Renaissance Technologies LLC lifted its stake in shares of Materion Corp (NYSE:MTRN) by 48.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 109,700 shares of the basic materials company’s stock after purchasing an additional 35,600 shares during the period. Renaissance Technologies LLC owned about 0.54% of Materion worth $5,940,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in the company. Itau Unibanco Holding S.A. purchased a new stake in shares of Materion during the second quarter worth about $112,000. United Services Automobile Association increased its stake in shares of Materion by 21.2% during the second quarter. United Services Automobile Association now owns 83,410 shares of the basic materials company’s stock worth $4,517,000 after purchasing an additional 14,603 shares in the last quarter. Citadel Advisors LLC increased its stake in shares of Materion by 205.5% during the second quarter. Citadel Advisors LLC now owns 139,926 shares of the basic materials company’s stock worth $7,577,000 after purchasing an additional 94,121 shares in the last quarter. Legal & General Group Plc increased its stake in shares of Materion by 5.7% during the second quarter. Legal & General Group Plc now owns 44,505 shares of the basic materials company’s stock worth $2,409,000 after purchasing an additional 2,411 shares in the last quarter. Finally, BlackRock Inc. increased its stake in shares of Materion by 7.6% during the second quarter. BlackRock Inc. now owns 2,923,599 shares of the basic materials company’s stock worth $158,313,000 after purchasing an additional 206,358 shares in the last quarter. 89.49% of the stock is owned by institutional investors and hedge funds.
MTRN opened at $55.38 on Friday. The stock has a market cap of $1.22 billion, a P/E ratio of 32.20 and a beta of 0.94. Materion Corp has a twelve month low of $42.10 and a twelve month high of $65.10. The company has a current ratio of 3.48, a quick ratio of 1.69 and a debt-to-equity ratio of 0.04.
Materion (NYSE:MTRN) last posted its quarterly earnings results on Thursday, July 26th. The basic materials company reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. The firm had revenue of $309.10 million for the quarter, compared to analyst estimates of $311.90 million. Materion had a net margin of 1.88% and a return on equity of 8.30%. Materion’s quarterly revenue was up 4.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.42 earnings per share. Equities analysts predict that Materion Corp will post 2.14 EPS for the current year.
A number of analysts have recently commented on MTRN shares. ValuEngine cut shares of Materion from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 21st. Zacks Investment Research upgraded shares of Materion from a “hold” rating to a “buy” rating and set a $69.00 price target on the stock in a research report on Tuesday, July 31st. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Materion presently has a consensus rating of “Buy” and a consensus target price of $58.50.
In related news, VP Gregory R. Chemnitz sold 2,000 shares of the business’s stock in a transaction dated Friday, August 3rd. The shares were sold at an average price of $63.31, for a total transaction of $126,620.00. Following the transaction, the vice president now directly owns 12,523 shares in the company, valued at $792,831.13. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Joseph P. Kelley bought 2,923 shares of the firm’s stock in a transaction on Wednesday, August 8th. The stock was purchased at an average price of $63.74 per share, for a total transaction of $186,312.02. The disclosure for this purchase can be found here. Insiders own 1.40% of the company’s stock.
Materion Corporation manufactures and sells advanced engineered materials used in consumer electronics, industrial components, defense, medical, automotive electronics, telecommunications infrastructure, energy, commercial aerospace, science, services, and appliance markets worldwide. The company operates through Performance Alloys and Composites, Advanced Materials, and Precision Coatings segments.
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