Trexquant Investment LP Boosts Stock Position in Methanex Corporation $MEOH

Key Points

• Trexquant Investment LP increased its holdings in Methanex Corporation (NASDAQ:MEOH) by 222.0% in the first quarter, owning approximately 141,136 shares valued at $4.95 million.
• Methanex announced a quarterly dividend of $0.185 per share, providing an annualized yield of 2.1%, with the payment set for September 30th.
• In recent earnings, Methanex reported an EPS of $0.97, significantly exceeding analysts’ expectations, although revenue decreased 13.4% year-over-year.

Trexquant Investment LP grew its holdings in Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX by 222.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 141,136 shares of the specialty chemicals company's stock after purchasing an additional 97,311 shares during the period. Trexquant Investment LP owned approximately 0.21% of Methanex worth $4,952,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of MEOH. Mariner LLC purchased a new stake in shares of Methanex during the 4th quarter worth about $352,000. First Trust Advisors LP purchased a new stake in shares of Methanex during the 4th quarter worth about $632,000. The Manufacturers Life Insurance Company raised its stake in shares of Methanex by 3.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 57,961 shares of the specialty chemicals company's stock worth $2,900,000 after purchasing an additional 2,090 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of Methanex by 3.4% in the 4th quarter. Ameriprise Financial Inc. now owns 11,778 shares of the specialty chemicals company's stock valued at $588,000 after acquiring an additional 383 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Methanex by 3.2% in the 4th quarter. Bank of America Corp DE now owns 547,388 shares of the specialty chemicals company's stock valued at $27,337,000 after acquiring an additional 17,091 shares in the last quarter. Hedge funds and other institutional investors own 73.49% of the company's stock.

Methanex Price Performance

Shares of Methanex stock traded down $0.03 during trading on Wednesday, reaching $35.32. 351,390 shares of the company's stock were exchanged, compared to its average volume of 353,316. The company has a market cap of $2.73 billion, a P/E ratio of 10.42 and a beta of 0.87. Methanex Corporation has a 1-year low of $25.46 and a 1-year high of $54.49. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.43 and a current ratio of 2.13. The firm's 50-day moving average price is $34.07 and its 200 day moving average price is $34.47.

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 analysts' expectations of $835.04 million. Methanex had a return on equity of 12.61% and a net margin of 7.02%.The business's quarterly revenue was down 13.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.62 earnings per share. As a group, research analysts anticipate that Methanex Corporation will post 4.32 earnings per share for the current year.

Methanex Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be given a $0.185 dividend. The ex-dividend date is Tuesday, September 16th. This represents a $0.74 annualized dividend and a dividend yield of 2.1%. Methanex's payout ratio is 21.83%.

Wall Street Analyst Weigh In

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