Readystate Asset Management LP Buys New Position in Methanex Corporation $MEOH

Key Points

• Readystate Asset Management LP initiated a Methanex position by buying 48,859 shares valued at approximately $2.26 million, while institutional investors collectively own 73.49% of the company.
• Methanex reported quarterly earnings of $3.87 per share, below the $4.00 analyst consensus, although revenue rose 75% year over year to $1.40 billion.
• The company declared a quarterly dividend of $0.185 per share, equivalent to $0.74 annually and a 1.3% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $68.56.

Readystate Asset Management LP purchased a new position in shares of Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 48,859 shares of the specialty chemicals company's stock, valued at approximately $2,255,000. Readystate Asset Management LP owned approximately 0.06% of Methanex as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Bank of America Corp DE increased its stake in Methanex by 202.3% during the 1st quarter. Bank of America Corp DE now owns 681,407 shares of the specialty chemicals company's stock worth $40,571,000 after buying an additional 455,975 shares during the period. BlackRock Inc. purchased a new position in Methanex in the 2nd quarter valued at about $26,154,000. TD Asset Management Inc grew its stake in shares of Methanex by 35.2% during the fourth quarter. TD Asset Management Inc now owns 932,123 shares of the specialty chemicals company's stock valued at $37,020,000 after acquiring an additional 242,662 shares in the last quarter. Norges Bank acquired a new stake in shares of Methanex during the fourth quarter valued at about $34,872,000. Finally, Wealth High Governance Asset Management Ltda. purchased a new stake in shares of Methanex during the first quarter worth about $2,131,000. Hedge funds and other institutional investors own 73.49% of the company's stock.

Methanex Price Performance

Shares of Methanex stock opened at $58.72 on Tuesday. 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 market cap of $4.54 billion, a P/E ratio of 57.01 and a beta of 0.58. Methanex Corporation has a fifty-two week low of $32.00 and a fifty-two week high of $66.75. The business has a 50-day moving average price of $54.28 and a 200 day moving average price of $56.15.

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

Methanex Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be given a dividend of $0.185 per share. This represents a $0.74 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Wednesday, September 16th. Methanex's dividend payout ratio is currently 71.84%.

Wall Street Analyst Weigh In

Several research analysts recently commented on MEOH shares. Weiss Ratings upgraded Methanex from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, July 29th. Royal Bank Of Canada dropped their price objective on Methanex from $70.00 to $65.00 and set a "sector perform" rating on the stock in a report on Wednesday, July 1st. UBS Group upped their target price on Methanex from $70.00 to $71.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Zacks Research cut Methanex from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 22nd. Finally, Wall Street Zen downgraded shares of Methanex from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 15th. Six research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $68.56.

Methanex Profile

Methanex Corporation is a Vancouver, Canada–based company and one of the world's largest producers and suppliers of methanol. The company manufactures methanol, a key feedstock for a wide range of chemical products and industrial applications. Methanex markets its product to customers in energy, plastics, paints and coatings, and various chemical sectors, positioning the company as a critical link in the global supply chain for basic chemicals.

The company's core product, methanol, serves as a building block for downstream chemicals such as formaldehyde, acetic acid and methyl tertiary butyl ether (MTBE).

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