Dayah Capital LLC Sells 125,182 Shares of Methanex Corporation $MEOH

Dayah Capital LLC cut its holdings in shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) by 75.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 39,934 shares of the specialty chemicals company’s stock after selling 125,182 shares during the quarter. Methanex makes up 0.9% of Dayah Capital LLC’s investment portfolio, making the stock its 22nd largest holding. Dayah Capital LLC owned 0.05% of Methanex worth $2,378,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MEOH. Amundi increased its holdings in Methanex by 3.9% during the first quarter. Amundi now owns 22,791 shares of the specialty chemicals company’s stock worth $800,000 after buying an additional 848 shares during the last quarter. Hsbc Holdings PLC purchased a new position in Methanex in the second quarter valued at about $419,000. Invesco Ltd. grew its position in shares of Methanex by 15.7% during the 2nd quarter. Invesco Ltd. now owns 249,231 shares of the specialty chemicals company’s stock valued at $8,250,000 after acquiring an additional 33,827 shares during the period. AXA S.A. bought a new position in shares of Methanex during the 2nd quarter valued at approximately $166,000. Finally, Qube Research & Technologies Ltd increased its stake in shares of Methanex by 327.0% during the 2nd quarter. Qube Research & Technologies Ltd now owns 47,284 shares of the specialty chemicals company’s stock worth $1,565,000 after purchasing an additional 36,211 shares during the last quarter. 73.49% of the stock is owned by hedge funds and other institutional investors.

Methanex Stock Performance

Shares of MEOH stock opened at $55.20 on Friday. The stock has a market capitalization of $4.27 billion, a P/E ratio of 53.59 and a beta of 0.60. The company has a current ratio of 2.07, a quick ratio of 1.26 and a debt-to-equity ratio of 0.83. The firm’s 50 day moving average is $54.17 and its 200 day moving average is $54.46. 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 Tuesday, July 28th. The specialty chemicals company reported $3.87 EPS for the quarter, missing the consensus estimate of $4.00 by ($0.13). Methanex had a return on equity of 11.35% and a net margin of 2.07%.The business had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.43 billion. During the same period last year, the business posted $0.97 earnings per share. The firm’s quarterly revenue was up 75.0% on a year-over-year basis. On average, sell-side analysts anticipate that Methanex Corporation will post 8.7 earnings per share for the current year.

Methanex Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be issued a $0.185 dividend. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Wednesday, September 16th. Methanex’s dividend payout ratio (DPR) is presently -151.02%.

Analyst Ratings Changes

Several brokerages have weighed in on MEOH. JPMorgan Chase & Co. lowered Methanex from an “overweight” rating to a “neutral” rating and increased their price objective for the company from $56.00 to $65.00 in a report on Friday, May 1st. Royal Bank Of Canada lowered their target price on Methanex from $70.00 to $65.00 and set a “sector perform” rating on the stock in a research note on Wednesday, July 1st. National Bank Financial set a $70.00 price target on Methanex and gave the company an “outperform” rating in a research report on Monday, July 13th. Scotiabank upped their price target on Methanex from $70.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, May 5th. Finally, Canadian Imperial Bank of Commerce upgraded Methanex from a “neutral” rating to a “sector outperform” rating and increased their price target for the stock from $69.00 to $71.00 in a research note on Monday, July 20th. Six analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $69.00.

Methanex Company 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).