CenterBook Partners LP Decreases Holdings in 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 first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). 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 and other institutional investors also recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Methanex during the fourth quarter worth about $106,000. Headlands Technologies LLC purchased a new position in shares of Methanex during the first quarter worth about $82,000. State of Wyoming purchased a new position in shares of Methanex during the fourth quarter worth about $129,000. Deutsche Bank AG grew its holdings in shares of Methanex by 19.9% during the first quarter. Deutsche Bank AG now owns 3,007 shares of the specialty chemicals company's stock worth $106,000 after buying an additional 500 shares during the last quarter. Finally, Neuberger Berman Group LLC purchased a new position in shares of Methanex during the fourth quarter worth about $203,000. 73.49% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on MEOH shares. UBS Group lowered their price target on Methanex from $51.00 to $48.00 and set a "buy" rating on the stock in a report on Thursday, July 31st. CIBC lifted their price objective on Methanex from $42.00 to $44.00 and gave the company an "outperformer" rating in a report on Friday, August 1st. Scotiabank set a $50.00 price target on Methanex and gave the stock a "sector outperform" rating in a research note on Tuesday, August 5th. Piper Sandler set a $48.00 price target on Methanex and gave the stock an "overweight" rating in a research note on Sunday, May 18th. Finally, Raymond James Financial set a $45.00 price target on Methanex and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Three equities 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's stock. Based on data from MarketBeat, Methanex has a consensus rating of "Moderate Buy" and an average target price of $44.88.

Methanex Trading Up 1.8%

MEOH traded up $0.58 during trading on Friday, hitting $33.11. The company's stock had a trading volume of 427,207 shares, compared to its average volume of 552,541. The firm's 50 day moving average price is $34.06 and its 200-day moving average price is $36.30. The company has a debt-to-equity ratio of 1.00, a current ratio of 2.13 and a quick ratio of 1.43. The stock has a market cap of $2.56 billion, a PE ratio of 9.77 and a beta of 0.93. Methanex Corporation has a twelve month low of $25.46 and a twelve month high of $54.49.

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

Methanex Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be paid a dividend of $0.185 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.74 annualized dividend and a dividend yield of 2.2%. Methanex's payout ratio is currently 21.83%.

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.