Entropy Technologies LP Purchases 9,559 Shares of Methanex Corporation (NASDAQ:MEOH)

Key Points

• Entropy Technologies LP significantly increased its stake in Methanex Corporation by 199.1%, acquiring an additional 9,559 shares, bringing its total holdings to 14,359 shares valued at approximately $504,000.
• Methanex Corporation reported earnings of $0.97 per share for the last quarter, exceeding expectations, despite a 13.4% decline in revenue compared to the previous year.
• The company declared a quarterly dividend of $0.185 per share, with a yield of 2.2%, set to be paid to shareholders on September 30.

Entropy Technologies LP lifted its position in Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX by 199.1% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 14,359 shares of the specialty chemicals company's stock after buying an additional 9,559 shares during the quarter. Entropy Technologies LP's holdings in Methanex were worth $504,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in MEOH. Headlands Technologies LLC bought a new stake in Methanex during the first quarter worth approximately $82,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Methanex during the fourth quarter worth approximately $106,000. Deutsche Bank AG lifted 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. State of Wyoming acquired a new position in shares of Methanex during the fourth quarter worth approximately $129,000. Finally, SBI Securities Co. Ltd. lifted its holdings in shares of Methanex by 25.7% during the first quarter. SBI Securities Co. Ltd. now owns 4,190 shares of the specialty chemicals company's stock worth $147,000 after buying an additional 857 shares during the last quarter. Institutional investors own 73.49% of the company's stock.

Methanex Stock Performance

Methanex stock opened at $34.00 on Thursday. 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 fifty day moving average price of $34.08 and a two-hundred day moving average price of $36.04. Methanex Corporation has a 52-week low of $25.46 and a 52-week high of $54.49. The firm has a market capitalization of $2.63 billion, a P/E ratio of 10.03 and a beta of 0.93.

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

Methanex Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MEOH. Royal Bank Of Canada upgraded Methanex from a "sector perform" rating to an "outperform" rating and set a $50.00 price target for the company in a report on Friday, August 1st. Raymond James Financial set a $45.00 target price on Methanex and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Scotiabank set a $50.00 target price on Methanex and gave the company a "sector outperform" rating in a research note on Tuesday, August 5th. Wall Street Zen lowered Methanex from a "buy" rating to a "hold" rating in a research note on Thursday, May 1st. Finally, CIBC upped their target price on Methanex from $42.00 to $44.00 and gave the company an "outperformer" rating in a research note on Friday, August 1st. 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's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $44.88.

Methanex 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.

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