State of Wyoming purchased a new stake in Minerals Technologies Inc. (NYSE:MTX – Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 9,611 shares of the basic materials company’s stock, valued at approximately $711,000.
A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Versant Capital Management Inc raised its holdings in shares of Minerals Technologies by 87.3% in the 2nd quarter. Versant Capital Management Inc now owns 798 shares of the basic materials company’s stock valued at $59,000 after purchasing an additional 372 shares during the period. Parallel Advisors LLC grew its holdings in Minerals Technologies by 36.0% during the first quarter. Parallel Advisors LLC now owns 552 shares of the basic materials company’s stock worth $39,000 after purchasing an additional 146 shares during the period. Edgestream Partners L.P. grew its holdings in Minerals Technologies by 19.7% during the first quarter. Edgestream Partners L.P. now owns 47,845 shares of the basic materials company’s stock worth $3,393,000 after purchasing an additional 7,887 shares during the period. Amundi increased its position in Minerals Technologies by 53.3% during the first quarter. Amundi now owns 11,780 shares of the basic materials company’s stock worth $835,000 after buying an additional 4,094 shares during the last quarter. Finally, Quantinno Capital Management LP increased its position in Minerals Technologies by 14.2% during the first quarter. Quantinno Capital Management LP now owns 17,295 shares of the basic materials company’s stock worth $1,227,000 after buying an additional 2,157 shares during the last quarter. Institutional investors own 97.29% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts have recently issued reports on the company. Wall Street Zen cut Minerals Technologies from a “strong-buy” rating to a “hold” rating in a research report on Saturday, August 8th. Seaport Research Partners reiterated a “buy” rating on shares of Minerals Technologies in a research note on Monday, May 4th. Truist Financial boosted their target price on Minerals Technologies from $89.00 to $90.00 and gave the stock a “buy” rating in a report on Monday, May 4th. Finally, Weiss Ratings cut Minerals Technologies from a “hold (c+)” rating to a “sell (d+)” rating in a research note on Monday, August 3rd. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $90.00.
Minerals Technologies Stock Performance
Shares of MTX stock opened at $72.89 on Monday. Minerals Technologies Inc. has a 52 week low of $53.94 and a 52 week high of $84.34. The company has a market capitalization of $2.27 billion, a price-to-earnings ratio of -33.59 and a beta of 1.14. The company has a 50-day simple moving average of $75.11 and a 200 day simple moving average of $73.29. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.00 and a current ratio of 1.43.
Minerals Technologies (NYSE:MTX – Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The basic materials company reported $1.60 earnings per share for the quarter, missing the consensus estimate of $1.64 by ($0.04). The company had revenue of $548.40 million during the quarter, compared to the consensus estimate of $558.77 million. Minerals Technologies had a negative net margin of 3.13% and a positive return on equity of 10.63%. The firm’s revenue was up 3.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.55 earnings per share. On average, sell-side analysts predict that Minerals Technologies Inc. will post 6.03 earnings per share for the current year.
Minerals Technologies Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, September 4th. Stockholders of record on Friday, August 14th will be given a $0.12 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.48 annualized dividend and a dividend yield of 0.7%. Minerals Technologies’s dividend payout ratio is presently -22.12%.
Minerals Technologies Profile
Minerals Technologies Inc develops, produces and processes a broad range of mineral-based products and solutions that serve a variety of industrial applications. Its offerings include bentonite, perlite, precipitated calcium carbonate (PCC), mineral sands, foundry additives, performance minerals and specialty chemicals designed to enhance performance in markets such as paper, steel, construction, oil and gas, environmental remediation and consumer products.
The company operates through several business segments, including Specialty Minerals, Refractory Minerals, Performance Materials and Recycled Materials.
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