34,055 Shares in Methanex Corporation $MEOH Purchased by Fox Run Management L.L.C.

Key Points

• Fox Run Management L.L.C. acquired a new position in Methanex Corporation, buying 34,055 shares valued at approximately $1.20 million, reflecting a 0.05% ownership stake.
• Methanex reported $0.97 earnings per share (EPS) in its latest quarter, exceeding estimates and marking a significant year-over-year improvement from $0.62 EPS.
• Analysts have given Methanex an average rating of "Moderate Buy" with a consensus price target of $44.88.

Fox Run Management L.L.C. bought a new stake in Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 34,055 shares of the specialty chemicals company's stock, valued at approximately $1,195,000. Fox Run Management L.L.C. owned about 0.05% of Methanex as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Alberta Investment Management Corp raised its holdings in Methanex by 1,499.0% in the 1st quarter. Alberta Investment Management Corp now owns 817,100 shares of the specialty chemicals company's stock valued at $28,671,000 after acquiring an additional 766,000 shares during the last quarter. Encompass Capital Advisors LLC acquired a new stake in shares of Methanex in the fourth quarter valued at approximately $26,835,000. Bank of New York Mellon Corp lifted its position in 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 buying an additional 376,365 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Methanex during the fourth quarter worth approximately $14,327,000. Finally, Mackenzie Financial Corp boosted its stake in Methanex by 26.6% during the fourth quarter. Mackenzie Financial Corp now owns 1,077,193 shares of the specialty chemicals company's stock worth $53,770,000 after buying an additional 226,349 shares during the last quarter. 73.49% of the stock is currently owned by institutional investors and hedge funds.

Methanex Trading Down 0.2%

NASDAQ MEOH traded down $0.07 during trading hours on Wednesday, reaching $33.72. The company had a trading volume of 363,156 shares, compared to its average volume of 537,358. The company has a current ratio of 2.13, a quick ratio of 1.43 and a debt-to-equity ratio of 1.00. The stock has a market capitalization of $2.61 billion, a P/E ratio of 9.95 and a beta of 0.93. The stock has a 50-day moving average of $34.12 and a 200 day moving average of $35.46. Methanex Corporation has a 1-year low of $25.46 and a 1-year high of $54.49.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last announced 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 analysts' expectations of $835.04 million. Methanex had a net margin of 7.02% and a return on equity of 12.61%. The business's revenue for the quarter was down 13.4% on a year-over-year basis. During the same period last year, the business earned $0.62 earnings per share. As a group, research analysts anticipate that Methanex Corporation will post 4.32 earnings per share for the current fiscal year.

Methanex Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a $0.185 dividend. 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 (DPR) is 21.83%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MEOH. UBS Group cut their target price on Methanex from $51.00 to $48.00 and set a "buy" rating for the company in a research note on Thursday, July 31st. Piper Sandler set a $48.00 price objective on shares of Methanex and gave the company an "overweight" rating in a report on Sunday, May 18th. CIBC raised their price objective on shares of Methanex from $42.00 to $44.00 and gave the stock an "outperformer" rating in a research report on Friday, August 1st. Royal Bank Of Canada upgraded shares of Methanex from a "sector perform" rating to an "outperform" rating and set a $50.00 target price on the stock in a report on Friday, August 1st. Finally, JPMorgan Chase & Co. initiated coverage on shares of Methanex in a research note on Tuesday, June 10th. They issued a "neutral" rating and a $33.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price 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.