Readystate Asset Management LP Takes Position in Methanex Corporation $MEOH

Readystate Asset Management LP acquired a new stake in shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) in the second quarter, HoldingsChannel reports. The fund acquired 48,859 shares of the specialty chemicals company’s stock, valued at approximately $2,255,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Public Employees Retirement System of Ohio raised its holdings in Methanex by 0.3% during the 1st quarter. Public Employees Retirement System of Ohio now owns 82,381 shares of the specialty chemicals company’s stock worth $4,892,000 after buying an additional 225 shares during the period. AMG National Trust Bank boosted its holdings in shares of Methanex by 4.8% in the first quarter. AMG National Trust Bank now owns 8,127 shares of the specialty chemicals company’s stock worth $484,000 after buying an additional 374 shares during the period. NewEdge Advisors LLC increased its position in shares of Methanex by 33.3% in the third quarter. NewEdge Advisors LLC now owns 2,000 shares of the specialty chemicals company’s stock worth $80,000 after acquiring an additional 500 shares in the last quarter. Parkside Financial Bank & Trust increased its position in shares of Methanex by 61.0% in the fourth quarter. Parkside Financial Bank & Trust now owns 2,143 shares of the specialty chemicals company’s stock worth $85,000 after acquiring an additional 812 shares in the last quarter. Finally, Franklin Resources Inc. raised its holdings in shares of Methanex by 8.2% during the fourth quarter. Franklin Resources Inc. now owns 10,706 shares of the specialty chemicals company’s stock valued at $425,000 after acquiring an additional 813 shares during the period. Institutional investors and hedge funds own 73.49% of the company’s stock.

Analysts Set New Price Targets

MEOH has been the subject of several research analyst reports. Royal Bank Of Canada reduced their price target on shares of Methanex from $70.00 to $65.00 and set a “sector perform” rating for the company in a research report on Wednesday, July 1st. Wall Street Zen cut Methanex from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 15th. UBS Group lifted their price target on Methanex from $70.00 to $71.00 and gave the company a “buy” rating in a report on Friday, July 31st. Zacks Research lowered Methanex from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 22nd. Finally, Canadian Imperial Bank of Commerce raised Methanex from a “neutral” rating to a “sector outperform” rating and increased their price objective 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 issued a Hold rating to the company. According to MarketBeat.com, Methanex currently has a consensus rating of “Moderate Buy” and a consensus price target of $68.56.

Methanex Stock Performance

Shares of MEOH opened at $58.72 on Tuesday. The company’s 50 day moving average price is $54.28 and its 200 day moving average price is $56.15. Methanex Corporation has a 52 week low of $32.00 and a 52 week high of $66.75. The company has a market capitalization of $4.54 billion, a PE ratio of 57.01 and a beta of 0.58. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.35 and a current ratio of 2.07.

Methanex (NASDAQ:MEOH) (TSE:MX) last released its earnings results on Tuesday, July 28th. The specialty chemicals company reported $3.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.00 by ($0.13). The company had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.43 billion. Methanex had a return on equity of 11.35% and a net margin of 2.07%.The firm’s quarterly revenue was up 75.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.97 EPS. Research analysts expect that Methanex Corporation will post 8.6 EPS for the current fiscal 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 paid a $0.185 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.3%. Methanex’s dividend payout ratio is 71.84%.

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).