CenterBook Partners LP Makes New Investment in Methanex Co. (NASDAQ:MEOH)

CenterBook Partners LP purchased a new position in shares of Methanex Co. (NASDAQ:MEOH - Free Report) TSE: MX in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 23,722 shares of the specialty chemicals company's stock, valued at approximately $1,185,000.

Other large investors have also recently modified their holdings of the company. Raymond James Financial Inc. acquired a new stake in Methanex during the 4th quarter worth about $14,327,000. Bank of Montreal Can grew its holdings in shares of Methanex by 7.0% in the fourth quarter. Bank of Montreal Can now owns 957,677 shares of the specialty chemicals company's stock valued at $47,794,000 after purchasing an additional 62,693 shares in the last quarter. FMR LLC raised its holdings in Methanex by 3.0% in the fourth 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 in the last quarter. Envestnet Asset Management Inc. raised its holdings in Methanex by 11.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 47,727 shares of the specialty chemicals company's stock worth $2,384,000 after purchasing an additional 4,736 shares in the last quarter. Finally, ExodusPoint Capital Management LP lifted its position in Methanex by 209.2% during the 4th quarter. ExodusPoint Capital Management LP now owns 157,520 shares of the specialty chemicals company's stock worth $7,867,000 after acquiring an additional 106,581 shares during the period. Hedge funds and other institutional investors own 73.49% of the company's stock.

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Analyst Upgrades and Downgrades

MEOH has been the topic of several research reports. Piper Sandler lowered shares of Methanex from an "overweight" rating to a "neutral" rating and lowered their price target for the company from $71.00 to $36.00 in a research report on Monday, April 7th. Royal Bank of Canada reiterated a "sector perform" rating and set a $55.00 price objective on shares of Methanex in a research note on Tuesday, April 1st. Raymond James reduced their price objective on shares of Methanex from $62.00 to $40.00 and set an "outperform" rating for the company in a report on Tuesday. Barclays decreased their target price on Methanex from $57.00 to $41.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 1st. Finally, CIBC reduced their price target on shares of Methanex from $63.00 to $55.00 and set an "outperformer" rating for the company in a research report on Thursday, April 3rd. Four equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $49.13.

Methanex Stock Performance

Shares of MEOH stock traded down $0.17 during trading on Wednesday, reaching $26.85. 388,788 shares of the company's stock traded hands, compared to its average volume of 362,179. The firm's 50-day moving average is $38.17 and its 200 day moving average is $43.15. The company has a market capitalization of $1.81 billion, a P/E ratio of 11.62 and a beta of 1.06. Methanex Co. has a 1 year low of $25.46 and a 1 year high of $56.43. The company has a current ratio of 2.62, a quick ratio of 2.00 and a debt-to-equity ratio of 1.01.

Methanex (NASDAQ:MEOH - Get Free Report) TSE: MX last issued its earnings results on Wednesday, January 29th. The specialty chemicals company reported $1.24 EPS for the quarter, topping the consensus estimate of $0.94 by $0.30. Methanex had a net margin of 4.41% and a return on equity of 10.97%. Equities research analysts expect that Methanex Co. will post 4.32 EPS for the current year.

Methanex Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 17th were given a $0.185 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 2.76%. Methanex's dividend payout ratio is currently 32.03%.

Methanex Company Profile

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.