CenterBook Partners LP Has $1.81 Million Stock Holdings in Methanex Corporation $MEOH

CenterBook Partners LP lifted its stake in Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 175.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 45,568 shares of the specialty chemicals company’s stock after acquiring an additional 29,016 shares during the quarter. CenterBook Partners LP owned approximately 0.06% of Methanex worth $1,810,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. NewEdge Advisors LLC acquired a new position in Methanex during the second quarter worth $50,000. Clearstead Advisors LLC increased its position in Methanex by 336.2% during the fourth quarter. Clearstead Advisors LLC now owns 1,784 shares of the specialty chemicals company’s stock worth $71,000 after buying an additional 1,375 shares during the last quarter. PNC Financial Services Group Inc. increased its position in Methanex by 131.5% during the third quarter. PNC Financial Services Group Inc. now owns 2,482 shares of the specialty chemicals company’s stock worth $99,000 after buying an additional 1,410 shares during the last quarter. AXA S.A. acquired a new position in Methanex during the second quarter worth $166,000. Finally, State of Wyoming increased its position in Methanex by 192.7% during the second quarter. State of Wyoming now owns 6,898 shares of the specialty chemicals company’s stock worth $228,000 after buying an additional 4,541 shares during the last quarter. 73.49% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Weiss Ratings downgraded shares of Methanex from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, May 4th. Raymond James Financial increased their target price on shares of Methanex from $52.00 to $65.00 and gave the stock a “market perform” rating in a research report on Thursday, April 16th. Royal Bank Of Canada raised their price target on Methanex from $65.00 to $70.00 and gave the company a “sector perform” rating in a research report on Friday, May 1st. JPMorgan Chase & Co. lowered Methanex from an “overweight” rating to a “neutral” rating and lifted their price objective for the stock from $56.00 to $65.00 in a research note on Friday, May 1st. Finally, BMO Capital Markets boosted their price objective on Methanex from $65.00 to $70.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 18th. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Methanex currently has an average rating of “Moderate Buy” and an average target price of $66.78.

Methanex Trading Down 1.1%

Shares of MEOH opened at $57.66 on Wednesday. The stock’s 50-day moving average price is $60.51 and its 200 day moving average price is $51.05. The company has a quick ratio of 1.26, a current ratio of 1.96 and a debt-to-equity ratio of 0.98. The firm has a market capitalization of $4.46 billion, a price-to-earnings ratio of -117.67 and a beta of 0.56. Methanex Corporation has a 12-month low of $32.00 and a 12-month high of $66.75.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its quarterly earnings data on Wednesday, April 29th. The specialty chemicals company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.08). The firm had revenue of $957.42 million for the quarter, compared to the consensus estimate of $964.76 million. Methanex had a negative net margin of 1.25% and a positive return on equity of 2.96%. The business’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.30 earnings per share. As a group, research analysts predict that Methanex Corporation will post 6.36 earnings per share for the current year.

Methanex Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be given a dividend of $0.185 per share. The ex-dividend date is Tuesday, June 16th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.3%. Methanex’s payout ratio is currently -151.02%.

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).