Senator Investment Group LP Raises Position in Methanex Corporation $MEOH

Senator Investment Group LP raised its stake in shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 150.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 375,000 shares of the specialty chemicals company’s stock after purchasing an additional 225,000 shares during the period. Senator Investment Group LP owned 0.48% of Methanex worth $14,895,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MEOH. Amundi raised its position in Methanex by 3.9% during the first quarter. Amundi now owns 22,791 shares of the specialty chemicals company’s stock valued at $800,000 after purchasing an additional 848 shares during the period. Hsbc Holdings PLC purchased a new stake in Methanex during the second quarter valued at approximately $419,000. Invesco Ltd. raised its position in Methanex by 15.7% during the second quarter. Invesco Ltd. now owns 249,231 shares of the specialty chemicals company’s stock valued at $8,250,000 after purchasing an additional 33,827 shares during the period. AXA S.A. purchased a new stake in Methanex during the second quarter valued at approximately $166,000. Finally, Qube Research & Technologies Ltd raised its position in Methanex by 327.0% during the second quarter. Qube Research & Technologies Ltd now owns 47,284 shares of the specialty chemicals company’s stock valued at $1,565,000 after purchasing an additional 36,211 shares during the period. 73.49% of the stock is currently owned by hedge funds and other institutional investors.

Methanex Stock Down 5.3%

Shares of NASDAQ:MEOH opened at $56.25 on Tuesday. Methanex Corporation has a 52-week low of $32.00 and a 52-week high of $66.75. The stock has a market cap of $4.35 billion, a P/E ratio of -114.80 and a beta of 0.56. The business’s 50 day moving average is $60.36 and its 200 day moving average is $51.71. The company has a quick ratio of 1.26, a current ratio of 1.96 and a debt-to-equity ratio of 0.98.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings data on Wednesday, April 29th. The specialty chemicals company reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.08). Methanex had a positive return on equity of 2.96% and a negative net margin of 1.25%.The firm had revenue of $957.42 million during the quarter, compared to the consensus estimate of $964.76 million. During the same period last year, the company earned $1.30 EPS. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. Sell-side analysts predict that Methanex Corporation will post 8.18 EPS for the current year.

Methanex Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be paid a $0.185 dividend. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $0.74 annualized dividend and a yield of 1.3%. Methanex’s dividend payout ratio is -151.02%.

Analyst Ratings Changes

MEOH has been the topic of a number of analyst reports. Jefferies Financial Group upped their target price on Methanex from $50.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, March 11th. Zacks Research raised Methanex from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, May 13th. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating and set a $69.00 target price on shares of Methanex in a research note on Friday, May 1st. Scotiabank upped their target price on Methanex from $70.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday, May 5th. Finally, Weiss Ratings cut Methanex from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, May 4th. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Methanex has an average rating of “Moderate Buy” and an average price target of $66.78.

Methanex Profile

Methanex Corporation is a Vancouver, Canada–based company and one of the world’s largest producers and suppliers of methanol. The company manufactures methanol, a key feedstock for a wide range of chemical products and industrial applications. Methanex markets its product to customers in energy, plastics, paints and coatings, and various chemical sectors, positioning the company as a critical link in the global supply chain for basic chemicals.

The company’s core product, methanol, serves as a building block for downstream chemicals such as formaldehyde, acetic acid and methyl tertiary butyl ether (MTBE).