PDT Partners LLC Acquires New Holdings in Methanex Corporation $MEOH

PDT Partners LLC bought a new position in shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 10,054 shares of the specialty chemicals company’s stock, valued at approximately $464,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Bank of America Corp DE raised its holdings in Methanex by 202.3% in the first quarter. Bank of America Corp DE now owns 681,407 shares of the specialty chemicals company’s stock worth $40,571,000 after purchasing an additional 455,975 shares in the last quarter. Intact Investment Management Inc. lifted its position in Methanex by 17.2% during the fourth quarter. Intact Investment Management Inc. now owns 677,610 shares of the specialty chemicals company’s stock valued at $26,875,000 after acquiring an additional 99,210 shares during the last quarter. TD Asset Management Inc increased its position 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 worth $37,020,000 after purchasing an additional 242,662 shares in the last quarter. Norges Bank acquired a new position in shares of Methanex during the fourth quarter worth $34,872,000. Finally, Vanguard Group Inc. lifted its holdings in shares of Methanex by 14.0% during the 4th quarter. Vanguard Group Inc. now owns 2,746,051 shares of the specialty chemicals company’s stock valued at $108,917,000 after purchasing an additional 336,316 shares during the last quarter. Institutional investors own 73.49% of the company’s stock.

Methanex Price Performance

Shares of NASDAQ MEOH opened at $58.33 on Friday. Methanex Corporation has a 52 week low of $32.00 and a 52 week high of $66.75. The business’s 50 day moving average price is $53.01 and its 200 day moving average price is $55.63. 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 $4.51 billion, a P/E ratio of 56.63 and a beta of 0.58.

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

Methanex Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued a $0.185 dividend. This represents a $0.74 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Wednesday, September 16th. Methanex’s dividend payout ratio is presently 71.84%.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Canadian Imperial Bank of Commerce upgraded Methanex from a “neutral” rating to a “sector outperform” rating and increased their price target for the company from $69.00 to $71.00 in a research note on Monday, July 20th. Zacks Research lowered shares of Methanex from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 22nd. Wall Street Zen downgraded shares of Methanex from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 15th. Weiss Ratings upgraded shares of Methanex from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Wednesday, July 29th. Finally, National Bank Financial set a $70.00 target price on Methanex and gave the company an “outperform” rating in a research report on Monday, July 13th. Six research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Methanex presently has a consensus rating of “Moderate Buy” and a consensus price target of $68.56.

About Methanex

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).