Point72 Asia Singapore Pte. Ltd. Acquires Shares of 2,118 Methanex Co. (NASDAQ:MEOH)

Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 2,118 shares of the specialty chemicals company’s stock, valued at approximately $106,000.

A number of other hedge funds also recently made changes to their positions in the business. Wellington Management Group LLP grew its position in Methanex by 1.3% during the fourth quarter. Wellington Management Group LLP now owns 4,836,661 shares of the specialty chemicals company’s stock valued at $241,549,000 after buying an additional 62,467 shares during the period. FMR LLC grew its position in shares of Methanex by 3.0% during the 4th quarter. FMR LLC now owns 3,330,889 shares of the specialty chemicals company’s stock valued at $166,384,000 after acquiring an additional 95,950 shares during the period. Vanguard Group Inc. grew its position in shares of Methanex by 1.8% during the 4th quarter. Vanguard Group Inc. now owns 2,116,860 shares of the specialty chemicals company’s stock valued at $105,779,000 after acquiring an additional 37,658 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Methanex by 5.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,047,978 shares of the specialty chemicals company’s stock worth $52,334,000 after purchasing an additional 50,075 shares during the last quarter. Finally, Boston Partners raised its holdings in shares of Methanex by 36.0% in the 4th quarter. Boston Partners now owns 989,534 shares of the specialty chemicals company’s stock worth $49,393,000 after purchasing an additional 262,087 shares during the period. 73.49% of the stock is currently owned by institutional investors.

Methanex Stock Up 0.2%

Shares of NASDAQ:MEOH opened at $33.57 on Friday. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.62 and a quick ratio of 2.00. Methanex Co. has a one year low of $25.46 and a one year high of $56.43. The company has a market cap of $2.26 billion, a price-to-earnings ratio of 14.53 and a beta of 0.93. The firm has a fifty day moving average price of $32.26 and a two-hundred day moving average price of $41.51.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its earnings results on Wednesday, April 30th. The specialty chemicals company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.25 by $0.05. Methanex had a net margin of 4.41% and a return on equity of 10.97%. The business had revenue of $857.90 million during the quarter, compared to analyst estimates of $1.06 billion. During the same period in the previous year, the business posted $0.65 earnings per share. Methanex’s revenue for the quarter was down 2.2% on a year-over-year basis. Analysts anticipate that Methanex Co. will post 4.32 EPS for the current fiscal year.

Methanex Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be issued a $0.185 dividend. The ex-dividend date is Monday, June 16th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 2.20%. Methanex’s payout ratio is 24.83%.

Analysts Set New Price Targets

Several research firms have recently weighed in on MEOH. Scotiabank upgraded Methanex from a “sector perform” rating to a “sector outperform” rating and set a $53.00 price target for the company in a research note on Monday, May 5th. Raymond James cut their target price on shares of Methanex from $62.00 to $40.00 and set an “outperform” rating for the company in a research report on Tuesday, April 15th. StockNews.com downgraded shares of Methanex from a “buy” rating to a “hold” rating in a research note on Thursday, May 1st. Barclays reduced their price objective on shares of Methanex from $57.00 to $41.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 1st. Finally, Piper Sandler downgraded Methanex from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $71.00 to $36.00 in a research report on Monday, April 7th. Four investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $46.75.

About Methanex

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.