Squarepoint Ops LLC Grows Stake in Methanex Corporation $MEOH

Squarepoint Ops LLC grew its stake in shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 206.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 41,257 shares of the specialty chemicals company’s stock after acquiring an additional 27,803 shares during the quarter. Squarepoint Ops LLC’s holdings in Methanex were worth $1,366,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of MEOH. Norges Bank bought a new stake in Methanex during the 2nd quarter valued at about $30,306,000. Dixon Mitchell Investment Counsel Inc. grew its holdings in shares of Methanex by 66.4% during the second quarter. Dixon Mitchell Investment Counsel Inc. now owns 2,041,412 shares of the specialty chemicals company’s stock valued at $67,577,000 after buying an additional 814,877 shares during the last quarter. Cubist Systematic Strategies LLC increased its position in shares of Methanex by 2,409.2% during the first quarter. Cubist Systematic Strategies LLC now owns 581,000 shares of the specialty chemicals company’s stock valued at $20,388,000 after acquiring an additional 557,845 shares in the last quarter. Encompass Capital Advisors LLC raised its holdings in Methanex by 86.0% in the 1st quarter. Encompass Capital Advisors LLC now owns 999,305 shares of the specialty chemicals company’s stock worth $35,066,000 after acquiring an additional 461,954 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its position in Methanex by 35.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,728,377 shares of the specialty chemicals company’s stock valued at $57,209,000 after acquiring an additional 451,728 shares in the last quarter. Institutional investors own 73.49% of the company’s stock.

Methanex Price Performance

NASDAQ MEOH opened at $39.15 on Friday. The company has a 50-day moving average price of $36.51 and a 200-day moving average price of $35.91. Methanex Corporation has a 52 week low of $25.46 and a 52 week high of $54.49. The company has a quick ratio of 1.33, a current ratio of 2.09 and a debt-to-equity ratio of 0.97. The firm has a market capitalization of $3.03 billion, a P/E ratio of 13.27 and a beta of 0.77.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its earnings results on Wednesday, October 29th. The specialty chemicals company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.45). Methanex had a net margin of 5.97% and a return on equity of 9.07%. The business had revenue of $924.87 million for the quarter, compared to the consensus estimate of $977.82 million. During the same quarter last year, the firm posted $1.21 earnings per share. The business’s quarterly revenue was down .9% compared to the same quarter last year. Equities research analysts anticipate that Methanex Corporation will post 4.32 earnings per share for the current year.

Methanex Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be given a dividend of $0.185 per share. The ex-dividend date is Wednesday, December 17th. This represents a $0.74 annualized dividend and a yield of 1.9%. Methanex’s payout ratio is 25.08%.

Wall Street Analysts Forecast Growth

MEOH has been the subject of several recent analyst reports. Scotiabank decreased their price target on Methanex from $50.00 to $48.00 and set a “sector outperform” rating for the company in a research note on Monday, November 3rd. Jefferies Financial Group boosted their target price on Methanex from $45.00 to $53.00 and gave the stock a “buy” rating in a research report on Wednesday, September 24th. CIBC reaffirmed an “outperform” rating on shares of Methanex in a report on Monday, November 17th. National Bankshares set a $47.00 price objective on shares of Methanex and gave the company an “outperform” rating in a report on Thursday, September 25th. Finally, National Bank Financial assumed coverage on shares of Methanex in a report on Friday, September 26th. They issued an “outperform” rating and a $47.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Methanex has an average rating of “Moderate Buy” and a consensus price target of $46.55.

About Methanex

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).