Cubist Systematic Strategies LLC Purchases 557,845 Shares of Methanex Corporation $MEOH

Key Points

• Cubist Systematic Strategies LLC significantly increased its stake in Methanex Corporation by 2,409.2% in the first quarter, acquiring a total of 581,000 shares valued at approximately $20.39 million.
• Several research firms adjusted their price targets for Methanex, with recommendations ranging from $44.00 to $50.00, with an overall average rating of "Moderate Buy".
• Methanex declared a quarterly dividend of $0.185 per share, representing an annualized yield of 2.1%, with a dividend payout ratio of 21.83%.

Cubist Systematic Strategies LLC raised its stake in shares of Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX by 2,409.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 581,000 shares of the specialty chemicals company's stock after buying an additional 557,845 shares during the quarter. Cubist Systematic Strategies LLC owned about 0.86% of Methanex worth $20,388,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Mariner LLC acquired a new position in Methanex in the 4th quarter valued at $352,000. First Trust Advisors LP acquired a new stake in Methanex in the fourth quarter valued at approximately $632,000. Dimensional Fund Advisors LP grew its stake 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 during the period. The Manufacturers Life Insurance Company lifted its holdings in Methanex by 3.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 57,961 shares of the specialty chemicals company's stock worth $2,900,000 after acquiring an additional 2,090 shares during the period. Finally, Ameriprise Financial Inc. raised its stake in shares of Methanex by 3.4% in the fourth quarter. Ameriprise Financial Inc. now owns 11,778 shares of the specialty chemicals company's stock valued at $588,000 after buying an additional 383 shares during the period. Institutional investors own 73.49% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MEOH. JPMorgan Chase & Co. assumed coverage on Methanex in a research note on Tuesday, June 10th. They issued a "neutral" rating and a $33.00 target price for the company. Raymond James Financial set a $45.00 price objective on Methanex and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. UBS Group lowered their price target on Methanex from $51.00 to $48.00 and set a "buy" rating for the company in a report on Thursday, July 31st. Scotiabank set a $50.00 target price on Methanex and gave the company a "sector outperform" rating in a research report on Tuesday, August 5th. Finally, Piper Sandler set a $48.00 target price on Methanex and gave the company an "overweight" rating in a research report on Sunday, May 18th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $44.88.

Methanex Stock Performance

Shares of MEOH traded up $1.29 during mid-day trading on Friday, reaching $38.38. 680,635 shares of the company's stock traded hands, compared to its average volume of 540,754. The stock has a market capitalization of $2.97 billion, a P/E ratio of 11.30 and a beta of 0.87. Methanex Corporation has a 12 month low of $25.46 and a 12 month high of $54.49. The business's 50-day moving average price is $34.11 and its 200-day moving average price is $34.41. 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 (NASDAQ:MEOH - Get Free Report) TSE: MX last issued its quarterly earnings data on Wednesday, July 30th. The specialty chemicals company reported $0.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.42 by $0.55. The firm had revenue of $808.46 million during the quarter, compared to analysts' expectations of $835.04 million. Methanex had a net margin of 7.02% and a return on equity of 12.61%. Methanex's revenue for the quarter was down 13.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.62 earnings per share. Equities analysts predict that Methanex Corporation will post 4.32 earnings per share for the current year.

Methanex Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be issued a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Tuesday, September 16th. Methanex's dividend payout ratio is currently 21.83%.

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.