equity of 18.33%. The business had revenue of $734.00 million during the quarter, compared to analysts’ expectations of $719.86 million. During the same period last year, the company earned $1.75 EPS. The firm’s revenue for the quarter was down 22.7% on a year-over-year basis. Sell-side analysts expect that Methanex Co. will post 1.2 EPS for the current fiscal year.

About Methanex

Methanex Corporation produces and supplies methanol in North America, the Asia Pacific, Europe, and South America. It also purchases methanol produced by others under methanol offtake contracts and on the spot market. The company was founded in 1968 and is headquartered in Vancouver, Canada.

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Institutional Ownership by Quarter for Methanex (NASDAQ:MEOH)

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