CenterBook Partners LP Makes New Investment in Methanex Co. (NASDAQ:MEOH)

CenterBook Partners LP purchased a new stake in Methanex Co. (NASDAQ:MEOH) (TSE:MX) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 23,722 shares of the specialty chemicals company’s stock, valued at approximately $1,185,000.

A number of other hedge funds have also recently made changes to their positions in the company. Wilmington Savings Fund Society FSB bought a new stake in Methanex during the third quarter valued at $40,000. Parkside Financial Bank & Trust boosted its position in shares of Methanex by 39.7% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,015 shares of the specialty chemicals company’s stock valued at $101,000 after acquiring an additional 573 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Methanex by 15.0% during the 4th quarter. Blue Trust Inc. now owns 2,845 shares of the specialty chemicals company’s stock valued at $142,000 after acquiring an additional 371 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of Methanex during the fourth quarter worth about $166,000. Finally, Signaturefd LLC increased its position in shares of Methanex by 15.0% in the fourth quarter. Signaturefd LLC now owns 3,452 shares of the specialty chemicals company’s stock worth $172,000 after purchasing an additional 450 shares during the last quarter. 73.49% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MEOH has been the subject of several research analyst reports. UBS Group dropped their target price on shares of Methanex from $66.00 to $53.00 and set a “buy” rating for the company in a research report on Monday. Piper Sandler lowered shares of Methanex from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $71.00 to $36.00 in a research report on Monday. Scotiabank downgraded Methanex from a “sector outperform” rating to a “sector perform” rating and lowered their price target for the company from $66.00 to $53.00 in a research report on Monday, March 10th. Raymond James upped their price objective on Methanex from $54.00 to $60.00 and gave the stock an “outperform” rating in a report on Tuesday, January 14th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 price objective on shares of Methanex in a report on Tuesday, April 1st. Four investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $51.63.

Methanex Trading Down 13.2 %

Shares of MEOH stock opened at $26.28 on Friday. The business has a 50-day moving average of $39.69 and a 200 day moving average of $43.45. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.62 and a quick ratio of 2.00. Methanex Co. has a 1-year low of $25.46 and a 1-year high of $56.43. The stock has a market capitalization of $1.77 billion, a PE ratio of 11.38 and a beta of 1.06.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings data on Wednesday, January 29th. The specialty chemicals company reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.94 by $0.30. Methanex had a return on equity of 10.97% and a net margin of 4.41%. As a group, sell-side analysts anticipate that Methanex Co. will post 4.32 earnings per share for the current year.

Methanex Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a dividend of $0.185 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.74 annualized dividend and a yield of 2.82%. Methanex’s payout ratio is currently 32.03%.

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.