CenterBook Partners LP Sells 7,729 Shares of Methanex Corporation (NASDAQ:MEOH)

Key Points

• CenterBook Partners LP reduced its holdings in Methanex Corporation by 32.6%, selling 7,729 shares, leaving it with 15,993 shares valued at $561,000.
• Methanex reported earnings of $0.97 per share, exceeding analysts' expectations, although its quarterly revenue fell 13.4% year-over-year.
• The company announced a quarterly dividend of $0.185 per share, with a dividend yield of 2.3%, reflecting a 21.83% payout ratio.

CenterBook Partners LP cut its holdings in Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX by 32.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,993 shares of the specialty chemicals company's stock after selling 7,729 shares during the period. CenterBook Partners LP's holdings in Methanex were worth $561,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. FMR LLC grew its position in shares of Methanex by 3.0% in the fourth quarter. FMR LLC now owns 3,330,889 shares of the specialty chemicals company's stock valued at $166,384,000 after purchasing an additional 95,950 shares during the period. Vanguard Group Inc. lifted its stake in shares of Methanex by 0.7% during the first quarter. Vanguard Group Inc. now owns 2,131,471 shares of the specialty chemicals company's stock worth $74,740,000 after purchasing an additional 14,611 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Methanex by 41.8% during the first quarter. Bank of New York Mellon Corp now owns 1,276,649 shares of the specialty chemicals company's stock worth $44,798,000 after purchasing an additional 376,365 shares in the last quarter. Mackenzie Financial Corp lifted its stake in shares of Methanex by 13.7% during the first quarter. Mackenzie Financial Corp now owns 1,224,388 shares of the specialty chemicals company's stock worth $42,931,000 after purchasing an additional 147,195 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Methanex by 5.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,047,978 shares of the specialty chemicals company's stock valued at $52,334,000 after acquiring an additional 50,075 shares in the last quarter. Hedge funds and other institutional investors own 73.49% of the company's stock.

Methanex Stock Performance

Shares of Methanex stock traded up $0.26 on Tuesday, reaching $32.72. 125,855 shares of the company were exchanged, compared to its average volume of 558,082. The firm has a market cap of $2.53 billion, a price-to-earnings ratio of 9.65 and a beta of 0.93. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.43 and a current ratio of 2.13. Methanex Corporation has a 1-year low of $25.46 and a 1-year high of $54.49. The company's 50-day moving average is $34.07 and its two-hundred day moving average is $36.07.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last released its quarterly earnings results on Wednesday, July 30th. The specialty chemicals company reported $0.97 earnings per share for the quarter, beating analysts' consensus estimates of $0.42 by $0.55. The business had revenue of $808.46 million during the quarter, compared to analyst estimates of $835.04 million. Methanex had a return on equity of 12.61% and a net margin of 7.02%. Methanex's revenue for the quarter was down 13.4% on a year-over-year basis. During the same quarter last year, the company posted $0.62 EPS. As a group, research analysts expect that Methanex Corporation will post 4.32 earnings per share for the current fiscal year.

Methanex Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a $0.185 dividend. This represents a $0.74 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Tuesday, September 16th. Methanex's payout ratio is currently 21.83%.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Royal Bank Of Canada raised shares of Methanex from a "sector perform" rating to an "outperform" rating and set a $50.00 price objective for the company in a research report on Friday, August 1st. Scotiabank set a $50.00 price objective on shares of Methanex and gave the company a "sector outperform" rating in a research report on Tuesday, August 5th. Wall Street Zen downgraded Methanex from a "buy" rating to a "hold" rating in a report on Thursday, May 1st. Raymond James Financial set a $45.00 price target on Methanex and gave the company an "outperform" rating in a report on Tuesday, July 15th. Finally, JPMorgan Chase & Co. initiated coverage on Methanex in a report on Tuesday, June 10th. They issued a "neutral" rating and a $33.00 price target for the company. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Methanex presently has a consensus rating of "Moderate Buy" and a consensus price target of $44.88.

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.