Cubist Systematic Strategies LLC Has $689,000 Position in Methanex Co. (NASDAQ:MEOH)

Cubist Systematic Strategies LLC cut its stake in Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 57.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,281 shares of the specialty chemicals company’s stock after selling 19,240 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in Methanex were worth $689,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. M&G Plc acquired a new position in Methanex in the 1st quarter valued at about $589,459,000. Wellington Management Group LLP increased its stake in shares of Methanex by 15.2% during the fourth quarter. Wellington Management Group LLP now owns 4,557,093 shares of the specialty chemicals company’s stock worth $216,043,000 after purchasing an additional 599,778 shares during the period. Vanguard Group Inc. lifted its holdings in Methanex by 21.1% during the 4th quarter. Vanguard Group Inc. now owns 2,443,939 shares of the specialty chemicals company’s stock worth $115,745,000 after purchasing an additional 425,104 shares during the last quarter. FIL Ltd boosted its stake in Methanex by 4.9% in the 4th quarter. FIL Ltd now owns 7,396,173 shares of the specialty chemicals company’s stock valued at $349,868,000 after purchasing an additional 346,475 shares during the period. Finally, Bank of Montreal Can grew its holdings in Methanex by 16.3% in the 2nd quarter. Bank of Montreal Can now owns 1,136,436 shares of the specialty chemicals company’s stock valued at $55,406,000 after buying an additional 159,542 shares in the last quarter. Institutional investors and hedge funds own 73.49% of the company’s stock.

Wall Street Analysts Forecast Growth

MEOH has been the subject of a number of research reports. Piper Sandler lifted their target price on Methanex from $51.00 to $68.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Scotiabank lifted their price objective on shares of Methanex from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 10th. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 target price on shares of Methanex in a research report on Tuesday, September 3rd. UBS Group lowered their target price on shares of Methanex from $58.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, September 16th. Finally, Raymond James cut their price target on Methanex from $62.00 to $54.00 and set an “outperform” rating for the company in a research note on Wednesday, September 11th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $55.38.

Methanex Stock Up 3.3 %

NASDAQ MEOH opened at $44.24 on Friday. The business has a fifty day moving average price of $42.96 and a two-hundred day moving average price of $47.03. The stock has a market capitalization of $2.98 billion, a PE ratio of 18.75 and a beta of 1.36. Methanex Co. has a fifty-two week low of $36.13 and a fifty-two week high of $56.43. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.25 and a quick ratio of 0.87.

Methanex (NASDAQ:MEOH) (TSE:MX) last announced its quarterly earnings data on Tuesday, July 30th. The specialty chemicals company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.10. The business had revenue of $920.00 million during the quarter, compared to the consensus estimate of $954.26 million. Methanex had a return on equity of 5.44% and a net margin of 4.05%. Methanex’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.60 EPS. Equities analysts expect that Methanex Co. will post 2.41 earnings per share for the current fiscal year.

Methanex Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were paid a $0.185 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 1.67%. Methanex’s payout ratio is currently 31.36%.

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.