Engineers Gate Manager LP Grows Stock Holdings in Methanex Corporation $MEOH

Key Points

• Engineers Gate Manager LP increased its Methanex stake by 482.8% in the second quarter, bringing its holdings to 75,384 shares worth approximately $3.48 million. Institutional investors collectively own 73.49% of the company.
• Methanex reported quarterly revenue of $1.40 billion and earnings of $3.87 per share, both slightly below analyst expectations, although revenue rose 75% year over year.
• The company declared a quarterly dividend of $0.185 per share, equivalent to an annualized $0.74 dividend and a 1.2% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $68.56.

Engineers Gate Manager LP grew its position in shares of Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX by 482.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 75,384 shares of the specialty chemicals company's stock after purchasing an additional 62,449 shares during the period. Engineers Gate Manager LP owned about 0.10% of Methanex worth $3,479,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Parkside Financial Bank & Trust purchased a new position in shares of Methanex during the second quarter worth approximately $38,000. NewEdge Advisors LLC purchased a new stake in shares of Methanex in the 2nd quarter valued at $50,000. Clearstead Advisors LLC grew its holdings in shares of Methanex by 336.2% during the 4th quarter. Clearstead Advisors LLC now owns 1,784 shares of the specialty chemicals company's stock valued at $71,000 after purchasing an additional 1,375 shares during the last quarter. Nykredit A S bought a new position in shares of Methanex during the 2nd quarter valued at $83,000. Finally, State of Wyoming purchased a new position in Methanex in the 2nd quarter worth $153,000. 73.49% of the stock is currently owned by hedge funds and other institutional investors.

Methanex Stock Performance

Shares of MEOH opened at $62.90 on Monday. The stock has a market capitalization of $4.87 billion, a P/E ratio of 61.07 and a beta of 0.58. The company has a quick ratio of 1.35, a current ratio of 2.07 and a debt-to-equity ratio of 0.83. The firm has a fifty day simple moving average of $55.62 and a two-hundred day simple moving average of $56.52. Methanex Corporation has a twelve month low of $32.00 and a twelve month high of $66.75.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last released its quarterly earnings data on Tuesday, July 28th. The specialty chemicals company reported $3.87 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.00 by ($0.13). The firm had revenue of $1.40 billion during the quarter, compared to analysts' expectations of $1.43 billion. Methanex had a net margin of 2.07% and a return on equity of 11.35%. Methanex's revenue was up 75.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.97 EPS. On average, research analysts anticipate that Methanex Corporation will post 8.6 EPS for the current year.

Methanex Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given a dividend of $0.185 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.74 dividend on an annualized basis and a yield of 1.2%. Methanex's dividend payout ratio is presently 71.84%.

Wall Street Analyst Weigh In

Several research firms have weighed in on MEOH. Zacks Research downgraded shares of Methanex from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 22nd. Canadian Imperial Bank of Commerce raised Methanex from a "neutral" rating to a "sector outperform" rating and raised their price objective for the company from $69.00 to $71.00 in a research note on Monday, July 20th. Weiss Ratings upgraded Methanex from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, July 29th. National Bank Financial set a $70.00 target price on Methanex and gave the company an "outperform" rating in a research note on Monday, July 13th. Finally, Wall Street Zen cut Methanex from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 15th. Six analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $68.56.

Methanex Profile

Methanex Corporation is a global producer and distributor of methanol, a versatile chemical used in the manufacture of formaldehyde, acetic acid, solvents, plastics, and other industrial products. Methanol is also used in fuel blending, marine fuel applications, wastewater treatment, and the production of emerging low-carbon fuels and chemicals.

Headquartered in Vancouver, Canada, Methanex operates methanol production facilities in regions including North America, South America, New Zealand, Egypt, and Trinidad.

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