Resolute Capital Asset Partners LLC Invests $2.11 Million in Methanex Corporation $MEOH

Key Points

• Resolute Capital Asset Partners LLC invested approximately $2.11 million to acquire 60,000 shares of Methanex Corporation, making it the firm's 29th largest position.
• Despite a reported earnings per share of $0.97 for the quarter, which exceeded expectations, Methanex's revenue declined by 13.4% year-over-year.
• The company recently announced a quarterly dividend of $0.185 per share, representing an annualized yield of 2.1% with a payout ratio of 21.83%.

Resolute Capital Asset Partners LLC acquired a new stake in shares of Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 60,000 shares of the specialty chemicals company's stock, valued at approximately $2,105,000. Methanex comprises about 1.2% of Resolute Capital Asset Partners LLC's investment portfolio, making the stock its 29th largest position. Resolute Capital Asset Partners LLC owned 0.09% of Methanex at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Bank of New York Mellon Corp boosted 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 valued at $44,798,000 after purchasing an additional 376,365 shares during the last quarter. Ameriprise Financial Inc. boosted its position in Methanex by 3.4% during the fourth quarter. Ameriprise Financial Inc. now owns 11,778 shares of the specialty chemicals company's stock valued at $588,000 after purchasing an additional 383 shares during the last quarter. Two Sigma Advisers LP acquired a new stake in Methanex during the fourth quarter valued at $934,000. First Trust Advisors LP acquired a new stake in Methanex during the fourth quarter valued at $632,000. Finally, Mariner LLC acquired a new stake in Methanex during the fourth quarter valued at $352,000. Institutional investors and hedge funds own 73.49% of the company's stock.

Methanex Price Performance

NASDAQ MEOH opened at $36.04 on Friday. Methanex Corporation has a fifty-two week low of $25.46 and a fifty-two week high of $54.49. The stock's 50-day moving average is $34.11 and its two-hundred day moving average is $35.21. 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 firm has a market cap of $2.79 billion, a P/E ratio of 10.63 and a beta of 0.93.

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 (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.55. The firm had revenue of $808.46 million for the quarter, compared to analyst estimates of $835.04 million. Methanex had a return on equity of 12.61% and a net margin of 7.02%.The company's quarterly revenue was down 13.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.62 earnings per share. On average, analysts anticipate that Methanex Corporation will post 4.32 earnings per share for the current fiscal year.

Methanex Dividend Announcement

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 issued a dividend of $0.185 per share. This represents a $0.74 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Tuesday, September 16th. Methanex's payout ratio is presently 21.83%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on MEOH. Royal Bank Of Canada raised Methanex from a "sector perform" rating to an "outperform" rating and set a $50.00 price objective for the company in a research report on Friday, August 1st. UBS Group reduced their price objective on Methanex from $51.00 to $48.00 and set a "buy" rating for the company in a research report on Thursday, July 31st. JPMorgan Chase & Co. started coverage on Methanex in a report on Tuesday, June 10th. They set a "neutral" rating and a $33.00 target price on the stock. Raymond James Financial set a $45.00 target price on Methanex and gave the company an "outperform" rating in a report on Tuesday, July 15th. Finally, CIBC raised their target price on Methanex from $42.00 to $44.00 and gave the company an "outperformer" rating in a report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average 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.

Want to see what other hedge funds are holding MEOH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Methanex Corporation (NASDAQ:MEOH - Free Report) TSE: MX.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.