Renaissance Technologies LLC Purchases 266,200 Shares of Methanex Co. (NASDAQ:MEOH)

Renaissance Technologies LLC grew its position in shares of Methanex Co. (NASDAQ:MEOH) (TSE:MX) by 53.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 765,548 shares of the specialty chemicals company’s stock after buying an additional 266,200 shares during the quarter. Renaissance Technologies LLC’s holdings in Methanex were worth $34,801,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently modified their holdings of the business. Dimensional Fund Advisors LP grew its stake in shares of Methanex by 1.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 239,175 shares of the specialty chemicals company’s stock valued at $11,521,000 after purchasing an additional 2,777 shares during the last quarter. SG Americas Securities LLC bought a new position in Methanex in the first quarter valued at approximately $198,000. Boston Partners bought a new position in Methanex in the first quarter valued at approximately $239,000. Toronto Dominion Bank boosted its stake in Methanex by 2.2% in the first quarter. Toronto Dominion Bank now owns 350,099 shares of the specialty chemicals company’s stock valued at $19,885,000 after acquiring an additional 7,641 shares during the last quarter. Finally, Acorn Wealth Advisors LLC bought a new position in Methanex in the first quarter valued at approximately $268,000. 65.14% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ:MEOH traded up $0.79 during midday trading on Friday, reaching $36.50. 8,893 shares of the company were exchanged, compared to its average volume of 379,606. Methanex Co. has a fifty-two week low of $30.25 and a fifty-two week high of $83.23. The company has a quick ratio of 0.71, a current ratio of 1.04 and a debt-to-equity ratio of 0.92. The stock has a fifty day simple moving average of $34.18 and a two-hundred day simple moving average of $46.73. The firm has a market cap of $2.79 billion, a PE ratio of 5.29, a P/E/G ratio of 2.40 and a beta of 1.74.

Methanex (NASDAQ:MEOH) (TSE:MX) last issued its quarterly earnings data on Wednesday, July 31st. The specialty chemicals company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.16). Methanex had a return on equity of 18.33% and a net margin of 10.81%. The company had revenue of $734.00 million for the quarter, compared to analyst estimates of $719.86 million. During the same quarter in the previous year, the business earned $1.75 earnings per share. The company’s revenue was down 22.7% on a year-over-year basis. As a group, analysts forecast that Methanex Co. will post 1.02 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a dividend of $0.36 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.95%. Methanex’s payout ratio is 20.99%.

MEOH has been the topic of a number of recent research reports. TD Securities reduced their price objective on shares of Methanex from $58.00 to $52.00 and set a “buy” rating on the stock in a research note on Friday, August 2nd. Cowen reiterated a “market perform” rating and issued a $39.00 target price (down from $49.00) on shares of Methanex in a report on Tuesday, August 6th. CIBC lowered shares of Methanex from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $70.00 to $53.00 in a report on Thursday, July 11th. TheStreet lowered shares of Methanex from a “b-” rating to a “c+” rating in a report on Friday, August 16th. Finally, Raymond James set a $62.00 target price on shares of Methanex and gave the stock an “outperform” rating in a report on Thursday, August 1st. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $56.63.

Methanex Profile

Methanex Corporation produces and supplies methanol in North America, the Asia Pacific, Europe, and South America. It also purchases 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.

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Institutional Ownership by Quarter for Methanex (NASDAQ:MEOH)

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