Beaconlight Capital LLC Makes New Investment in Methanex Corporation $MEOH

Beaconlight Capital LLC acquired a new position in shares of Methanex Corporation (NASDAQ:MEOH) (TSE:MX) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 17,308 shares of the specialty chemicals company’s stock, valued at approximately $1,031,000.

Other hedge funds have also modified their holdings of the company. Public Employees Retirement System of Ohio boosted its holdings in shares of Methanex by 0.3% in the 1st quarter. Public Employees Retirement System of Ohio now owns 82,381 shares of the specialty chemicals company’s stock valued at $4,892,000 after purchasing an additional 225 shares during the last quarter. Baader Bank Aktiengesellschaft purchased a new position in shares of Methanex in the 1st quarter worth about $220,000. Dimensional Fund Advisors LP lifted its stake in shares of Methanex by 4.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,127,046 shares of the specialty chemicals company’s stock valued at $67,116,000 after purchasing an additional 50,681 shares in the last quarter. Aviance Capital Partners LLC purchased a new stake in shares of Methanex during the 1st quarter worth about $649,000. Finally, AMG National Trust Bank increased its position in Methanex by 4.8% during the 1st quarter. AMG National Trust Bank now owns 8,127 shares of the specialty chemicals company’s stock worth $484,000 after purchasing an additional 374 shares in the last quarter. 73.49% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

MEOH has been the topic of a number of recent research reports. Wall Street Zen raised shares of Methanex from a “hold” rating to a “buy” rating in a research report on Monday, July 20th. Weiss Ratings lowered shares of Methanex from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, May 4th. Royal Bank Of Canada cut their price objective on Methanex from $70.00 to $65.00 and set a “sector perform” rating on the stock in a research report on Wednesday, July 1st. Raymond James Financial boosted their price objective on Methanex from $52.00 to $65.00 and gave the stock a “market perform” rating in a research note on Thursday, April 16th. Finally, UBS Group upped their target price on Methanex from $70.00 to $75.00 and gave the stock a “buy” rating in a research report on Friday, May 1st. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $69.00.

Methanex Stock Performance

Shares of MEOH opened at $55.86 on Friday. The firm has a 50-day moving average price of $54.71 and a 200 day moving average price of $54.13. The firm has a market capitalization of $4.32 billion, a PE ratio of -114.00 and a beta of 0.60. The company has a quick ratio of 1.26, a current ratio of 1.96 and a debt-to-equity ratio of 0.98. Methanex Corporation has a 52-week low of $32.00 and a 52-week high of $66.75.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings results on Wednesday, April 29th. The specialty chemicals company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.08). Methanex had a negative net margin of 1.25% and a positive return on equity of 2.96%. The firm had revenue of $957.42 million for the quarter, compared to the consensus estimate of $964.76 million. During the same period in the previous year, the business posted $1.30 earnings per share. The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Methanex Corporation will post 8.7 earnings per share for the current fiscal year.

Methanex Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders 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 yield of 1.3%. The ex-dividend date of this dividend is Wednesday, September 16th. Methanex’s dividend payout ratio is presently -151.02%.

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).