Renaissance Technologies LLC cut its position in shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 52.4% in the 2nd quarter, Holdings Channel reports. The fund owned 115,798 shares of the specialty chemicals company’s stock after selling 127,700 shares during the period. Renaissance Technologies LLC’s holdings in Methanex were worth $8,187,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Mount Yale Investment Advisors LLC acquired a new stake in Methanex during the first quarter worth about $120,000. Highstreet Asset Management Inc. acquired a new stake in Methanex during the second quarter worth about $183,000. Advisors Preferred LLC increased its stake in Methanex by 57.8% during the second quarter. Advisors Preferred LLC now owns 2,688 shares of the specialty chemicals company’s stock worth $190,000 after acquiring an additional 985 shares during the last quarter. Suntrust Banks Inc. acquired a new stake in Methanex during the first quarter worth about $212,000. Finally, One Capital Management LLC acquired a new stake in Methanex during the second quarter worth about $212,000. Institutional investors own 76.39% of the company’s stock.
MEOH stock opened at $81.86 on Monday. The company has a quick ratio of 1.18, a current ratio of 1.62 and a debt-to-equity ratio of 0.83. Methanex Co. has a 1 year low of $48.55 and a 1 year high of $83.23. The stock has a market capitalization of $6.24 billion, a PE ratio of 17.38, a P/E/G ratio of 0.82 and a beta of 1.55.
Methanex (NASDAQ:MEOH) (TSE:MX) last posted its earnings results on Wednesday, July 25th. The specialty chemicals company reported $1.75 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.75. Methanex had a return on equity of 28.64% and a net margin of 10.90%. The business had revenue of $950.00 million during the quarter, compared to analyst estimates of $872.10 million. During the same quarter last year, the firm earned $0.85 earnings per share. The company’s revenue for the quarter was up 42.0% compared to the same quarter last year. Equities analysts predict that Methanex Co. will post 6.44 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Sunday, September 30th. Stockholders of record on Sunday, September 16th were paid a $0.33 dividend. The ex-dividend date was Thursday, September 13th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.61%. Methanex’s dividend payout ratio (DPR) is currently 28.03%.
Several equities research analysts have commented on MEOH shares. Zacks Investment Research upgraded Methanex from a “hold” rating to a “strong-buy” rating and set a $82.00 price target for the company in a research note on Tuesday, June 12th. BidaskClub upgraded Methanex from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, June 13th. Citigroup upped their price target on Methanex from $67.00 to $75.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 11th. TD Securities upped their price target on Methanex from $71.00 to $76.00 and gave the stock a “hold” rating in a research note on Wednesday, July 11th. Finally, Monness Crespi & Hardt upped their price target on Methanex from $72.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday, July 27th. One analyst has rated the stock with a sell rating, five have issued a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $77.00.
Methanex Company Profile
Methanex Corporation produces and sells methanol in North America, the Asia Pacific, Europe, and South America. It also purchases and sells methanol produced by others under methanol offtake contracts and on the spot market. The company was founded in 1968 and is headquartered in Vancouver, Canada.
Further Reading: Asset Allocation
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