Scheer Rowlett & Associates Investment Management Ltd. Sells 3,650 Shares of Methanex Co. (NASDAQ:MEOH)

Scheer Rowlett & Associates Investment Management Ltd. trimmed its holdings in Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 0.8% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 433,122 shares of the specialty chemicals company’s stock after selling 3,650 shares during the quarter. Methanex comprises approximately 1.2% of Scheer Rowlett & Associates Investment Management Ltd.’s portfolio, making the stock its 24th biggest position. Scheer Rowlett & Associates Investment Management Ltd. owned about 0.64% of Methanex worth $17,893,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. O Shaughnessy Asset Management LLC increased its stake in Methanex by 0.6% in the 1st 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 last quarter. Truist Financial Corp boosted its holdings in Methanex by 5.0% during the 2nd quarter. Truist Financial Corp now owns 6,219 shares of the specialty chemicals company’s stock valued at $300,000 after acquiring an additional 294 shares during the period. CANADA LIFE ASSURANCE Co boosted its holdings in Methanex by 3.0% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 13,978 shares of the specialty chemicals company’s stock valued at $622,000 after acquiring an additional 411 shares during the period. Value Partners Investments Inc. boosted its holdings in Methanex by 10.4% during the 3rd quarter. Value Partners Investments Inc. now owns 5,642 shares of the specialty chemicals company’s stock valued at $233,000 after acquiring an additional 532 shares during the period. Finally, Pinnacle Associates Ltd. boosted its holdings in Methanex by 3.4% during the 3rd 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 period. 73.49% of the stock is currently owned by institutional investors.

Methanex Trading Down 0.8 %

NASDAQ:MEOH traded down $0.34 on Wednesday, reaching $44.13. The company’s stock had a trading volume of 35,215 shares, compared to its average volume of 300,693. The company has a quick ratio of 1.01, a current ratio of 1.34 and a debt-to-equity ratio of 0.79. The firm has a market cap of $2.97 billion, a price-to-earnings ratio of 20.78 and a beta of 1.36. Methanex Co. has a 12-month low of $36.13 and a 12-month high of $56.43. The stock has a 50 day moving average price of $41.02 and a 200 day moving average price of $45.70.

Analysts Set New Price Targets

MEOH has been the subject of several research reports. Barclays upped their target price on 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 objective on Methanex from $68.00 to $71.00 and gave the stock an “overweight” rating in a research note on Tuesday. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 target price on shares of Methanex in a research report on Tuesday, September 3rd. UBS Group cut their price objective on Methanex from $54.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Finally, StockNews.com upgraded Methanex from a “hold” rating to a “buy” rating in a research note on Friday, November 8th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $55.88.

About Methanex

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.